Looking to improve your forex trading skills? Forex Tester is a great tool for traders looking to enhance their knowledge and practice their strategies. In this review, we’ll take a closer look at the features, benefits, and drawbacks of Forex Tester to help you decide if it’s the right fit for you.
What is Forex Tester?
Forex Tester is a software program designed to help traders practice and improve their trading skills. It allows users to simulate real market conditions and historical data, test and refine trading strategies, and gain experience without risking real money. Forex Tester has been on the market for more than 15 years and is widely used by traders all over the world. The software is available for Windows operating systems and offers a user-friendly interface that makes it easy to use for both novice and experienced traders.
Features and Benefits
- Historical data: Forex Tester allows traders to access a vast amount of historical data from the forex market, including up to 16 years of data for certain currency pairs. This feature enables users to test their strategies and analyze market trends in various conditions and timeframes.
- Strategy testing: Forex Tester provides a platform for users to test and refine their trading strategies. Traders can set their parameters, such as entry and exit points, stop-loss and take-profit levels, and test their strategies in different market conditions.
- Customizable indicators and tools: Forex Tester has an extensive library of built-in technical indicators and tools. Users can also customize and create their indicators to suit their trading needs.
- Accuracy and reliability: The software uses accurate and reliable algorithms to simulate real market conditions, ensuring that the results of each test are as close to reality as possible.
- Trading journal: Forex Tester allows traders to keep a detailed trading journal where they can record every aspect of their trades. This feature helps traders to identify their strengths and weaknesses and to refine their trading strategies accordingly.
Strategy testing
Forex Tester’s strategy testing feature is one of its most significant benefits. It allows traders to test their strategies in various market conditions and timeframes to see how they would have performed historically. The software generates detailed reports on the performance of each strategy, including profit and loss, win rate, and drawdown.
Traders can set their parameters, such as entry and exit points, stop-loss and take-profit levels, and test their strategies in different market conditions. For instance, they can simulate trending, ranging, volatile, or quiet markets to see how their strategies perform under these conditions.
The software also offers a “rewind” feature that enables users to replay market data in real time or at any speed they choose. This feature allows traders to pause, rewind, and fast forward the market activity as many times as they want to analyze the data and test their strategies thoroughly.
Customizable indicators and tools
Forex Tester offers a wide range of customizable indicators and tools that traders can use to analyze the market and develop their trading strategies. The software includes over 80 built-in technical indicators, such as moving averages, oscillators, and trend lines.
In addition, Forex Tester allows users to create custom indicators using the software’s programming language, which is based on C++. This feature enables traders to design unique indicators that suit their trading needs and preferences.
The software also includes a wide range of drawing tools, including Fibonacci retracements, horizontal and vertical lines, and chart patterns. These tools allow traders to perform technical analysis and identify potential trade setups.
Overall, Forex Tester’s customizable indicators and tools offer traders a high degree of flexibility and customization in analyzing the market and developing their trading strategies.
Accuracy and reliability
One of the most important aspects of any trading simulator is its accuracy and reliability, and Forex Tester excels in this area. The software uses accurate and reliable algorithms to simulate real market conditions, ensuring that the results of each test are as close to reality as possible.
Forex Tester allows traders to backtest their strategies using a wide range of variables, including different timeframes, currency pairs, and trading sessions. The software’s data is based on real historical market data, which means that traders can rely on the results of their backtests to be representative of actual trading conditions.
In addition, Forex Tester includes a variety of testing modes, such as visual mode, which allows traders to see the simulated market activity in real time, and forward testing, which simulates live trading conditions.
Pricing
Forex Tester offers two versions of its software: Forex Tester 4 and Forex Tester 5.
Forex Tester 4 costs $299 for a lifetime license, with free upgrades for life. The software includes a wide range of features, such as access to 16 years of historical data, multiple testing modes, customizable indicators, and drawing tools.
Forex Tester 5 is the latest version of the software and costs $499 for a lifetime license, with free upgrades for life. In addition to all the features of Forex Tester 4, Forex Tester 5 includes advanced features such as walk-forward testing, which allows traders to optimize their strategies based on future market conditions.
Both versions of the software offer a 30-day money-back guarantee, so traders can try the software risk-free before committing to a purchase.
Advantages:
- Accurate and reliable simulation of real-world market conditions
- Wide range of customizable technical indicators and tools for analysis
- Multiple testing modes, including visual mode and forward testing
- Two versions of the software available at competitive prices
Disadvantages:
- Limited customer support options
- No mobile app version available yet
Summary
Overall, Forex Tester is a powerful and versatile tool that can help traders develop and refine their trading strategies. The software is highly accurate and reliable, and its customizable indicators, tools, and testing modes offer traders a high degree of flexibility in analyzing the market. In addition, Forex Tester offers two versions of its software at competitive prices, making it an attractive option for both new and experienced traders.
Review
- Customer Support: 6
- Ease of Use: 8
- Reliability/Accuracy: 10
- Pricing: 8
- Features/Functionality: 10
