Hopefully this question in within the rules of the forum. I could not find any guideline that ruled otherwise, so here it goes.
I’ve been demo trading on Trading View’s paper trading feature for a while. Their sandbox lets you choose different brokers and execute orders, although some functionalities, like trailing stops, are not supported. As far as I’ve discovered, algorithmic and more complex orders (e.g. OCO) can only be done via Pine script. Correct me if I’m wrong.
I feel it’s also somewhat less realistic as there is no automatic commission fee (you can set one yourself), and therefore no real-world slippage or variation thereof. I’m also inclined to try cTrader, as I’ve heard there is a C# API.
Can anyone recommend a brokerage platform for more realistic demo trading, and provide a few hints to get started?
Im fairly new to trading so will be watching this thread with interest. Im looking forward to hearing from more experienced members on what brokers they think are best
Then I must say; try with multiple brokers! Now, you need to build your own trading system, so you can play with different brokers with your multiple strategies.
Thanks for the answers. I guess I need to better formulate my question then:
-to pass my orders to the different brokers, should I do it all within TradingView (which is limited in terms of order types), or are there other interfaces to said brokers? For instance, @jorgemontero suggests XM, but a quick glance of their website seems to reveal that they only expose MT4 or MT5.
-I’m all up for trying each and every one of them, but is there a software that can be used across all brokers?
I think that’s one of the major reason why we demo trade, because you might not necessarily end up with the broker you demo traded with. Also, there is nothing like realistic demo trading. A demo is a demo, you will get live quotes and spreads for sure. As for slippages, you can’t really know with a demo account. I used Forexchief demo account before switching to a live account. Turned out that slippage occurrence is a rare thing. It is true that we might not get entirely what we experienced in demo trade when compared with live trade, but it gives you a closure.
I’m trading demo on Oanda. They don’t allow OCO orders on their desktop or MT4 variant, and if this feedback page (and other customer comments) is to be believed, FXCM and Forex.com both provide such functionality on at least one of their platforms (mobile, desktop, MT4/MT5). Can’t be certain if that includes demo versions, or only live accounts. Haven’t used either personally.
I’m not familiar with a one-stop-shop platform that links to several brokers - maybe I’m understanding the question wrong. But MT4 and MT5 are supported by most brokers, after you’ve gone to them directly to get your primary account setup and login credentials received.
I will say that Oanda demo does allow for trailing stops on desktop and mobile platforms and they report financing fees on the backend transaction history through their online account portal.
Forex.com have 4 trading platforms, one of them is trading view the other is trading view with a different name and i know you can set OCD, GTC, GTT, GTD orders with them, not sure on trailing stops tho. The commission is small but suppose that depends on position size. Im a beginner myself so could be wrong but trading view and mt4 are the best ive found so far.
Keep opening demo accounts until you find something you like thats what i did.
