by CI Staff
Hone your current trading skills without risking real money.
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Currency trading is a fast-paced endeavor that requires a tremendous amount of skill and knowledge. As the adage goes, “practice makes perfect,” but practicing with real money is a risky affair. For those looking to learn about forex trading without risking real money, ChartIQ has developed the Forex Trading Simulator for iPad. Some may balk at the $8.99 price tag, but this is a small price to pay before risking real money in the market.
With the Forex Trading Simulator you have a variety of trading tools at your disposal to test your strategies. The app allows you to move through time at your own pace, entering and exiting positions whenever you want using market, limit, stop or bracket orders. As you make your trades, the app records them in a trade sheet that allows you to refer to each trade with a running total of your performance. You can also scroll back in time to analyze entry and exit points, which are automatically plotted on the chart.
The app’s Projection tool allows you to “project” the future using your own set of indicators to predict future price scenarios. The app offers unique indicators as well, including 9-Count and 13-Count indicators that provide explicit trading signals. These momentum indicators are based on specific observations about market behavior instead of averages. Also, the 9-Count and 13-Count indicators utilize the entire OHLC (open, high, low, close) data set, whereas most mathematical indicators use only the closing price.
In addition, ChartIQ’s unique RSI Divergence helps you to identify divergences between price and RSI as well as momentum discrepancy reversal points. These are the exact opposites of divergences, where a positive reversal occurs when an uptrend price correction results in a higher low compared to the last price correction, while RSI results in a lower low compared to the prior correction. A negative reversal happens when a downtrend rally results in a lower high compared to the last downtrend rally, but RSI makes a higher high compared to the prior rally.
ChartIQ Forex Trading Simulator also gives you the ability to calculate and plot moving averages against indicators such as RSI and volume.
Lastly, the app also offers automatic opening or closing gaps detection and plots them directly on price charts.
We can definitely see the use for this app for those who trade forex, or want to learn about it. Being able to practice trading for only $0.99 is a tremendous value.