Forex Tester Makes Strategy Testing Simple
I made a Forex Tester review a while back and I wanted to circle around and let you know that I think it is a wonderful piece of trading software for Forex traders.
Learning to trade takes time and the worst thing is learning to trade using a trading strategy that does not work. I believe the testing your Forex strategy is a major reason why you could find success in trading.
Forex Tester is simple to use and you could begin to test a trading strategy within minutes of downloading the software.
This video highlights how simple Forex Tester is to use.
In short, Forex Tester has a database of historical price data that you download from their servers.
- Setup a project name
- Select the currency pairs you want to test
- Set the date range of data you want to test
- Download and start testing
It really is that simple to get started.
Technical Indicators and Forex Tester
There is a decent selection of indicators inside Forex Tester. To be honest, a simple trend indicator along with momentum and a knowledge of price action is all you need to begin to test a Forex strategy.
- Decide what trading indicators you will use for your test
- Apply them to the chart
- Either scroll through the chart manually or automatically
- Place paper trades directly on Forex Tester
- See results and then begin to fine tune your trading plan
You can see in this picture that statistics on the left and in the middle pane, all the indicators being used on the Forex Tester chart.
Up To The Minute Results During Your Testing
You don’t have to wait for the full testing to complete. You can see in real time the profit and loss of your trading strategy as well as see the trades right on the chart.
On the bottom terminal, you can see the account history along with all open trades that are being tested. You can also click the tabs to see any pending orders you may have set.
All the data that appears in your account history can be exported to excel for you to dig through your trading strategy to find where you can improve.
If the chart scrolled to fast and you missed a trade entry (or profit taking), you can scroll back bar by bar using the buttons at the top of the Forex Tester platform
Buy Forex Tester
Why trade blind? Why risk real money while you fine tune your trading system? It makes no sense.
Pick up Forex Tester here so you can professionally design a trading strategy that will show an edge over time. That is the only way to make money in trading.