Reviews

Forex Tester Review

4 Mins read
9.0

Forex trading can be a challenging and risky endeavor, and traders need to have the right tools to help them make informed decisions. One such tool is Forex Tester, a software program that allows traders to simulate their trades and test different strategies in a risk-free environment. In this review, we’ll take a closer look at Forex Tester and see how it can help traders improve their skills and boost their confidence in the forex market.

What is Forex Tester?

Forex Tester is a software program designed to help forex traders improve their trading skills by allowing them to simulate trades in a risk-free environment. It allows traders to create and test different strategies, backtests them using historical data, and analyze the results to see how they could have performed in real-world trading situations. Forex Tester aims to help traders gain confidence in their abilities and make more informed decisions when trading in the forex market.

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Key features and benefits

The key features and benefits of Forex Tester include:

  1. Strategy testing: Forex Tester allows traders to create and test different strategies in a risk-free environment before using them in real-world trading.
  2. Backtesting: The software provides access to historical market data, allowing traders to backtest their strategies and see how they would have performed in the past.
  3. Customizable indicators: Forex Tester allows traders to use custom indicators and tools to create their trading strategies.
  4. Realistic simulation: The software provides a realistic simulation of the forex market, including live quotes, order execution and stop loss/take profit functionality.
  5. Trading journal: Forex Tester includes a trading journal that allows traders to record and analyze their trades, helping them identify patterns and improve their strategies.
  6. Multiple timeframes: The software supports multiple timeframes, allowing traders to test their strategies across different timeframes and market conditions.
  7. Risk management: Forex Tester includes a position sizing calculator and risk management tools to help traders manage their risk and optimize their returns.

Overall, Forex Tester aims to help traders improve their trading skills, gain confidence in their abilities, and make more informed decisions when trading in the forex market.

Pricing and subscription options

Forex Tester offers two different pricing options:

  1. Forex Tester 4 – $299 (one-time payment): This includes lifetime access to Forex Tester 4 software, historical data for 18 currency pairs, as well as access to all future updates and upgrades.
  2. Forex Tester 4 + Historical Data – $399 (one-time payment): This includes everything in the Forex Tester 4 package, plus high-quality tick-by-tick historical data for 21 currency pairs dating back to 2001.

Both packages come with a 30-day money-back guarantee, allowing traders to try the software risk-free. Additionally, Forex Tester offers a free demo version of the software that allows traders to test out the basic features before making a purchase. The demo version is limited to testing on one currency pair and only provides data for the last decade.

How Forex Tester Works

Forex Tester works by allowing traders to create and test trading strategies in a risk-free environment using historical market data. Here’s a breakdown of how the software works:

  1. Installation and setup: Traders can download and install Forex Tester on their computer, and then import historical market data for the currency pairs they want to test.
  2. Creating a trading strategy: Traders can use a variety of tools and indicators to build their trading strategy within Forex Tester. This includes the ability to create custom indicators and use a wide range of technical analysis tools.
  3. Running simulations and backtesting: Once a trading strategy has been created, traders can run simulations and backtests to see how it would have performed in historical market conditions. Forex Tester allows traders to test their strategies across different timeframes and market conditions, giving them a better understanding of how their strategies might perform in different scenarios.
  4. Analyzing results and making adjustments: After running simulations and backtests, traders can analyze the results to see how their strategies performed. They can then make adjustments to their strategies and run additional tests until they achieve the desired results.

Overall, Forex Tester provides traders with a powerful tool for testing and refining their trading strategies, helping them gain confidence and make more informed decisions when trading in the forex market.

Customer Reviews and Testimonials

Customer reviews and testimonials for Forex Tester are generally positive, with many traders praising the software’s ability to help them improve their trading skills and gain confidence in their abilities. Here are a few examples of customer feedback:

  • “Forex Tester is an excellent tool for testing and refining trading strategies. The ability to run simulations and backtests using historical market data helped me identify weaknesses in my strategies and make the necessary adjustments. Highly recommended!” – John T.
  • “I’ve been using Forex Tester for several months now and it’s made a huge difference in my trading. The software is easy to use and provides a realistic simulation of the forex market. It’s also helped me develop more disciplined risk management practices.” – Sarah L.
  • “I was skeptical about using Forex Tester at first, but after trying out the demo version I was sold. The ability to test out different strategies without risking real money has been invaluable for me. I’ve already seen improvements in my trading performance thanks to this software.” – David W.

While most reviews and testimonials for Forex Tester are positive, some users have expressed frustration with the learning curve associated with using the software. Additionally, some traders have noted that while Forex Tester provides a realistic simulation of the forex market, it doesn’t fully replicate the emotional and psychological challenges that come with real-world trading.

Go to Forex Tester website

Summary

9.0
Forex Tester is a powerful and comprehensive tool for testing trading strategies and refining trading skills. The software provides traders with the ability to create and test strategies in a risk-free environment using historical market data. Additionally, most customer reviews and testimonials are positive, with many traders praising the software's features and performance. However, some users have noted that while Forex Tester provides an accurate simulation of the forex market, it doesn't replicate all aspects of real-world trading. As such, it is recommended that traders use Forex Tester as part of a larger strategy for gaining experience in the forex market.
8.0

Usability:

10.0

Features:

10.0

Reliability:

8.0

Customer Support:

Pros

  • +Allows traders to test strategies with historical market data
  • +Provides a realistic simulation of the forex market
  • +Easy to use and provides a range of technical analysis tools

Cons

  • -Steep learning curve for some users
  • -Does not replicate all aspects of real-world trading, such as emotional and psychological factors
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