Forex Tester is a popular trading software that allows traders to simulate real trading scenarios using historical data, refine their strategies, and improve their skills without risking any actual money. In this review, we’ll explore the features of Forex Tester, its pros and cons, user experience, pricing and plans, as well as tips and tricks for getting the most out of this powerful trading software. Whether you’re a beginner or an experienced trader, read on to discover if Forex Tester is the right tool for your trading needs.
Here are the key features of Forex Tester:
- Historical data simulation: Forex Tester allows traders to simulate real market conditions by using historical data from various sources and timeframes.
- Customizable indicators and strategies: Traders can create and customize their technical indicators, and trading strategies, and even import third-party indicators.
- Detailed analysis tools: Forex Tester provides a suite of analysis tools, including backtesting, forward testing, and optimization, to help traders improve their skills and refine their strategies.
- Multiple timeframes and chart types: Traders can analyze data using multiple timeframes and chart types, such as candlestick, line, and bar charts.
- Trading journal and statistics: Forex Tester includes a trading journal to keep track of trades and analyze performance, as well as detailed statistics to evaluate the effectiveness of trading strategies.
Overall, these features allow traders to practice and improve their trading skills in a risk-free environment, test and optimize trading strategies, and gain valuable insights into the market.
User Reviews and Support Team Experiences with Forex Tester
Forex Tester has generally positive reviews from its users, who appreciate the software’s ability to simulate real market conditions and test and refine trading strategies without risking any actual money. Many users find the extensive analysis tools and customization options to be particularly useful, and some report significant improvements in their trading performance after using Forex Tester.
In terms of customer support, Forex Tester offers a range of resources, including video tutorials, a user forum, and email support. Many users report positive experiences with customer support, finding them to be responsive and helpful in addressing any issues or questions.
However, some users also note that the software can be overwhelming for beginners and may require some time and effort to learn how to use it effectively. Additionally, some users have reported technical glitches or issues with the software, though these seem to be relatively rare.
Overall, while Forex Tester may have a learning curve, its powerful features, and overall positive user feedback suggest that it is a valuable tool for traders looking to improve their skills and refine their strategies.
Cost Comparison Between Different Package Options for Using Forex Tester
Forex Tester offers two main package options: the Basic and Pro versions. The Basic version costs $149 and includes basic features and analysis tools, while the Pro version costs $299 and includes advanced features such as custom indicators, optimization, and advanced money management.
Forex Tester also offers various discounts for bundle purchases and upgrades. For example, users can save up to 50% by purchasing a bundle that includes both the Basic and Pro versions or by upgrading from the Basic version to the Pro version.
In addition to these one-time payment options, Forex Tester also offers a subscription model. The monthly subscription costs $19.99 per month, while the annual subscription costs $299 per year. With the subscription model, users have access to all the features of the Pro version as well as regular updates and support.
Overall, the cost of using Forex Tester depends on the level of features and analysis tools that the trader requires, as well as their budget and preferences for one-time payments versus subscriptions. While the Pro version may be more expensive, it may be worth the investment for serious traders who require advanced features and customization options.
How to use Forex Tester to test news trading strategies
Forex Tester can be a useful tool for testing news trading strategies. Here are the steps to follow:
- Start by selecting a news event that you want to trade. This could be an economic report, a central bank announcement, or any other major news event that is likely to impact the market.
- Next, gather historical data for the currency pair you plan to trade. This will allow you to simulate the market conditions leading up to the news event and test your strategy in those conditions.
- Create your trading strategy by setting entry and exit points, stop-loss levels, and take-profit targets based on your analysis of the news event and the market conditions.
- Use the backtesting feature of Forex Tester to test your strategy using historical data. This will allow you to see how your strategy would have performed in past market conditions and identify any potential issues or areas for improvement.
- Once you have tested your strategy using historical data, you can use the forward testing feature of Forex Tester to test your strategy in real-time conditions leading up to the news event. This will help you to fine-tune your strategy and prepare for the actual event.
- Finally, when the news event occurs, use Forex Tester to execute your trades according to your strategy and analyze the results to determine their effectiveness.
By following these steps and using the powerful features of Forex Tester, traders can develop and test effective news trading strategies that can help them to capitalize on major market events and generate profits.
- Offers both basic and advanced features
- Allows traders to test news trading strategies in simulated market conditions
- One-time payment options as well as subscription models
- Advanced features may be expensive for some users
- Cannot simulate all market conditions accurately