Forex Online Game Realistic?

[Spanning Tree]

First of all I just want to say that I am a complete newbie when it comes to forex.

I have tried playing a forex online game and have noticed that it seems as if it's fairly easy for me to make money.

In just a few minutes I can make about $400 in profit rather easily. I'm thinking this might be convenient if I need to buy some milk and don't have enough money, I can just play some forex and then withdraw the money and buy the milk.

The game is below:

http://www.ababasoft.com/flash_games/forex01.html

What I want to know is whether this game realistically depicts forex trade or whether it is completely unrealistic. My guess is that this game does not factor in transaction costs.

 

[tayser]

Any FX broker's demo = extremely realistic.

recommend Oanda's FXGame, or MBT Trading's demo - you'll get a good grasp of a market maker and ECN platform if you look at both.

 

[BentRod]

No it's not realistic.

Stick with the ones Tayser mentioned which actually are the Forex market.

 

[Szemen]

I'm guessing that sarcasm by Tayser As i too was playing some tonight and earned 2k Something wrong with that! I was playing it on GFT...

As for broker....which is most recomended?? Ive been on peaceforex to have a look as GFT looked quite nice, but there are some bad reviews...ATC seem to have the best review on the site.

 

[Reealjrd]

First of all I just want to say that I am a complete newbie when it comes to forex.

I have tried playing a forex online game and have noticed that it seems as if it's fairly easy for me to make money.

In just a few minutes I can make about $400 in profit rather easily. I'm thinking this might be convenient if I need to buy some milk and don't have enough money, I can just play some forex and then withdraw the money and buy the milk.

The game is below:

http://www.ababasoft.com/flash_games/forex01.html

What I want to know is whether this game realistically depicts forex trade or whether it is completely unrealistic. My guess is that this game does not factor in transaction costs.

I played this but not sure about the realistic of the game. But some our fellow members’ has given some suggestions about demo account and yes demo account helps you in understanding the concept of forex. It’s not that easy and at the same time not that tough. Try it and then decide your forex investment.

 

[BentRod]

I'm guessing that sarcasm by Tayser

I think you will find there was no sarcasm at all.

Real Forex demos are the best place to learn how to trade. I wish I had known they even existed 2 years ago.

 

[Page]

well I feel forex online game is not at all realistic the things happens in demo account is to attract more and more customers towards forex but when you opens your real forex account then you find your position out and out different......... demo account is useful to know how trade in forex goes. But you can't trust demo account. You have to be very sure of the currency in which you are going to trade and that currency must be decided by you by looking and analyzing the trends and after looking some forex related news.

 

[Glen48]

I have signed up with GFT all seems ok so far they give you 50k to play with but so much info to digest.

 

[Stormin_Norman]

Any FX broker's demo = extremely realistic.

agree.

the only thing unrealistic about it is that its not real money.

which is quite a big thing. if u can treat real money like demo money (or vice versa) then that's perfect.

to me the money is the 'score'. same as a cricket score, bowling score or a score in a game of 500.

 

[Wysiwyg]

agree.

the only thing unrealistic about it is that its not real money.

which is quite a big thing. if u can treat real money like demo money (or vice versa) then that's perfect.

When I trade with real money a physical and emotional reaction takes place initially and then subsides as more trades are made during the course of a session.It comes from the psychological attachment to real money and the thought it may be lost.

 

[Cartman]

agree.

the only thing unrealistic about it is that its not real money.

which is quite a big thing. if u can treat real money like demo money (or vice versa) then that's perfect.

When I trade with real money a physical and emotional reaction takes place initially and then subsides as more trades are made during the course of a session.It comes from the psychological attachment to real money and the thought it may be lost.

anyone trading demo accounts who think 'how easy is this' --- and doesnt understand EXACTLY what those two posts above are saying ------ will LOSE when they open a REAL account ----- end of story

 

[Dezza]

I have signed up with GFT all seems ok so far they give you 50k to play with but so much info to digest.

I've been using this platform for just a tad over 2 weeks now and up to $200K now. It's a good tool to practice trading, learn about the technical aspects, implement certain trading strategies.

