In this post I will be reviewing the Forex Tester. Forex Tester is forex trading software that simulates trading in the Forex market, which will allow you to learn how to trade whilst also being able to create, test and refine your trading strategies for manual and automated forex trading. It has lots of features to help you get the most out of your backtesting.
In this Forex Tester Review, I will be taking a closer look at this forex trading tool to see exactly what it is and how it works. Hopefully, this will help you to make a decision if it is something that you would like to implement as part of your daily trading routine.
What is Forex Tester?
Forex Tester includes everything for your backtesting your trading strategies. There is no need to search for any other third-party software elsewhere. It is not only a functional Forex back tester software, but can also be a perfect Stock Market Simulator for students who are looking to learn and practice new trading strategies.
Instead of waiting hours even days for practising your forex trading system in real time, you can run historical data and trade as if it was in real time. You can slow down and speed up historical data thus with the Forex Tester software you can master your trading strategy much quicker than you may be able to without it.
Of course, simulating results will take away the emotions involved when trading for real (fear, greed, impatience, etc) but it can certainly help you to practice trading your forex system. Using Forex Tester you can even develop your own trading strategies and use the software to test how they would have performed historically.
The king in this field in my opinion is Birts Tick Data Suite which allows you to back test forex robots with real tick data, real spreads, real commission and even real slippage. However, with Birts TDS, you cannot back test manual forex trading strategies like you can with Forex Tester which is what makes it an excellent forex product in its own right.
Forex Tester Features
Primarily, Forex Tester enables you to learn how to trade, and to create, test and refine your strategy for manual and automatic trading. Forex Tester includes over 18 years of historical data and multiple manual and automated forex trading strategies to get you started.
Forex Tester simulates the forex market with unparalleled realism according to the developer. In manual testing mode, you can test your forex strategies and train your trading skills on (simulated) years of data in just a few hours (real time). What would take you years to learn you could do within days!
Forex Tester includes a vast array of features from money management to combining strategies, some of the main features of Forex Tester are:
- Test and improve your trading strategy.
- Gain confidence in your forex trading strategy so that you can keep your motions in check and act immediately on trading opportunities in real time whilst avoiding mistakes when you trade live after much practice.
- Become a more experienced trader by utilising a ton of historically data that presents you with many different market conditions to test the strength of your strategy and your trading skills to implement it.
You can practice day trading using free pre-installed Basic Data or simulate actual market behaviour, get top notch data, and receive more precise backtesting results with the Super Data subscription to get the fullest paper trading simulator. The choice is yours.
Forex Tester allows you not only to backtest your trading ideas but also to learn Forex right in the software using interactive built-in courses!
How does Forex Tester Work?
Forex Tester allows you to test strategies with real tick data that includes floating spreads which can have a massive impact on the results of any manual or automated forex system. I think it is great that you can even test scalping EAs which are often spread dependant, but dont forget to account for broker commission in your backtesting as that can also have a signficant impact on results. You can adjust strategy parameters while the test is running (indicators, market conditions and so on). Some other forex software only performs backtests with fixed parameters which really limits the possibiliteis and can give inaccurate results.
In order to use the Forex Tester software, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some inspiration, please feel free to browse my best forex brokers for some inspiration along the way.
Forex Tester Summary
Forex Tester is an excellent forex trading tool for mainly practising your manual forex strategies on historical data in your own time. You run the historical data, add your indicators (or even trade naked if you prefer – without indicators not literally!) then enter and exit trades as if you were trading for real. This can be a great way to hone your trading skills in a simulated environment.
If you have a forex trading system in mind that you would like to test and practice with over years of data or if you want to find a new forex trading system, then Forex Tester could be very useful to you. You can combine all of the indicators that you need to test and optimise various settings and create your own bespoke trading robots.
Forex Tester comes with updates, support, instruction manual / videos and a money back guarantee. I would say that this software does take some time to learn and is not a set and forget solution. I did find the website to be quite overwhelming with lots of information regarding this and other products. However, if you are specifically looking for a dedicated forex strategy tester, this is one of the better options out there in my humble opinion.
Forex Tester
Free Trial
Pros
- Backtest Your Trading Strategies
- Historical Data
- Practice Manual Trading
- Test Automated Strategies
- Detailed Instructions
- Instructional Videos
- Full Support
- Free Updates
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Steep Learning Curve
- Quite Complex To Setup
- Requires User Input
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
