Forex Tester 3: A Quick Start to Trader Development
One of the biggest myths that brokerage is the claim that becoming a trader is very easy, and that minimal training is enough to achieve success.
However, after entering the market, even after being infused with theoretical knowledge, it dawns on you that things aren't so simple, and in most cases, this happens after a large sum of money has been lost.
Yes, to become a successful trader, you need to gain real-world trading experience, as practical experience is crucial in any profession.
Of course, you can spend years trying to trade independently and acquire skills, as was done decades ago in the computer age.
However, you can significantly accelerate the development process, and Forex Tester 3, a special program, can help you with this
. Forex Tester 3 is the latest version of the renowned Forex program, which allows traders to quickly backtest strategies , indicators, or ideas in a mode similar to real-time trading.
It's worth noting that the new version of Forex Tester 3 places a strong emphasis on speed and functionality, meaning you won't experience any chart lag.
And thanks to a huge number of built-in indicators and additional technical analysis tools, you can test almost any manual trading strategy.
Installing the program on the computer.
Forex Tester 3, unlike many other trading simulators and manual strategy backtesters we've reviewed previously, is a completely independent program, not an add-on to MT4.
Therefore, to install Forex Tester, you only need to run the program installation file, agree to the license agreement, and specify the installation location on your computer.
It should be noted that Forex Tester 3, as well as the two previous versions of this program, is a commercial product, and the cost of this tester on the official website for the basic configuration with a full set of functions is $135.
Whether this is a lot or a little is up to you, but to fully evaluate the program's functionality, you can always download and install the demo version, as we did. Forex Tester 3's appearance after the first launch looks like this:
Testing with Forex Tester 3:
After launching Forex Tester 3 for the first time, many traders may feel as if they've seen it before.
This is, of course, because the program resembles a miniature version of the MT4 and MT5 trading terminals, meaning you have access to a wide range of technical analysis features.
To start testing, you'll need to select the current time frame and chart refresh rate, which will naturally speed up the testing process if you don't need to track every price tick.
After selecting a currency pair, simply click the "Start Testing" icon on the left side of the program. You can use the slider to adjust the speed, and press the spacebar to rewind the quotes one candle at a time.
Once testing begins, you'll see quotes move and candlesticks form, just like in real-time trading.
You can perform virtually any manipulation on the chart, including marking and using graphical analysis tools (trend lines, Fibonacci and Gann levels, pitchforks, levels, and wave markings), as well as technical indicators .
It's worth noting that the indicators are written in the platform's native language, meaning you can't test your custom indicators with MT4. However, the program does have about a hundred built-in indicators, including both standard and the most common custom ones.
To add an indicator to the chart, open the additional menu on the chart and hover your mouse over the "Add Indicator" option, then select one from the list.
During the test, you can open positions with both market and pending . For convenience, the new version of the tester now allows you to drag stop and profit levels directly on the chart using your mouse, similar to the MT4 update.
Open and closed position data is recorded in the bottom line, and you can also monitor balance changes in a separate chart.
In conclusion, it's worth noting that Forex Tester 3 allows you not only to test your strategies but also to quickly acquire practical trading skills.
Another advantage of Forex Tester 3 over other testers is its multi-currency testing capability, meaning up to five price charts can move simultaneously.
This allows you to test more complex strategies based on hedging and pairs trading.
Download Forex Tester 3