But as the others say, it'll be totally different with real dosh. Although I started off trading like real money by placing "realistic" orders, monitoring limits etc...after a week I noticed my orders slowly getting larger and my stops are now non-existent.

Nevertheless, it's still fun cheering on the charts.

 

[AbundantIncome]

I am not sure how realistic the price movements are ???? I have demo with Interbank and Oanda at the moment. They differs slightly.

Interbank only gives you a limited number of pairs to practice on. It has MT4 which provides better charts. Oanda chart is very hard to use. So, I am going back and forward to trade in Oanda. I am up 80 bucks in Oanda yoohoo lol

and lost 2500k on Interbank !!!

Not a great start even in demo !!!

PS: I am emulating my trading system in demo so I have not done much trades yet, about a handful. Hopefully, it can provides a true reflection in real money trading situation for me. I need to know the map before I jump

 

[Page]

The rates differ because they use some systems for trading that I cannot explain. I had seen the trading platform of saxo bank but did not find the rates different with other brokers. However, when I started with AVAFX their rates were also similar with others.

 

[Cartman]

...after a week I noticed my orders slowly getting larger and my stops are now non-existent.

therein lies the problem ---- demo accounts are a trap if not used correctly ----if u r testing a new system, run yr demo account with micro trades where u might make 50 cents or a coupla bucks if its a good trade ---- that way u stay focussed on the % and not the dollar signs ---- if yr system is looking ok, demo it with a similar amount of capital to yr real capital ----- thats the only way to test it for real ----- u have to be honest with yourself !!

 

[Stormin_Norman]

once u get the hang of it i highly recommend opening a $100 micro IBFX account.

the minimum 0.01 lot for them is 1cent per pip. and its real money so you gain something valuable from that factor not available on a paper trading demo.

 

[Stormin_Norman]

The rates differ because they use some systems for trading that I cannot explain. I had seen the trading platform of saxo bank but did not find the rates different with other brokers. However, when I started with AVAFX their rates were also similar with others.

rates differ because foreign exchange is not a standard market. its thousands and thousands of separate markets. arbitrage will move them together, but there will be slight differences because of the decentralised nature of the market.

 

[AbundantIncome]

once u get the hang of it i highly recommend opening a $100 micro IBFX account.

the minimum 0.01 lot for them is 1cent per pip. and its real money so you gain something valuable from that factor not available on a paper trading demo.

nice ... it would be fun trading small hehehhe

anybody tried startforex.com ???? they offer 100 bucks for 200 bucks ??? but are they market maker ? they could just take your 200 bucks as soon as you sign up though if that is the case lol :d

might as well stay with IB or Oanda perhaps ?

i find it hard to get into position even... now Oanda back to 70 bucks after being stopped out ... a few times and win a few times ...

i put a stop loss at 20 pips is that too close ? i keep getting closed out !!!

hmmm not easy ...

2) I find that there are a lot of gaps, you are down like 10 pips already .. is this very common ??? how to avoid it ? is that the time of day or due to certain currency pairs ????

thanks

 

[Page]

I had been trading this market since 2004 and now helping beginners in this market. What I have experienced is with theoretical knowledge practical knowledge is must. I have learned about trading with practice accounts. When I took first trade in my real trading account, I kept in my mind that I am going to be in a loss but I booked my first profit that day. The formula for success in this market is
Knowledge+Patience+Discipline= Success.

 

[AbundantIncome]

I had been trading this market since 2004 and now helping beginners in this market. What I have experienced is with theoretical knowledge practical knowledge is must. I have learned about trading with practice accounts. When I took first trade in my real trading account, I kept in my mind that I am going to be in a loss but I booked my first profit that day. The formula for success in this market is
Knowledge+Patience+Discipline= Success.

thanks ....

any practical tips on your strategies, since u been trading like 4/5 years or so ???

like which pairs, time of day, best stop loss level, best profit target ?

what chart are you using ? 5 mins 15 mins 1 hour ??? i cannot decide yet !!! 5 seems to fast even for setting stop loss etc ? 1 hour seems a bit long ????

cheers