Questions and Answers About The Forex Tester Simulator
Is this the same program sold on the Forex Tester website?
Yes, it's the same program. But we offer it for a 12% discount off of their retail price. Why? Because we have seen what a difference the Tester made in our own trading and we don't want anyone to be without it.
And we also offer you our own training videos and support. So many people tell us we have a really great way of explaining things in easy-to-understand videos, so we wanted to make the use of the Tester easy for people too. Of course you can also explore the training videos available on the Forex Tester website too. But our videos are only available to people who have bought the Tester directly from us.
What's new in version 3 - Forex Tester 3 ?
The following table summarizes many of the new features. To see more details about each feature, click here.
|Feature||Forex Tester 2||Forex Tester 3|
|Simplified mode system||History + Testing modes||One aggregate mode|
|Automated ticks generation||Uses 1 core of your PC's processor||Utilizes all processors cores for speeding up the testing|
|Keep all testing parameters in the projects||Time consuming five-step process||One-step process|
|Number of simultaneous currency pairs for downloading||1 pair at a time||Any number of pairs at a time|
|Increased data downloading and processing speed||Single-threaded data downloading||Multi-threaded data downloading|
|Profile (desktop) saving||
|Smart Profit Chart for analyzing the strategy's performance||Only main features||Features to perform detailed analysis|
|Automated time shift for all of the project's currency pairs||
|Number of built-in EAs for automated testing||1||Three for now, but users of Forex Tester 3 will have more EAs soon|
|Easily move SL/TP levels of pending orders with the mouse||-||Save time on placing and changing orders|
|Use the software on multiple monitors||
||Any number of monitors|
|New, more user-friendly software registration scheme||-||Faster and easier|
|Organizing of the workspace based on preferences||-||New doc-interface where you can detach, merge and move any window or tab|
|Shows real number of ticks||Not always||Always|
|Hotkeys for all functions||Only preset hotkeys||Assign custom hotkeys to any functions|
|New graphical tools for analysis and chart markup||Lines, waves, Fibo, shapes||Lines, waves, Fibo, shapes + signs, thumbs up & down, arrows, price labels|
|Other user interface improvements||-||7|
|Accelerated testing process||-||Software works faster with the same computer capabilities|
||Add comments to the orders for more quickly finding and analyzing|
|Undo most long-term operations (especially useful when downloading data from the server)||-||Allows you to instantaneously correct mistakes|
|List of objects||-||Simplified access to the search, editing and deleting of the graphical objects|
Do MT4 indicators or EAs work on the Forex Tester?
This is not an MT4 program and MT4 indicators do NOT work with it. It is a free-standing separate program that comes with its own indicators. MT4 EAs do not work on the program either, but an API is provided so that you may code your strategy to work on the tester or hire a programmer to modify it for you. If you know the programming language C++ or Borland Delphi, it is not hard to translate MT4 indicators for use with FT2.
There are also independant consultants who you can hire to code your strategies or indicators for you into the correct language. If you buy the program from us we will be glad to give you a few names. There is also a forum you can check for help with this.
What standard indicators come with the program?
AC (Accelerator Oscillator)
AMA (Adaptive Moving Average)
ADR (Average Daily Range)
ADX (Average Directional Movement Index)
Adaptive Moving Average 2 (AMA2)
ATR (Average True Range)
CCI (Commodity Channel Index)
Elder's Force Index
Ichimoku Kinko Hyo
Keltner Channel (original)
Linear Regression Channel
MACD (Moving Average Convergence Divergence)
MA Crossover Signals
Moving Average (Simple, Exponential, Weighted, Smoothed) with shift option
OBV (On Balance Volume)
PFE (Polarized Fractal Efficiency)
Pivot Points Intraday
Price Daily Range
ROC (Rate of Change)
RSI (Relative Strength Index)
TDI (Traders Dynamic Index)
Range Expansion Index
W%R (Williams' Percent Range)
And more are available from a public forum.
Can I see multiple time frames simultaneously on the Tester?
Yes, you can open several chart windows for a currency at the same time and each can be set to its own time frame. It will be just like your live platform. You can open many such windows like this at once.
Can I see multiple currencies simultaneously on the Tester?
Yes, you can open several chart windows for different currencies at the same time and each can be set to its own time frame as well. It will be just like your live platform. You can open many such windows like this at once. If you open a lot of different pairs you may find some slowing down of the playback depending on your RAM and computer settings.
Are The Forex Smart Tools compatible with the new Forex Tester Version 3?
Yes, both the Trade Log and the Calculator work seamlessly with the Forex Tester 3. Click below to see a screen shot of the Forex Tester 3 working with the Forex Smart Calculator to allow you to calculate accurate position sizing for your risk profile, even using historical pip values. The Trade Log also allows you to import statements from the Tester for in-depth strategy analysis:
Do I need to subscribe to the premium data plan too?
