Soft4fx Forex Simulator Review
I’m not a fun of Forex simulators but Soft4fx Forex Simulator grabbed my attention because it claims to help learners master trading in just hours, plus the sales page lists a number of features which might pique the interest of someone who wants to learn using trading indicators.
The Soft4fx Forex Simulator is a product of Soft4FX.com. The site was created in November 2011 and is owned and operated by Marcin Konieczny who lives in Poland. Click this link to visit them.
The company claims that they have programmed expert advisors, trading indicators and other scripts. But currently, the only known products by this developer are Soft4fx Forex Simulator and MT4 Trading Simulator Pro. Both products appear to work in the same way because they have identical features.
The focus of this review is obviously on Soft4fx Forex Simulator. We want to find out whether there is justification to spending $99 on this product or not.
In the meantime, these Forex expert advisors and trading resources can help you make consistent returns. They are currently our top recommendation.
Soft4fx Forex Simulator review
If you want to learn Forex trading, you can either opt for a complete course and a membership area that gives you access to every single tool and resources you’ll need or use an indicator like Soft4fx Forex Simulator to backtrack the historical data and test how you’d perform if the market was live.
This is something that is entirely up to you because no two persons are exactly the same in their opinions and way of thinking. But my recommendation is that you should combine these two for best results.
Since the Soft4fx Forex Simulator was rolled out, I have seen a number of updates from this developer, which is a sign that the developer is focused on continuously improving this product so it can become an efficient trading simulator.
Updates are done for free by the way. Some of the updates that have been done include features that let you import historical data from MetaTrader and use it in your trading simulations, ability to monitor multiple charts and in multiple time frames to follow price action, the ability to create your own time frame charts such as 10 min or 2-day charts and so on.
In this section, I will break down what you can do with the Soft4fx Forex Simulator.
» All charts can be synchronized and updated tick by tick
» All types of charts are supported, i.e Renko charts, Range charts, tick charts, seconds charts etc.
» Built in economic calendar for news trading
» You can use MT4 templates to prepare charts quickly
» Full compatibility with custom-built MetaTrader indicators
» New York close 5-day charts but this is just one mode of charting as Soft4fX Forex Simulator also does charts based on Greenwich Mean Time (UTC+0).
Many traders are of the belief that the New York close 5- day chart is more important compared to the regular chart but in my opinion, I do not see any significant difference it can bring to your trading.
» Ability to save simulation such as stop loss, pending orders, trailing stops, take profit and other settings for later use.
» Full speed control lets you forward the charts candle by candle as fast or as slow as you like
» Ability to rewind charts for better clarity
» Ability to manage risks based on risk-based position sizing or lot sizing meaning that you can define risks in terms of a dollar amount or as a percentage of your account balance.
» Automatic trade management for handling pending orders (One-cancels-other (OCO), break-even, take profit, stop loss and trailing stops
» Visual trading for manipulating stops by simply dragging lines for take profit, stop loss, trailing stops on the chart
» Detailed stats, ability to export data to Excel and much more
Soft4fx Forex Simulator review: what exactly does it do?
The Soft4fx Forex Simulator simply helps you move back in time and simulate trading starting from any date of your choice.
The charts, the indicators, economic news and so on happen as if they were live.
The developer of Soft4fx Forex Simulator believes that paper trading/demo trading takes a longer time compared to historic simulation, something which I believe is very true because with a trading simulator, you can bring any type of market scenario onto the screen and start trading it right away while in demo, you have to wait for the market to do its thing so you can learn.
Other features of Soft4fx Forex Simulator
It’s compatible with Dukascopy and TrueFX. You can simulate a number of assets like Forex, Oil, Gold, Silver and stocks. So the Soft4fx Forex Simulator is for stock traders as well.
Soft4fx Forex Simulator client feedback
My impression is positive about this software. I didn’t know that such a tool existed until I tested it myself (there is a free demo to test this software by the way).
I have also seen a number of people commenting on the system and how it’s programmed to enable simulated trading. I believe the developer has done a really good job.
There are a couple of YouTube videos at the top of Google results which basically explain what Soft4fx Forex Simulator does and a few comments from people who claim they were pleased by the software’s capabilities.
Conclusion
This is a tool that is designed to help you learn trading fast. So if your aim is to learn trading, I would recommend spending $99 on this indicator. However, it could work best if you combined it with professional Forex trading coaching because knowing what price action is doing and what to look for in order to place or exit a trade is not the function of Soft4fx Forex Simulator.
If you have something to say about this trading simulator, contribute in the comment section below this Soft4fx Forex Simulator review.