Today I’m reviewing a unique Forex software built to simulate trading the Forex market, and provide the most accurate back tests available, Forex Tester 3. The purpose of this system, is to allow traders to test and improve upon their current trading strategies. The developers of the software believe that these tests will help you “become an experienced and successful trader in less time,” because you don’t have to make the exact same set of mistakes that the traders before you have.
The website is very professional looking, but there doesn’t seem to be any specific information about the company. We are told that the software has been on the market for over 11 years, and that they have over 50,000 clients, but we are not provided with a company name or address. In order to get in touch with support, traders can fill out the contact form on their website.
Forex Tester 3 Review
The developers of the Forex Tester software believe that it’s important for every trader to fully analyze their trades, instead of relying on assumptions. They are very clear in stating that the difference between professionals and amateurs, is that professionals trade based on facts, and not assumptions. Instead of changing or developing a new strategy, the FT team want traders to test their current strategy and improve it.
The software is built to work with manual trading systems, combined strategies and expert advisors. In the past few years, I’ve noticed most expert advisors are focusing heavily on live trading data, like news filters, which can’t be brought back tested properly in MT4. I’m not sure if that’s the case with this system, but I would hope that they have a way to resolve this issue.
The bottom line is, the people behind the system believe that if you don’t test your strategy, that you won’t succeed. I’m not sure I believe in this message 100%, as I’ve done quite well without back testing, but I certainly don’t dismiss their concepts and understand that more analysis is never a bad thing.
- Type: Forex Testing
- Price: $249-$648
- Demo: Available
- Alternatives: MetaTrader 4 Strategy Tester
The pricing model for the Forex Tester 3 is a little convoluted. There is a basic version, a standard version and a VIP version. Depending on the quality you are looking for, and the time frames you are looking to test, you can choose between these 3 versions. The basic version provides medium quality, one minute data, for timeframes between D1 and W1. The standard version comes with high quality, one minute data, for time frames between H1 and W1. The last version, the VIP, comes with high quality tick and 1 minute data, for all timeframes.
In analyzing this pricing structure, it’s quite clear that nobody is really going to be interested in the basic version as it offers medium quality, and very few time frames. For most traders, they’re going to require the VIP membership which goes for $648.
There is a demo version, and there are monthly and annual subscriptions available as well, so you can pick out what suits you best.
Forex Tester 3 Vs MT4 Strategy Tester
One of the most important comparisons in this market, is obviously between the MT4 Strategy Tester and Forex Tester 3, as MT4 offers a free alternative. The reason the developers make this comparison, is to show traders why utilizing their software is worth spending money for.
There are 2 aspects that are the same, traders can “gain trading skills in the Forex market without risking real money,” and they can test the trading strategy. The FT software however, also allows traders to test any time, pause testing to continue later, correct mistakes in manual testing, control the testing speed and test different sets of strategies at the same time. So, while MT4 does offer you the ability to test trading strategy, it does not come close to the amount of features available in the Tester software.
The developers also compare the difference between the 2 testers, when it comes to Forex back testing. Both systems can test automatic strategies, test strategies on a single time frame or single currency pair. The Forex Tester 3 software expands on these basic back testing principles, by offering multiple time frames, multiple currencies, combined strategies, test depositing, utilize a shin of Tech Data, detailed statistics, simultaneous automatic strategies and the ability to change parameters during the test.
It’s quite clear that this software is offering much more than the basic MT4 strategy tester.
Here are a couple of the latest reviews found online. There is one from 2015, and one from 2011, so nothing too relevant lately.
From what I can see, the Forex Tester 3 software is a valuable tool, but I’m not 100% sure that it’s worth the large price tag for everyone. For advanced traders, that are building their own strategies in looking for a competitive edge, I certainly recommend it. Yet, for most of the readers here at Forex Robot Nation, using commercial expert advisors, I’m not so sure how valuable it would be.
Regardless, if you have anything you would like to add to the review, please leave your comments and questions below the article now.