With most Forex trades requiring investments that are thousands of dollars, it is important that a person knows what they are doing once the Forex trading process has begun. The only problem is how can a beginning Forex investor know what to do if they have know experience trading? Well, they certainly should not risk real money. They want to try to keep as much of their investment as they can so when they are in a better trading position they can make even more of a profit. So, what can they do in the meantime? Perhaps they should consider playing a Forex game.
What is a Forex game? A Forex game is a program in which a person is allowed to make Forex trades without the risks associated with a ‘real’ Forex transaction. All money is virtual, with a higher amount being bestowed at the beginning of the game. Throughout the course of the Forex game, a person makes trades as if they were doing it for real. This involves being able to see the Forex ticker, which shows all of the fluctuating currency rates as well as any other resources that might be of assistance if one were trading for real.
One of the best Forex games is EToro. To get this Forex game, one must download it from the EToro website, (which can be found at Etoro.com). After EToro has been downloaded, a person must create an account by entering in general contact information. From there they will have to choose the setting in which they want to play their Forex game. These settings include: Forex Marathon, Dollar Trend, Globe Trader and Forex Match.
Forex Marathon allows a gamer to make investments based on which currency they think will have the best exchange rate. Dollar Trend formats the Forex game based on Forex trades where the dollar is the chosen currency. Globe Trader is a setting that shows the exchange rate with its associated currency. Finally the Forex Match allows gamers to see how their currency is fairing in comparison to another currency.
Another Forex game is a Flash game that is distributed by Ababasoft.com. It is simply known as Forex Online Game. Like EToro this game is completely free. It is much more simplistic than EToro, but it gives an individual an idea of how fast exchange rates fluctuate. The premise of the game is simple. You are given a certain amount of funds for investment. These funds are shown on the left side of the screen. On the right side of the screen one sees the exchange rate. When the exchange rate is at value that seems suitable, the gamer has the option to sell or buy. If they are not careful, they will gain a negative balance causing the Forex game to end.
In conclusion, Forex games can be good practice for real Forex trading, especially if they are designed like EToro. Games like Ababasoft’s Forex Online Game, do not serve as much value in this aspect, though it should be reiterated that they do let a person realize the importance of making decisions quickly, since the exchange rate fluctuates at an extremely fast pace.