Trading simulators are proven to be very efficient as it helps a person in tuning their trading strategies or plan accordingly, one can also gain some sort of experience from it without any financial risk.
But now the question is what really a great financial trading simulator is?
Well, the straight answer to this question most certainly depends on the aim of the user, that is, the person who is using the software/simulator. If the simulator is being used to test algorithms or black box systems, then realism is the key. The simulator must have similar features, some of them which are included like the system latency and the artificial intelligence behind the simulation or even the accuracy of any data that is employed. This most certainly will help a person gain experience of a stock market in case he or she is a new comer.
However, if the financial trading simulator is going to be used by a human who has many different training goals in mind, realism should be balanced while the learning efficacy should be higher.
A good simulator will try balance the realism only if the user in question wants to learn more by experiencing in less authentic scenarios that are somewhat over exaggerated or if the experience is not surreal.
Sometimes, in case of a trading simulator, one may want a few certain situations or events to occur, usually out of curiosity like maximizing the user’s training. This usually does not happen in real life which is why this should not be allowed. A trading simulator should only be used to practice possible events and not to habitually generate scenarios that cannot possibly happen in real life.
In simple words, trading simulators should not encourage bad habits or over exaggerations.
If we talk about the best trading simulator, it will not only provide a user with very realistic scenarios but also very realistic trading logistics like a proper environment. The best financial trading simulator will also have GUI or we can say interfaces that are similar to the live stock market.
Some of such trading simulators also have features like simulated risk matrices that bear similarities to the real risk matrices. This is actually a very useful feature since it is equivalent of a muscle memory.
At last, a financial trading simulator has to be enjoyable so that the user can concentrate properly. It also must offer an insight to the reality of trading. For example, the emotional and intellectual challenges that one has to face.
The simulator can only be considered as a complete successful tool only if it has such features or else it is not worth the time.
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