Best Forex Backtesting Software to Download

FX City > Trading Software > Best Forex Backtesting Software to Download

What is the best Forex backtesting software on the market?

In this post I am going to talk about two of the best Forex backtesting software on the market. The reason I am only going through two is because, in my opinion, these are the only two worth using if you are a Forex trader. I have tried a number of different providers after trying to dodge their hard sales pitches, but wasn’t particularly impressed.

Any professional trader knows the importance of backtesting a Forex system before actually trading on the live markets. This led me on my search for the best backtesting software available on the market. I scoured the internet high and low, but actually find didn’t much in terms of good honest information. Just outdated forum answers and some mega hard sales pitches, which led me to believe I was being conned.

Anyway, without further a do, I will go in to what I believe are the two best Forex backtesting software and why..

Forex Tester

Without a doubt my personal favorite and software of choice. I have actually used Forex Tester for years now, mainly because of how simple it is to use, especially now they have upgraded to number 3. If you do any type of Google search or dig in and do research online this is the name that seems to pop up everywhere.

Forex Tester can only be run on Windows or on a Mac (if you have Parallels installed).

Forex tester the best forex backtesting software

What do I like about Forex Tester?

It is really simple to use, I actually did a review on Forex Tester here where I dig in to how easy it is to set up and kick off your testing. I found that you don’t need to be too software savvy to be able to figure this one out, in comparison to some of the other that I tried.

It also comes with 16 years worth of free data from the monthly periods right down to the tick on 16 currency pairs plus GOLD and SILVER. The good thing about this is that you don’t have to go purchasing expensive data from 3rd party sources like you unexpectedly have to with some software’s on the market. No surprises here, after the subscription, it’s all included.

Pricing

I purchased this software for $299, at the time of writing this they have a discount on for $199 which ends on the 4th July.

To be honest, this software has more than paid for itself by all the money it has saved me having to lose on unprofitable strategies on live markets. So often I have visited forums such a Forex Factory and found systems that the traders swear works. But then when you actually do the tests, you find out that long term they have no potential.

What I liked the most!

What I like most about this software is how easy it is to get immersed and literally a whole day can roll by why you have been testing. It is extremely fun for anyone who has a genuine interest in Forex and the way the markets move (not just the money). I enjoy getting a feel for how markets move and the more repetition and the more testing you do, the more you begin to naturally pick up on the patterns that might not have been so evident before.

It also has shaved years off the learning curve that comes with trading in Forex.

They offer a no obligation free trial which is what I tried first. It allows you to test on a months worth of data.

> Download Forex Tester Free Trial <<

 

Sphere Tester

The second software I have come across that is worth a mention is Sphere Tester. This one is slightly more complex to use than Forex Tester but I also like this one because it runs directly on MT4. You need to have a bit of knowledge on installing 3rd party apps in to MT4 if you want to make use of this one.

Sphere Tester back testing software

What I liked about Sphere Tester?

One thing that sets it aside from the rest is that it has a built in economic calendar, so if you have any strategies that are based around news events, you can test them with ease. Again, the data comes free since it comes straight out of MT4. However, you do not get as much data standard with MT4 as you do with Forex Tester.

I will typically use Sphere Tester when I need to test a strategy that revolves around news events. There are so many out there, it is important to do the testing first before just believing which ever “Guru” is suggesting it to you.

sphere tester economic calendar
Built in economic calendar

Pricing

The cost of Sphere Tester is $49 which is quite cheap. I would definitely call this a more “budget” software. But as I have mentioned, if you want to test strategies on news events then I would suggest using this.

To summarize

To summarize on which one I would recommend, I guess it would depend on what kind of trader you are. If you are into Technical Analysis and want to trade market patters, I would suggest using Forex Tester. It is a far superior product in this case.

If you are a news event trader and you want to test different strategies on the spiked such as Non Farm Payrolls, for example, I would maybe suggest Sphere Tester, purely because of the built in economic calendar.

Leave a Reply

Your email address will not be published. Required fields are marked *