No, there are years and years of free data that are available to you when you buy the Forex Tester. If you trade higher time frames this data will probably be all you need. If you trade shorter time frames like a 1 minute chart or 5 minute chart or if you want to have accurate variable spreads used in your testing, then you may want to also have one of the premium data plans though. Read more about this service here: DATA PLANS.
If I get a new computer can I move my license for the Tester to it?
Yes, of course. There is no charge for moving your license from one computer to the other. We de-activate the license for the first computer and issue you a registration ID for the new one.
How does the Forex Tester compare to the MT4 Strategy Tester?
The MT4 Strategy Tester is designed to work with EAs (Expert Advisors). If you plan on trading exclusively with an EA rather than discretionary or manual testing, using the Strategy Tester may be of value to you. But you should be aware that there are many complaints of the Strategy Tester giving inaccurate results and results that do not match the use of the same EA in real life. Try doing a web search for How accurate is the MT4 strategy tester and you will begin to see the many complaints people have about it. If you do plan on just trading with an EA though, the Strategy Tester may be better because the Forex Tester does not directly work with EAs. You would have to find a programmer to recode your EA for use on the Tester.
If you plan on developing your own skills as a discretionary trader, then using an EA is of limited value to you, because much of what needs to be trained is your own mind set and discipline. To be a trader, YOU need to be trained as much as any particular strategy needs to be tested. The Forex Tester can accomplish both tasks with a very high degree of accuracy.
Another problem with the Strategy Tester is the limit many brokers place on how much historical data they keep on their servers and make available to you. For example, look at your broker for the earliest 5 minute candle you can pull up. Some brokers go back a year or two, but many only make six months of data available on the lower time frames. The Strategy Tester can only work on data that is sees. On the other hand, the Forex Tester has accurate data going back to 2001, including tick data from 2010.
Your Trade Smarter page talks about a Back Tester. Is this the same program you offer for free?
If you are on our email list, you have access to a different free backtester that works with MT4. If you work with both simulators for awhile, you'll quickly see why we encourage you to upgrade to the paid version: Forex Tester 2. If you'd like to try that free program, sign up to our list and we'll send you that link.
Will the Tester throw my timing off?
"I ask because I heard a professional trader say that he thought it did..."
Well, think about asking Lance Armstrong to ride a bike with training wheels - of course he's going to hate doing so. But if you've been riding a tricycle, then going to a real bike with training wheels is a big step, and a very worthwhile step. Yes, you learn something about timing from watching real time charts that you don't learn with the Tester, but you learn so much about pattern recognition and decision making based on working with the Tester. Neither one (simulator or real) is a replacement for the other, nor are they meant to be. You will develop a valuable component of your overall skill-set from each approach to learning.
Which currency pairs are available to test?
Data from January 2001 is available for free for these pairs:
Many more pairs are available as part of the Standard or VIP Data Plans. For the list of those pairs, please click here. For more info about the Data Plans, please click here.
I tried the demo version, but I can't see enough candles in the past to analyze.
In the demo mode you only have access to one month of data, so that's why you are seeing this restriction. When you own the Tester you have access to years worth of data. You can start testing at any date you like.
When you click Start Test you see a dialog box and one option is 'Define first date to start'. You have a slider bar to choose your start date or you can enter it directly, as shown below. The date that the candles go back to (the first candle on the far left side of the chart) is determined by you when you generate ticks - we show you how in our instructional videos, which you have full access to when you buy the program.
How can you really base future price action on past history?
Well, it's true - you can't literally. But what we see as price action is simply the result of masses of people acting on basic psychology based on fear and greed. These are deep-rooted emotions that are not likely to change all that much in the near future. That's why we keep seeing the same patterns in the market repeat themselves over and over again. So if you expect something to work in the future, your odds are better if you saw it also work in the past.
Personally, we'd much rather hang our hats on a nail that we knew held things up for the past 10 years than on a nail that we saw kept falling down over that time period.... wouldn't you? There are many 'flash in the pan' strategies that worked for awhile - then stopped working as market conditions changed: Carry trade / correlation trades / news spike trades, etc. (Yes, these are all approaches to trading we have personally used in the past that just don't work well anymore now).
Testing on historical data will help you clarify for yourself if your strategy is based on principles that are likely to endure or are ones you better ride fast and hard like a pony-express horse until it runs out of power, then be ready to jump onto the next hot pony.
Can I store multiple profiles on the Tester like MT4 lets me do?
The Forex Tester does not offer profiles (saved groupings of different chart styles), but it does allow you to save templates - and the templates also hold the information about what time frame the chart uses, so you can quickly set up a group of charts including the indicators and time frame of each chart with the use of templates.
How can I find a different indicator I want to use that I don't see already listed?
The Forex Tester web site has a very active forum with the participation of many active programmers. The program gives you access to the forum to find specific indicators you may wish to use. There are also private programmers with libraries of indicators for sale.
