I’m new to the forex world, i’ve been reading a few books and articles and would like to start playing around with a demo account and testing some strategies.
I’m just wondering if anyone has any recommendations as to what software packages to look at? I’d also like to take my time before I start to trade with real dollars so i’d like to open a demo account that doesn’t expire after a couple of weeks or a month…does anyone have any suggestions or starting points?
Not sure if it matters but i’m in Australia (Melbourne to be exact)
In MT4 you can also develop your own indicators, alerts, automated trading systems etc. There are heaps of free indicators available on the internet that other people have already created. For example, if you want to trade the Cowabunga system then there is already a Cowabunga indicator (which I partly developed) - see the Cowabunga forums to download it and use it for free.
I agree with pipalot, metatrader is what I am currently using I get it from northfinance it is a free unlimited demo. I also like dealbook 360 but that is with GFT.There demo is only good for a few weeks or a month,other wise you have to open an account with them to get it longer I have a mini account with them and they are keeping me open for 2 years I think,something like that. I am wanting to open a micro account with oanda,you will hear alot of good things on them here.The only downfall is there platform sucks I don’t care for it at all.So I am going to use MT4 for there charts and place the actual orders with oanda.Hope this helps you out!! good trading!!
I’ve tried several demo platforms and I have to agree with the recommendations here.
MT4 is fantastic. I love the charts, indicators, and you can modify/program your own variations if you want. I have my demo with IBFX and never had a time limit problem.
Oanda’s platform is OK, but very limited regarding indicators. It doesn’t have anywhere near the flexibility of MT4. No time limit with them, either.
GFT’s charts are good but, unless you open an account with them, 30 days is about their limit. They will extend it (depending on who your contact is), but only if they’re sure you’re going to open an account soon.
