Real time Forex trading practice is where you can easily waste a lot of time, especially if you do it on a demo account.
One reasons for that is that quite often the market is moving very slow. For example, in Asian sessions, it is not very rare to see no new price quote coming during 1 min – even on most actively traded currency pair – EURUSD.
Often the markets can tread water for quite a while – compared to the time that you can devote for practicing. Staring at the monitor while the market is trying to build a 10-pip local top for half an hour, can hardly be called the time well spent.
Instead, the Forex Simulator makes your trading practice very time efficient. The main advantage of the Simulator is its ability to reduce redundancies in the market data – and this is the way how it saves you real time. No demo is – in principle – capable of doing that.
Before discussing all the benefits of the Simulator in detail, let’s introduce it in this 3 min video.
The video showed you the real-time simulation mode, where you have access to real interbank prices for 10 main currency pairs – without any account. You can start practicing trading online the moment the Simulator is installed.
Practicing Forex trading on the Simulator in real-time, on live prices, can be very exciting. But real-time simulation (as well as any Demo account) can only work during an active trading session, i.e. workdays.
This is a big disadvantage. Most of us are busy with our day job during the week. And during weekends the market is closed and streaming prices are unavailable. Exactly when we have the most time to spare.
This is why the Simulator also supports offline simulation. In the offline mode, you can practice any time, anywhere – no Internet connection is required.
And, naturally, having both online and offline modes supported in one tool gives you much more opportunities to efficiently use your time.
In part 2 we will explain how exacly you can manage and save your – very precious – time while practicing with the Simulator offline.