Day trading doesn't just require knowledge, it requires practice. While a demo account or day trading simulator can't mimic the psychological pressures of having real money on the line, it's still a valuable tool for honing strategies, developing trading confidence, monitoring market conditions or familiarizing yourself with the software before using it with real capital.
Whether you day trade forex, stocks, ETFs, futures, or all of them, here are three solid free demo accounts you can use.
Each broker offers different types of software trading platforms , so you can see which software best suites your trading style. NinjaTrader is a great low-cost can be free futures trading platform, and the company also provides brokerage services. Open a free Ninja Trader demo account and get access to one of the most recommended charting and trading platforms available, as well as some the lowest trading fees in the business.
The NinjaTrader platform is a purchasable product, and can be integrated with a number of brokers. NinjaTrader is also available for free, although commissions will generally be higher with this approach the cost of the platform is worked into the commissions. Current NinjaTrader Brokerage commissions can be found here: The great thing is that you can practice day trading futures on NinjaTrader for free. Setup a demo account, and you can practice all day and night!
A "replay" feature allows you to download past trading days, and then trade them as if they were live. This means you can practice all day and weekend if you want, even when markets are closed. When learning to trade, the ability to practice this much is a huge benefit. NinjaTrader also provides forex demo and live trading through a small group of forex brokers. Oanda with Desktop Trading Platform Oanda.
Oanda does not charge a commissions on trades when live trading. One great thing about Oanda practice accounts is that they do not expire. You can practice for as long as you want, using the popular MT4 trading platform or Oanda's own Desktop Trading Platform or mobile app. The Desktop platform is easy to use and includes trade functionality such as being able to easily place a stop loss and target in pips or price at the same time a trade is taken.
The program also provides advanced charting, and an "autochartist" feature that highlights trade setups based on statistical data located under Technical Analysis in the Resources tab. Signing up for an Oanda demo account can be done very quickly, here: Oanda is not an ECN broker. Stock Trading Demo Account: Free real-time stock charts are not official market data. Official data requires a payment.
A full explanation of the difference between free and paid real-time stock market data is discussed in Best Free Real-Time Stock Charts for Day Traders. That said, for most people starting out in a demo account the free data will work fine. The site is loaded with features, and allows you to make real-time simulated trades in stocks or forex. Futures demo trading is available, but data is delayed. TradingView has some of the best charting and market analysis tools available especially considering they are free!
After signing up for a free account, along the bottom of the screen click the Paper Trading tab. Pull up the chart you want to trade. Make a simulated trade by either right-clicking on the chart, or clicking in the DOM box. TradingView can be synced up with a limited number of brokers if you decide to trade real money.
If you don't like the brokers they offer, then you will need to use a different platform for your live trading although you can still do free analysis on TradingView, if you wish. Updated March 10, Oanda with Desktop Trading Platform. NinjaTrader is better for futures because of the replay feature, and quotes are live.
TradingView is good for demo trading stocks, because quotes are live and there are great anaysis tools. TradingView also works well for demo trading forex NinjaTrader can also be used to trade forex. Unfortunately, you will have limited forex broker options with NinjaTrader or TradingView.
Oanda is a good option if you are interested in trading forex. They offer a great trading platform and competitive spreads for U. They also offer a lot of statistical data even if you don't have an account with them which can be very useful when forex trading.More...