Forex Trading Simulation Applications | As a novice stock investor, you must learn the right way to trade forex or stocks. Using some of the recommended Android programs for forex trading simulation is one of the most effective learning methods.
Indeed, currently there are lots of forex trading simulation software available for Android smartphones. However, you should be able to determine which one is the best and most feasible to install.
Obviously, you will avoid losses when you enter the world of stock trading if you practice on the simulator first. This is due to the fact that the fundamental premise for profiting from trading stocks is not just buying equity when the price is low and selling it when it is rising.
A List of Forex Trading Simulation Applications Make it Easy for Beginner Traders
If you want to enter the world of forex trading and investing, you must understand how to analyze the market changes that will occur in the next few minutes or so.
Therefore, you should learn to invest in forex trading by using several simulation applications for forex trading available on Android. Therefore, the following are recommendations for forex trading simulation applications that you can install on your smartphone.
The first application recommended for forex trading simulation is Stockbit. Of course, if you are a gamer or forex trader, you must be familiar with this Stockbit application. Due to the many functionalities of the app, it is one of the recommended forex trading apps for Android that you should install on your Android smartphone.
In this forex trading simulation application, you will be given 100 million rupiah in digital currency to invest in various leading companies and issuers. In this regard, Stockbit is one of the best apps to learn to simulate forex trading before engaging in real forex trading.
Invstr is the second best forex trading simulation app. This app was created in 2014 by Invstr Limited. Eight years after its debut, more than 500,000 Android users have downloaded this program, which provides trading simulations for a wide range of instruments, from equities to cryptocurrencies.
Many instruments can be studied on Invstr, and traders (especially those in the United States) can trade directly using this application. In addition, Invstr offers consumers access to free banking services.
Invstr demands a large amount of space on mobile devices. To use this app, your mobile device must have at least 255 MB of free space. Another drawback is that the data is not real-time.
3. Stock Trainer
Stock Trainer is the next recommended forex trading app for Android. Whereas in this program, real-time market or market movements can make it easier to understand forex trading investments.
As a result, the process of learning your forex trading simulation will be made easier. Like in the previous simulation software, you will be provided with virtual funds to buy shares in well-known companies.
Also Read: The 10 best forex brokers
OctaFX provides many conveniences for starting forex trading. You start trading foreign currencies right away. You will receive the Rupiah exchange rate set when making the initial deposit. In other words, its value will not change regardless of the exchange rate.
Also included in this forex trading simulation app is a profit calculator. Therefore, you can determine this before selling or buying foreign exchange. In addition, OctaFX often holds contests with various currency prizes.
5. Trading Game
The last recommended Android forex trading simulation application is Trading Game. This trading game application, as the name implies, can be used for stock trading simulation training or online forex trading using only an Android smartphone.
This program contains information about all aspects of the world of currency trading, or forex. When you first install this application, you will receive 500 dollars in virtual currency, which you can use to simulate forex trading.
3 Advantages of Using a Forex Trading Simulation App on Android
Investment seems to have become mandatory these days. Forex trading is one of the instruments of choice that can be utilized. Through the Android application for forex trading simulation, your trading actions will be simplified and simplified.
Before registering with ProDNA, it is better to practice using a trading simulator in order to trade efficiently. There are many advantages that can be experienced and applied to a real forex account. Here is the explanation:
1. Avoiding Common Mistakes
As a beginner, you will often make mistakes. In fact, common mistakes will occur, but if they can be eliminated, your performance will grow and reach its maximum potential.
When you manage to avoid frequent mistakes, your profits will increase. On broker applications, one should always be disciplined and not in a hurry to convert to a real account.
2. Can Test Methodology
The broker will later provide the trader with a fictitious account balance in a simulated forex trading account. With a fictitious balance, you can test strategies based on analysis and monitoring of price conditions without the danger of losing money.
If you fail in the future, you should change your strategy and do a more complete study. However, if the method works for you to make a profit, you can try applying it to your real account.
Also Read: How to Trade Forex with 100 Euros
3. Perform Operating System Test
Through forex trading simulation tests, you can also determine whether the Android-installed broker can run smoothly or feels less smooth. This naturally affects the ease of execution of the trader.
If you only use forex trading simulations, the broker is broken, and there is a problem. You can switch to another broker and look for it. Ensuring transaction efficiency is one of the keys to maximizing profits.
Many beginners skip trading simulations and proceed directly to real accounts. No wonder they only suffered losses. Practice more, and maximum results will naturally follow.
These are some of the best Android apps for forex trading simulation that you can install on your smartphone. By familiarizing yourself with some Forex trading simulation software on Android, you can naturally avoid losing money when you actually enter the market or the stock market.