What's the proper procedure to execute a forward slip, how should the
aircraft be expected to react when it is performed, and what are the
main uses of the forward slip? And why is it called a _forward_ slip?

I've been reading about this, and from what I understand, the
procedure is to roll to one side and hold the rudder to the opposite
side. I've tried this in the sim. The aircraft rolls to the side I'm
rolling it to, and then seems to slide downward almost in the same
plane as the wings, only a bit steeper. Altitude is lost very quickly
indeed, but airspeed stays steady. Is this what happens in real life?
Am I doing it correctly? What's the correct procedure to return to
level flight?

Somebody said that MSFS cannot simulate forward slips correctly. What
is missing in the simulation?

Note that, by default, MSFS is configured to link the rudder to the
ailerons. All turns are forced into coordinated turns, and there's no
independent rudder control. This can be turned off to improve
realism. But with this default option enabled, it's impossible to
perform any maneuver that requires rudder control independent of
aileron control.

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