Helps save you time

by Ulla Decken

Forex Tester 2 only takes a little time to get up and running, which is always a good start. All the information you need to start is contained in a few short video tutorials and some simple ‘How to Use’ web pages, however the other great source of assistance is the forum. I found answers to a few of my questions on the forum and noticed that there is a little community of programmers who post answers and helpful information on there.

It is truly essential to test your ideas and strategies before you put your money at risk and this software facilitates this without needing to program if you want to use the program manually. You start out by selecting which forex pairs you wish to test in History Mode, generate the data required and then flip to Testing Mode to assess your ideas. With Forex Tester the user has the option of manipulating the speed of the bar/tick replay, which enables the user to practice on a lot more data than you would if training yourself on a real-time demo account. This will save you a lot of time, particularly if you are looking at trading ideas that involve the higher time frames.

The software runs on historical data which you can download from the forextester.com website, all the major pairs and many cross-rates are supplied there. I noticed there is also a good deal of help on how to import data from various forex brokers on the forum should you have queries in this regard.

The program presumes the user is already confident with manipulating indicators, drawing tools and risk management rules, so you will need to source this information elsewhere if you are still learning. Forex Tester 2 will help you to refine your trading methodology so that you are avoiding as much as is possible wasting your time or money learning the hard way.

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