Forex Tester 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
- Founded in:
- United States
- The Owner:
- Forex Tester Software
- Online Form
- Minimum Deposit:
- Languages available:
The FOREX simulator has a built-in library of indicators and oscillators that will help the trader to decide when to enter or exit a trade. For example, there are indicators, such as Ishimoku, Relative Strength Index, MACD, Stochastic, and Bollinger Bands. The library is regularly updated with new indicators, plus users can create their own custom indicators using Forex Tester API and samples of how to create custom indicators in the help system. There is also a library of drawing tools, traders can use to track their actions with ease. The user can paint different graphic shapes on the charts, including vertical, horizontal, trend lines, rays, poly lines, Fibonacci tools and snap their control points to bars on the graph. Shapes can be deleted, copied, or edited to change color and style.
Unlike similar software, Forex Tester brings precise, realistic results, letting the beginning trader gain true FOREX experience and prepare to trade on the real market. To achieve more precision, the program handles swaps, spreads, margins and other market parameters. You can see the results of testing as profit diagrams, including balance, margin, equity and drawdown. Besides, Forex Tester has no restrictions on the number of currencies, or timeframes to be used for testing, which is inacceptable for multicurrency testing. The program imports an unlimited number of currencies and years of historical data and allows you to test them simultaneously.
Forex Tester puts all important information and tools up front, letting the user trade with remarkable ease. Offering a multi-window interface, the program allows one to open several windows with different currencies and timeframes of one currency simultaneously. Any operation is a mouse click away. All needed parameters can be selected from menus, and the user does not have to write formulas.
To get started with Forex Tester, the trader is required to get history data and generate ticks. The program can import history data from different sources and in various formats, including MetaTrader history format. Once the history is loaded, it’s necessary to generate ticks for testing. To do so, the user should choose the desired method to generate ticks, select the currency name, specify the timeframe for trading and generate ticks. When the process is completed, the user can start testing. Forex Tester will read and process the prepared tick data and build bars. The trader can buy, sell or place pending orders, pause testing, trace by bars, or rewind the history.
You may only contact Forex Tester via email, because there is no direct number or live chat. On the support form there are three types of message categories: General Questions, Technical Support and Sales Department. Their team was quick to reply to our questions, which impressed us enough to try out their impressive Forex Tester 2.
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.
The Forex Tester software is amongst the best on the market today. New traders will find it very useful if they want to get ahead in the forex market. There are various charting capabilities, and other technical tools this software encompasses, so you can get the most from your forex trading experience from today onwards.