A simple yet powerful tool, the benefits of which are hard to measure in terms of your trading. Soft4FX allows you to back test your ideas, and learn how to use your custom indicators far more efficiently than testing on a demo account. Forex Simulator operates as an expert advisor to Metatrader 4, through offline charts. Whilst there are a series of training videos, I found that the user friendliness of the program made many things self explanatory, so well done to the developers for that.
Take a look at the video below to see exactly how it all works. You can also watch multiple timeframes of the same instrument simultaneously, as well as add your own custom timeframes that are not standard to MT4.
For example, if you wanted to trade the 10 minute timeframe, you can do so easily from within the program. One limitation of the simulator I did find was that with the current version 1. There are also a variety of different charts you can simulate, from standard candlestick charts, to seconds charts for trading timeframes less than a minute, range charts, renko charts, as well as tick charts, bringing further improvements to what the MT4 platform offers. Another feature I really loved about Forex Simulator was the built-in economic calendar.
The calendar is based on the Forex Factory calendar, showing news events from onwards. You can also filter the results by their level of expected impact, and also the currency.
For example, if you only wanted to see high expected impact news releases relating to the Great Britain Pound, then you can do that. I have used other simulators where I have had to do this manually, and it can be a bit disjointed. As with other simulators, you can fast forward, pause and rewind the simulation to your requirements.
There are 2 options for chart progression. They are ticks per second, and also real time, with the speed of both being fully controllable. There is also a neat little feature that will pause the chart when a defined action has occurred, for example when a stop loss or take profit has been hit, a certain price level has been achieved, or when a pending order has been triggered.
You can also export your results to an excel file at any stage during the simulation. For example, if the broker account that you have piggybacked the simulator to offers corn as a tradeable instrument, then you will be able to download the tick data, and practice on corn.
It is important to understand however, that this tick data can be of a lower quality. Below you can see the instruments on which you can practice, when tick data is downloaded from the respective provider. These providers can give you price data from as far back as , and can be easily updated from within the program whenever required. They have created a simple yet very powerful tool, the benefits of which are potentially unlimited in terms of your trading.
As mentioned earlier I do recommend trying out the free version first. If you have any questions about the Soft4FX Forex Simulator, or would like to share your experience using it or simulators in general, please share them in the conversation below. Thanks for your review. However, I do wish it could be used on other platforms than Mt4. But if you have your trading style and plan in place, then it wont matter where you are.
Your email address will not be published. What Is A Swing Trade? What Affects Oil Prices? You May Also Like. February 22, Adam 4. April 2, Adam 2. Hi Damien, Thanks for posting. Let me know if you have any questions about the platform and I would be happy to help. All the best, Adam. Leave a Reply Cancel reply Your email address will not be published.More...