Forex Tester Review | Is It Best Backtesting Tool

As a trader, testing and refining your strategy is very important especially if you want to become a successful trader. This is where backtesting tools come into play, they will make your backtesting as easy as possible. Forex Tester is one of the popular choices.

But does it truly live up to the hype? In this Forex Tester review, we delve deep into its features, usability, and whether it deserves a spot in your trading toolkit.

Forex Tester is one of the most talked about software for backtesting trading strategies. By simulating historical market conditions, it allows traders to test their strategies without risking real money. The latest version, Forex Tester 6, brings enhanced features and user-friendly updates.

Key Features of Forex Tester:

• Multi-currency testing.
• Access to over 20 years of historical data.
• Compatibility with MetaQotes custom indicators and automated scripts.

Whether you want to do a manual backtest for a price action strategy or want to do a backtest for an automated strategy coded using MetaQuotes Forex Tester has got you covered.

Forex Tester provides everything needed to simulate real market conditions, making it an important software for anyone who wants to improve their trading system.

Below are some of its key features:

• Multi-Currency Testing
• 20 Years Of Historical Data
• Charting Tool Similar To Metatrader 5/4
• Execute Trades On Backtesting
• Custom Script and Indicator
• Support mq4 EAs

One of the best features of Forex Tester is the option to import custom indicators and EAs built for MetaTrader 4.

Getting started with Forex Tester is simple, and its tools make backtesting both effective and straightforward. Here’s a step-by-step guide to help you use Forex Tester to refine your trading strategy:

First, download Forex Tester from its official website by clicking Buy or Try for a free 30-day trial. Once downloaded, install the software on your computer and Log In to access its features.

Forex Tester offers multiple pricing plans. If you’re a beginner, you can try the basic plan to explore its features. For traders looking to test advanced strategies, the pro version is ideal as it offers more tools and flexibility.

If you have purchased the software you need to log in from the settings tap, but if using the free trial you go straight to backtesting.

Here’s how to set it up:

• Click New Project
• Set up your project name,
• Choose your Initial deposit Amount
• Select symbols/Assets You Want To Backtest
• Testing period
• Time Zone

Then you can start your backtesting but if you want to backtest an automated strategy you will have to click on strategies and then add your EA.

Once you have clicked start, the candlesticks will start to simulate price movement. You can adjust the movement speed from the top. You can draw trendlines or even use indicators.

Placing an order is so simple you just click the market order to place an instant execution or pending order to use a sell/buy stop or sell/buy limit order.

Here is what you will be able to do in Forex Tester Backtesting:

• Add Your Own Custom Indicators
• Place A Simulated Trade
• See fundamentals/Economic news

You can do a lot with the tool but this is just the most important feature of the tool.

There is no auto journaling with the Forex Tester tool, so to journal your trades which is the most important thing during backtesting you can use my Notion Template designed for traders.

The template is not only useful in backtesting but also in journaling your live market trades and managing your personal finances and it has auto calculations with stunning charts.

The analytics you get with Forex Tester is not as good compared to competitors like FxReply, but it’s enough to see how your strategy has performed.

Here are some of the features Forex Tester Analytics has:

• Net Profit and Loss
• Profitability
• Max loss and profit

Forex Tester offers just basic stats nothing amazing. But by using my Journaling notion temple will get a lot more visuals and trade profitability by sessions, days, and months.

Here’s a comparison of Forex Tester with other popular backtesting software. I will only take their comparison of the cheapest plan they offer with backtesting: (Excluding the Free Plan)

Feature	FxReoly	TradeZella	Forex Tester
Tool
Chart Framework	TradingView	TradingView	Own Charting
Trade Journaling
Simulated Trading
Indicators
Price	$17.99 /Month	$49.00 /Month	$139.00 /Once-Off
Try Tool	Get Tool	Get Tool	Get Tool

Forex tester is built for people who mostly use Meta Trader. The UI is similar to Meta Trader and you can test your EAs build for MT4 on the Forex Tester Software.

I also did research and found some of the least known but best free backtesting software competing directly with Forex Tester. Check out the article from the link above.

Forex Tester is not the best backtesting tool for everyone, its limitations like advanced analytics and journaling are what make it fall short compared to other well-known backing software.

Forex Tester is Best for People Who:

• Backtesting Automated trading straterggies
• People who heavily trade using custom indicators
• People who are not familiar with TradingView (Only use Meta Trader)