Once somebody gets sold on the profits they can make in currency trading, then next natural inclination is to get their feet wet and open an fx trading demo account with a broker. There is nothing wrong with that but these people are certainly not going to be able to learn anything useful if they are not able to trade during market sessions.
Forex Tester – The Forex Simulation Software
Most people who are studying forex, do so when time permits. They have day jobs and other commitments. They do not have an open schedule in which they can make themselves available for the periods of market volatility where they can learn the most.
More likely, they have three hours in the evening for forex demo trading. In the US that is the worst time to trade because there is nothing going on. In order to make money in this fx trading game you need volatility! You need action! You need prices soaring and dropping, traveling sideways for a spell and taking off again. If you are demo forex trading in the dead of the session where price action is slow and flat, then you will begin to take ill-advised trades out of sheer boredom. You’ll never really get how price action moves. What you have learned won’t apply and you will begin to develop bad habits. Or even worse, you will decide that you’re not cut out for currency trading.
That is why you should not waste your time with a demo forex account. If you really want to practice currency trading then you need to do it with a forex simulator.
Simulated forex trading is by far the better method. Using historical forex data you can recreate any time period or session and trade it! You can quickly scan forward through days and weeks to find setups that correlate to whatever aspect of forex trading you are currently studying. By backtesting trading strategies you can quickly find out for yourself what works and what doesn’t.
Winning The Forex Game
How many times have you been so focused on the bleeding edge of price action that you failed to realize that an upsidedown heads and shoulders pattern was forming? Even the best traders are at times blind to the obvious. With forex backtesting software you can scan over an entire year of a major currency pair and drill spotting the patterns until you get it down cold. A confident trader is one who can trade with certainty. The way that you develop certainty is by breaking down currency trading into its constituent parts and drill them until you know them like the back of your hand.
Can you do all of that with a forex demo trading account? No. You are limited to whatever price action is currently in play. How many people have a schedule where they can stay up in the dead of night to trade the London session? Not many. But with forex paper trading software, you can actively trade whatever time period you load up. You set the timer and it will actively run price action as if it were a live account.
My favorite forex backtest is to get an old forex calendar with a schedule of economic reports and cue up the time frame just before they are released. This way I can see just how much news affects the currency pair that I am trading. There is no better way to learn forex trading free, other then working at the dealer’s desk yourself.
My Forex Tester Review
Buy it already. My opinion is in accord with all of the other Forex Tester reviews… it is the best on the market. If you are serious about learning forex then Forex Tester is your biggest bang for the buck. I have been able to test countless strategies and was able to quickly develop my own personal system that is effective for my style of trading and tolerance of risk. You are not going to be able to do this efficently with dead price action. Forex Tester has all of the standard indicators that you would expect from professional charting software.
One of the indicators that is difficult to master is Fibonacci extensions. They can be misleading to downright confusing at times. With Forex Tester I was able to put that tool to the through the wringer and really learn how Fibonacci sequences mirror price action. Such knowledge is valuable to the extreme. I can honestly say that my trading has reached a new level thanks to this handy piece of software. You too can clear the obstacles that prevent you from becoming a full-time trader. Download it and give it a forex test spin. You will not be disappointed. And don’t be surprised when you begin learning faster then you ever thought possible.
