Forex Tester Review
- Headquarter : United States
- Regulation : None
Pros and Cons
- The ability to import historical data from various text formats
- Open interface that allows you to create and test your own strategies
- You are able to test unlimited currencies and strategies together
- Advanced styling features, and highly customizable
- The creator of Forex Tester is available to answer questions
- Automated testing impossible without programming
- You are currently unable to take partial profits when hitting your price
- Expert Advisers not compatible with MetaTrader 4
There are few Forex products that really, truly impact the way a trader trades and learns how to trade. In fact, most Forex products are comprised of mediocre development with an oddly uncomfortable design. Forex Tester is the exact opposite. In fact, Forex Tester is one of the very few, very valuable, important and useful products that can make all the difference between being able to trade profitable and blowing a Forex trading account.
Forex tester is an intuitive, easy-to-use piece of software that allows traders to simulate Forex trading either manually or automatically, using 15 years of real historical data provided free as part of the service. Consider this carefully: if you are going to risk your hard-earned money trading Forex – an endeavor at which most people fail – don’t you owe it to yourself to see how you would have done trading over a period of time? You can check this easily by using Forex Tester.
Forex Tester simply allows you to load real historical data and to set up a screen that looks just like a trading monitor. You can move forwards or backwards in time, and even set the dial so that it runs in real time. You can apply any well-established common technical study to the screen that you like and enter and exit trades whenever you want, according to specific rules, to your own discretion, or a mixture of both. The program keeps track of your wins and losses so that you can review your performance, and a log of every trade is kept, so that you can review your performance trade-by-trade.
The beauty of this product is that it allows you to test your skill at trading manually, instead of just running a test on trading formulas, although Forex Tester is programmable to conduct such tests using algos written in .dll files.
What You Get
The Forex Tester Package includes:
- Forex Tester software program
- 10 simple manual trading strategies
- 1 popular expert adviser
- 1 minute historical data on the 16 most popular currency pairs, plus Gold and Silver (this is updated monthly)
- White paper advising how to find a profitable trading strategy
- Risk calculation & money management excel tool
- White paper advising how to choose a broker
How It Works
You can easily download the program as a limited trial from the Forex Tester website. When you go ahead and purchase it, you will receive a registration code to enter to fully unlock the software.
The trial software arrives with 1 month of pre-loaded historical data for three currency pairs (EUR/USD, USD/JPY and AUD/USD). You can manually manipulate the data and enter simulated trades, applying any technical studies that you want.
Note how the bottom of the terminal screen shows the details of any open trades, while trading and account performance are tracked within the bottom right screen.
You can apply any kind of tools and drawings to the charts easily, and save them. You can even save set-ups templates to be applied to other testing scenarios.
Every function you can get from a real trading station such as changing stops or take profit levels, applying a trailing stop etc. can also be applied within the Forex Tester platform.
You can export data and save your tests so you can return to them unchanged whenever you want.
Purchasing the Full Version
You can make a payment through the Forex Tester website and receive a key code to unlock the program’s full functionalities.
The program comes with 1 minute historical data going back to 2001. If you want data for a wider range of instruments and at a higher quality, even down to the granularity of a single tick, this is available for an additional subscription fee.
The full version can also run expert advisers in .dll allowing for sophisticated automated back testing. A really impressive new feature included within the latest version – Forex Tester 3 – allows back tests to be run on multiple strategies and multiple currency pairs simultaneously, speeding up back testing processes.
You can easily analyze the results of tested strategies, whether they are manually traded or automated, as the program keeps a record of every trade and fluctuation in the hypothetical account equity.
Finally, the Forex Tester website has full instructions and details for how to use the program in its different modes, and is approachable to answer any questions you might have. The software itself is easy to use and has the same kind of functionalities as trading stations, so if you have traded it will not be hard to use. If you have not traded, it will help you in learning how to use a trading station so you will be better prepared when you eventually start trading!
Overall Forex Tester comes highly recommended as an invaluable tool that you will help you learn how to trade profitably without losing any money in the process. Going ahead without buying this software could be likely to cause you to lose much more than this purchase price – and that’s not something we say lightly.Back to Top
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