I have a custom indicator for MT4. Will it work on the Tester?
The Forex Tester is not built to use MT4 indicators. You could hire someone to re-code your custom indicator for you into the programming language that the Tester uses and then you'd be set. The computer language can be C++ or Delphi.
Are Renko or Range Bars available on the Tester?
At this time, the Tester is capable of displaying true range bars. Renko bars are a feature of version 3 of the Tester, whic is currently in beta testing. (Version 3 features).
Range bars show price action based on the number of ticks per candle, rather than how much time has elapsed per candle.
Does the moving average indicator allow for shifting?
You're going to love the moving average option. Unlike MT4 that only lets you shift horizontally, Forex Tester 2 also lets you shift a moving average vertically. There are many strategies, such as those shown by Gerry Appel (who created the MACD) that use two MAs vertically offset from each other. It's hard to find an indicator for that in MT4. Forex Tester lets you do that - automatically built in.
Click to see a screen shot of what this can look like:
Do I need to synchronize my Tester charts to my live platform?
There is no need to synchronize your charts to your live platform. This program is entirely free-standing so you don't need to refer to your live charts. If you do want the charts to display the same GMT time offset as your live broker, you are able to make a time shift adjustment to the Tester data to accomplish this. In our training videos we explain how to do this.
I tried the free trial and the prices seem to be off compared to my live broker
Ahh.. but if you compare two or three live brokers with each other, you'll probably find a price difference between them too. Check this out: Below you will see three charts from early October 2010: FXDD, GoMarkets and Forex Tester 2. All have the same three swing high and low points marked with prices. As you will see, they are all within a couple pips of each other but are not the same exact price.
In our trading, we normally keep 2-3 different brokers platforms open at once to compare prices and we often see these kinds of price discrepancies between them - it's the nature of an unregulated market. One of the biggest price discrepancies that appear between different brokers is what happens over the weekends. Each broker makes their own choice about when to close over the weekend and when to open again and an hour difference can make prices appear very different if you are comparing the opening of a week. On all the three charts below, notice how different the candle action is over the weekend from one to another - the weekend is marked by the double vertical lines.
If you buy the Forex Tester from our site, we provide you with access to video instruction that shows you how to coordinate the times you see on Forex Tester to your own broker's charts if you so choose. If you are going to compare one "opening" price with another "opening" price, you have to make that adjustment - because the default might be putting 'opening' at an entirely different time than you are seeing it on your own broker.
Forex Tester is also offering a premier data service that gets data directly from six major brokerage houses, so if yours is among them you could see your actual data if that is important to you, so that is an option if greater precision is important to you. We also offer you a substantial discount for these premium data plans.
READ MORE ABOUT THE DATA PLAN OPTIONS
Can the Tester run on a Mac?
The Forex Tester does not run native on the Mac OS and it is not supported for Crossover or as a Winebottle. Of course, if you use Boot Camp or one of the emulation programs like Parallels or VMWare, you'll have no problem running the Tester. The emulation program 'Windbottler' also does not work as a solution.
Can the Tester run on a VPS?
Yes, Forex Tester works fine on a virtual private server (VPS) but usually a VPS is not powerful enough to perform tests with a large number of indicators or a lot of historical data all at once.
Is this an immediate download I can use right away? Or is this a boxed program which is delivered to one's door?
The program is an immediate download, not a shipped product. You could be up and running within the hour if you like. In fact, you can click the download button on our site and have immediate access to the trial version right now.
In a webinar you gave, you mention having hours of training videos. Is that for the tester?
The many hours of training videos we referenced were related to Money Management principles and the use of the Calculator and the Trade Log. We have also included several videos on working with the Tester, as well as our own Q & A section. The full video library is available only to Calculator/Trade Log owners. We make the videos and webinars that are about the Forex Tester available to anyone who has purchased the Tester through our site. The company Forex Tester also has some videos but most people find them confusing and too fast-paced. That's why we created our own videos for our customers. But of course their videos are available to you too so you can have both sources of information.
Do Dean Malone's Synergy indicators come with the program?
Not all of them, no. But the TDI is now available.
You can also have heiken-ashi candles, pivots and the price action channel on your Tester charts. While this isn't everything, it's about 80% of what Synergy traders use in their trading.
Do Craig Harris' indicators come with the program?
Craig Harris' indicators do not come with the Forex Tester. We have created a basic template in Forex Tester 2 using the standard indicators that do come with the program to show you how close you can get on your own, simply using the moving averages, the fractals and the stochastic and drawing a few other lines in by hand.
Click to see a screen shot of what this can look like:
Our Forex Tester friends have programmed a great new custom indicator for us called TimeBox that will work perfectly to show you the Tokyo Channel on your Tester charts now. When you buy the Tester from us, we have a 10 minute video showing you how to use the PFMC-style template we have created for you. You can simply install the template and you're good to go. It does not contain Craig's indicators but it's similar.
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