Forex Tester: A Detailed Review – Part 2

Filed under: Learn Forex Trading |

Following on from yesterday’s more detailed review of Forex Tester (www.forextester.com), I would like to finish off today by just going into some of the finer details of the software so that you can try to decide whether this program is for you (or not, as the case may be).

 

Figure 1.

Figure 1.

If you look at Figure 1, you will see an example of a trade that I made in Forex Tester. This was on the 1-hour chart. You can place your entry, stop loss, and target simply by clicking on a tab in the order box and then dragging the level on your chart. This is nice and quick, and saves you messing around with typing in the order levels. Once the order is set, you can then press play to move the chart forward at a predetermined speed, or you can simply press the space bar to move the chart along one bar at a time (as is my preference). Figure 2 shows how this trade turned out. The stop loss was hit, and this loss is automatically calculated and recorded by Forex Tester, depending on your lot size.

 

Figure 2.

Figure 2.

What I like about Forex Tester is that you can perform a test with a high level of confidence that the results will be reliable and closely match those in a real time trading environment. You can set the spread on each pair to that similar to your broker’s, and you can go through a chart blind, as if it is the first time that you are seeing it (unless you can remember what has happened in the past!). By using Forex Tester, you can in effect become an experienced trader in a much shorted amount of time – in fact, it is safe to say that you can get years worth of trading experience in just a few days; and that, is priceless: so for me, at $199, it is a no-brainer.

Leave a Reply

Your email address will not be published.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

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>