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There are dozens of ways that simulated forex trading can help you become a much better trader. All traders from novices to professionals can benefit from this kind of trading. But what is it?

There are two types of trading simulations, both of which use play money to place practice trades so there is nothing at risk. The first type is referred to as backtesting. In backtesting, you use software along with historical data to place practice trades as though you were trading during that period of time. These practice trades can either be automated or manual. If you are good at computer programming, then automated backtesting is something you may want to learn. Even when you are not good at programming, manual trading can be just as useful.

Going back through historical data can teach you a lot of things about how a currency pair moves and reacts to different factors. This information is useful because it can be applied in current market conditions. It is also helpful because it can give you the confidence to take trades when real cash is on the line. Having taken hundreds or thousands of trades using historical data is great practice.

The other type of simulated forex trading is called demo trading. Demo trading is available through almost all forex broker and is just the same as a live trading account but you trade with play money. The platform and the market action are usually exactly the same as if you had money on the line.

This trading simulation is great because you can take the experience you got from backtesting and start to apply it to live market conditions. Now you can find out if the system you designed actually works.

From time to time you will find that something that worked in backtesting does not work in real life because you don't have time to watch after the trade or you cannot execute trades fast enough, or for a variety of other reasons. If this is the case, you can always backtest again and keep those previously limiting factors in mind. That being said, I think you may usually find that backtesting really does help when demo trading.

In conclusion, these two types of automatic forex system trading will help you if you are just learning how to trade or even if you are an experienced trader. You can use trading simulations to try out a fresh technique, improve your current strategy or help you get your self-confidence back after a losing streak. Give it a try and let me know what you think!

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