Forex Tester – Forex back testing software Review
Forex Tester is a computer simulator of the FOREX market. It allows the user to practice trading and test out different trading strategies against the historical market data, rather than risk real money. The simulator gives total control over the testing process. The user can select the testing speed, make a pause, track history forward by bars, or roll it back if the activities result into a loss, enter new parameters and retest the strategy.
Forex Tester is designed for all traders, including beginners who are just taking the first steps into the world of FOREX and professionals who want to hone their trading skills. Developing a trading strategy that brings profit is one of the most difficult things to do. While a live FOREX demo account can help in this process, practicing in real time is too long and complex. For example, if the trading system allows trading every day only at 9 AM, the user will have to sit at the computer every day at 9 o’clock during a month or even more. To make matters worse, the Internet connection can go dead, or the user can oversleep the trading time – this all has impact on the final results. Forex Tester reduces 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 that they bombard you with too much information. Who wouldn’t feel overwhelmed if they got a 300-page manual in their letterbox outlining the finer points of a particular trading algorithm?
Forextester – Multi Window Interface
Simplicity is bliss. And that’s exactly what Forex Tester 2 is – both blissful and simple, while still packing some grunt, It has certainly has won me over. The software is easy to install and within the space of five minutes, I was able to download this programme off the company’s website and begin using it. You can use the free trial version of the software and you don’t even have to register your email address.
ForexTester is a programme aimed at beginner FX traders and it hits its mark wonderfully. Forex Tester 2 allows you to back test your forex trading strategies using historical data and then, when the time comes to jump into the real market, you can do so with confidence.
The trial version is free and you can’t say that’s not a good deal. It is limited in its scope however, compared to the full-priced option, you can only back test using one month of historical data and you can’t save your testing results, projects or templates. But there’s enough here for you to work out if the programme is for you before you commit your hard-earned coin to it.
It’s the norm now in the trading software market to include a spate of technical indicators with any programme and Forex Tester 2 is no different. By my count, there are well over 30 to choose from. What I particularly liked is the fact you can load up different indicators on different timeframes on any chart.
Also of great importance, especially when back testing, is to focus on your money management. The creators of Forex Tester 2 clearly know this and with each tick you move forward during testing, the software updates what your financial position would be at that point in time, which is extremely helpful.
Of course, don’t take my word for it. If you’re looking at getting into the forex market and have a strategy or two up your sleeve, Forex Tester 2 may well be for you.
ForexTester – Indicators
Trader Review of ForexTester.com
Forex Tester 2 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 truly essential to test your ideas and strategies before you put your money at risk and this software facilitates this without needing to program if you want to use the program manually. You start out by selecting which forex pairs you wish to test in History Mode, generate the data required and then flip to Testing Mode to assess your ideas. With Forex Tester the user has the option of manipulating the speed of the bar/tick replay, which enables the user to practice on a lot more data than you would if training yourself on a real-time 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. I noticed there is also a good deal of help on how to import data from various forex brokers on the forum should you have queries in this regard.
The program presumes the user is already confident with manipulating indicators, drawing tools and risk management rules, so you will need to source this information elsewhere if you are still learning. Forex Tester 2 will help you to refine your trading methodology so that you are avoiding as much as is possible wasting your time or money learning the hard way.