- 1 How much did Forex Tester cost?
- 2 The Pro’s
- 3 The cons
- 4 What has it done for my trading?
A good while back I bought the Forex Tester 2 back-testing software (now upgraded to Forex Tester 3). As I am with most purchases, I was pretty dubious about this one and it took me a while to finally make the purchase. I made the purchase based on Forex Tester 2 reviews I’d read elsewhere and some YouTube tutorials teaching you how to use the software.
How much did Forex Tester cost?
It wasn’t expensive ($299), but it cost enough that I had to think about it before just parting with my hard earned cash. One of my main concerns was that it might be too complicated. For some reason I had this idea that I would have to learn how to code in the rules of the system I wanted to back-test. Similar to how the guys create EA’s for MT4. Its always been beyond me. At the time of me writing this Forex tester have a special offer on their recently upgraded Forex Tester 3
Another thing that kind of put me off in the initial period is that their customer support. I kind of got the feeling they were quite a small operation run by just a few people. However, this has never really been an issue since their support is actually very helpful and always available on their live chat on the website.
Nevertheless, I ended up buying it and here is my review.
The interface is almost replicate of the MT4 platform. So when doing the back-testing its really easy to use in terms of placing trades, stop losses etc. Its just like an MT4 demo trading account, but you can actually go backwards and forwards in time.
The screen shot below shows a snapshot of what it looks like when you are test trading. Its just a case of choosing your currency pairs, time frame and hit “Start Test”.
They have all the Technical Analysis indicators just like MT4. If you have your own custom indicators you can plug them in too.
It will either run automatically based on based on the speed you set. Or you can move it back and forward manually simply by using “Space” to make the next candle appear, or “Backspace” to go back a candle.
16 Years Worth of free Data!
As of the time of me writing this, there is currently about 16 years worth of free price data right down to the one minute time frame. This amount of data bought elsewhere can prove to be very expensive.
The data free to download once you have paid for your subscription. There are 16 currency pairs plus GOLD and SILVER. If you have the raw data you can feed anything in to here and test it, which is good for any commodities traders.
How many time frames does Forex tester have?
You can set any time frame inside Forex Tester so you are not limited to a set number of time frames. You can also test on different time frames of the same currency pair simultaneously.
Can you Back-test EA’s?
Yes you can, if you know how program them in to MT4 you will be able to do it on Forex Tester as well. This part is beyond me and I am very much not a believer of EA’s anyway. The idea of a robot being able to consistently make money in the long term while I sit back and do sweet f*** a**, sound like one of them “if its too good to be true…” scenarios.
See your trading statistics, find your trading edge!
Trading coaches and professional traders always advise the newbies to “find your edge”. Meaning to find that strategy that gives you that probability percentage of winning trades that you need to make you a long term successful trader. Unfortunately, without actually being able to test a strategy over a long period of time you will not know if a certain strategy is actually long term profitable. Testing this out on demo trading accounts will take an extremely long time, or testing it on a live market will simply be too dangerous to your trading account.
Fast and accurate testing
Forex Tester lets you test 16 years worth of data quickly and accurately. See the picture below. When you are testing your strategy you will see on the left hand side of the screen a box which tells you your trading statistics for this particular system so far. This saves you having to do all the calculating yourself and lets you know pretty quickly if your system really does have that “edge” that you need, or if its doomed to fail in the long run.
On of the things I love is that the stats gives you the % probability of a winning trade and losing trade based on your previous trades. Great for helping you work out the future risk vs reward.
Not only is it an intelligent piece of software. I find it to be tonnes of fun when doing the manual tests. You place your trades just as you would a live market, but you can fast forward the results.
It wouldn’t be an honest review if I didn’t pick out any negatives at all. After all, nothings perfect. One of the main peeves for me is the downloading of the data. I found the process to be a little complicated and it took me a while to figure it out. I am the kind of guy that likes to just “plug in and play”. But I had to figure out how to download the data and then wait for it to do so. Back then I was using Forex Tester 2 which made you switch between “History” and “Testing” mode. They have changed this on Forex Tester 3 which is good.
You also need to make sure that if you want to test various currency pairs at the same time, that you generate their ticks at the same time. It was only the fact that this wasn’t made obvious to me that I found it a little annoying. But now I am familiar with the way it all works there are no more issues.
Not available for Mac OS (but don’t worry)
Macbook Pro is my laptop of choice and the download is not available for Mac OS. What I do is I download a software like Parallels which didn’t cost much. Then I run Forex Tester 3 on there seamlessly.
What has it done for my trading?
In short, this has done absolute wonders for my trading. Professional traders always say that “screen time” i.e how much time you spend actually watching markets move and getting a feel for how they work, is one of the most important learning curves in the career of a trader.
I like that I can spend hours on weekends when there are no actual markets live and just watch how prices move and test my strategies that I will use during the week.
Not only that, it has let me know quite quickly when I am wasting time with a certain strategy, and it has helped me develop some really profitable strategies also.
I will say now though, that it was hands down the best investments I ever made in to my trading education. The software is so easy to use. I don’t think anyone can make it to being a professional trader working for themselves without having some form of back testing software, and this one ticks all the boxes when it comes to Forex.
Check out their special offer on their recently upgraded Forex Tester 3