Forex Tester is a software ideal for testing forex strategies against historical data. The Forex Tester program allows traders to practice and test different trading strategies against a vast repository of historical market data. This offers a risk free alternative to testing new strategies in the live marketing, putting your capital at risk. The back testing simulator offers complete control on the testing process including features such as the testing speed, pause and track history forward by bars, roll back incase the strategy resulted in a loss, fine tune with new parameters and the option to retest the strategy.
The Forex Tester software is designed for traders at all levels, including beginners who are just taking the first steps into the world of FOREX and professionals who want to fine tune their trading skills. Developing a trading strategy that brings profit is one of the most difficult things to do, which is where the Forex Tester program comes to the rescue.
Admitedly, the features offered by the Forex Tester program could also be experienced trading in a demo account, which is free of cost. However, there is a lot of difference when it comes to the market data usually offered in forex demo accounts. Trading in the live markets with your capital can prove to be a silly and risky affair as well. The Forex Tester software reduces the learning from weeks to minutes and allows the trader to test strategies uninterruptedly.
One of the biggest gripes about most software packages on the market today is the steep learning curve involved. The problem comes from the fact that after purchasing the software, if the trader does not understand how to use the Forex Tester program, it would be money well wasted. Forex Tester eliminates this problem.
Simplicity has been the focus when it comes to using the back testing software. Installation is quick and simple and traders can actually start using the program within a short span of time. The learning curve for using Forex Tester is very minimal thus eliminating the need for lengthy manuals. For those who are skeptical about using the program can take advantage of the free trial version, which doesn’t even require an email registration making it completely easy. However, a note of caution as the Free version comes with limited features. For example the Free version does not allow saving of test results, projects or templates but provides just enough functionality to sample the program before you purchase it.
When it comes to combining technical indicators, the Forex Tester program offers over 30 different technical indicators to choose from and the fact that different indicators can be used for different timeframes is simply outstanding.
Besides testing forex strategies, Forex Tester also takes into account the bottom line profits as well. This means that when you are back testing your softwares, the program indicates your financial position at any particular point in time. This provides for a great financial perspective for testing forex strategies.
Forex Tester only takes a little time to get up and running, which is always a good start. All the information you need to start is contained in a few short video tutorials and some simple ‘How to Use’ web pages, however the other great source of assistance is the forum. I found answers to a few of my questions on the forum and noticed that there is a little community of programmers who post answers and helpful information on there.
It is imperative that traders test their strategies before you trading in the live markets putting the capital at risk. Forex Tester software aims to facilitates this without needing to program complex algorithms. In fact, forex testing is as simple as choosing the forex pairs one wants to test in the History Mode, execute the data and switch to Testing Mode to see how successful your trading strategy has been
The Forex Tester software allows traders the option to manipulate the speed of the bar replay this enabling traders to practice with a lot more data that is usually available say for example via a forex demo account. This will save you a lot of time, particularly if you are looking at trading ideas that involve the higher timeframes.
The software runs on historical data which you can download from the forextester.com website, all the major pairs and many cross-rates are supplied there. Many forex forums also feature active threads on extending the uses of the program thus making it a widely accepted forex backtesting software in the trading fraternity.
The Forex Tester software requires a basic user understanding on concepts such as how to manipulate the indicators, using drawing tools and basics of risk management. Investing in the Forex Tester software can be seen as a wise decision as the program will help traders to fine tune their trading skills and at the same time allow traders to closely monitor their trades and identify potential areas of improvement.
To conclude, investing in the Forex Tester Software would a wise investment!