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Published: August 30th 2017
The forex market is considered to be pretty complex as the market is liquid and it is ever-changing. Having the right game plan will definitely benefit the trader and improve the odds of making a profit.
Considering all of the uncertain elements, it’s better to get started in a simulated environment which will give you a feel of the real thing. There are a number of simulators available and each has a designated purpose such as a simulador metatrader.
As a trader, you may want to use more than one simulator to confirm and compare different odds but there are basic building blocks that make a simulator better than the next one.
Provide live simulation and market updates
Nothing beats having the taste of the real thing. Live simulation and correct market updates will give you a great experience. You will not only get accurate analysis but you will be able to learn and understand how the real life works.
The real market environment is very crucial. You get the price feeds and see how things work. You will also understand the risks and prepare yourself accordingly. Part of this experience is to know when to pull back so that you can minimize your losses. Otherwise, you may end up getting a hard hit on your finances when it comes to the real situation.
Practice trading with a demo account
A good simulator should have a basic trial demo account
. This is a good way for newbies to try it out before they can take the next step forward. The demo account should allow you to do a number of things and you shouldn’t be limited to only one. You would want to test out a number of things that need a different account so it’s best to have another one.
When using the demo account, you should use the paper amount that is equivalent to the money you would use in live trading. Otherwise, you won’t benefit from the simulated environment. Practicing will also give you a chance to learn about the software used in trading and apply strategies as you develop and test them.
Have advanced trading platforms
Obviously, when you’re only getting started, you want to cover the basics and familiarize yourself with the trade. This is fundamental in order for you to build your foundation in the process but you will also need a more mature platform that you can use once you’re done with the basics and have already mastered them.
A good platform will have something to offer to you even after you have started trading live.The platform should offer a place you can come to practice and study the pattern or analyze data every now and then.
Have advanced features
Simulators are meant to depict real life situations. With trading, there are so many variables that are accompanied with the trade. This means that for it to be more accurate, it should have advanced features which help imitate the actual world. You don’t want to start worrying that a certain important variable is missing and the results are misguiding. You want to apply all possible variables that can occur for you to get something relatable that makes sense.
It should be flexible
The flexibility will depend on its adaptability level to a wide range of strategies. You want to apply different strategies
that you’d actually work with and see how they are favorable in the current market trend you’re working with. You want to know and study the signals and what they mean. These will help you make a more realistic plan that could actually work when you eventually start trading.
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