Get Your Brokers Data For Forex Tester

Get your brokers data for forex tester

Get your brokers data for forex tester

My Forex Tester 3 Review

I originally bought Forex Tester 2 early in 2015. I found it to be pretty useful for backtesting certain strategies, so I quickly partnered with the folks at Forex Tester to get you guys the lowest price possible on their software.

The full price of Forex Tester 3 is $100 more than Forex Tester 2.

They made several improvements to the popular trading simulator but are the new features worth the bump in price?

HOW IT WORKS?

In this Forex Tester 3 review, I'm going to try to answer that question.

The new version of Forex Tester sports improvements in ease of use and functionality, while refining the functionality that Forex Tester users have come to love. Below are some of the most important features in my opinion, and their advantages over backtesting in MT4.

Test Your Strategy on Multiple Time Frames

If you're backtesting in MT4 and you need to switch time frames for any reason, you will lose your place.

At the very least you will inadvertently reveal future price action.

With the Forex Tester software, you can switch time frames as much as you like. Just like live trading, new price action will not even be available to see until time passes.

Since you can pause time or move forward one candlestick at a time, you will not loose your place when switching time frames.

This can be very useful if you're testing a trading system that makes use of multiple time frames or you simply want to take a look to see if a particular support level holds up on a higher time frame.

You can also use multiple time frames of the same currency pair at once, without losing your place for revealing price history.

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This is helpful for testing systems like Top Dog Trading, which utilizes multiple time frames to measure fractal energy.

Test Multiple Currency Pairs Together

When backtesting in MT4, you can test multiple currency pairs together. However, you must go to each pair and manually move each pair forward by the same amount of time with the F12 key.

​The Forex Tester Software allows you to test multiple currency pairs together, and when you allow time to move forward or move time forward one candlestick at a time, all of your pairs move forward together.

This is a great feature for testing a trading system like Day Trading Forex Live because with that system, for instance, you wouldn't buy the Pound and sell the Euro at the same time.

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With systems such as this, it's helpful to test correlating pairs together.

Automatically Track Your Trading Performance

If you're backtesting in MT4, you will need to manually keep track of your performance by writing down your important numbers on a notepad, in a spreadsheet, or in your trading journal.

Forex Tester automatically tracks your performance, like a live or demo account.

In Forex Tester 3, your balance, equity, margin, and drawdown can even be displayed as a candlestick chart. To do so, simply go to File > Add Profit Chart.

Using a trading journal still offers some advantages, although it's more time consuming.

My Forex Tester 3 Review

For instance, Forex Tester does not automatically track and display which time frames your strategy performed best on or which strategies in your overall system performed best.

What's New in Forex Tester 3?

One of the most important improvements that I noticed in my Forex Tester 3 review was some added on-the-chart trading functionality.

For instance, you can now drag your stop loss and take profit levels from the chart to adjust them. However, unlike MT4, you still cannot create your trade levels from the chart.

Renko charts were added this time around.

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Forex Tester 3 now supports lines, bars, candlesticks, range bars, and Renko charts. I don't personally use Renko charts, but I know many of you will be glad to see this addition.

There are definitely some advantages that Forex Tester 3 provides over backtesting in MetaTrader 4, Ninja Trader, etc.

Get your brokers data for forex tester

It can save you a lot of time in various ways, including tracking your performance automatically.

Because it uses realistic broker rules, it can also help you get a lot of trading experience quickly. Whether or not Forex Tester 3 is right for you, in my opinion, comes down to how important saving time is to you and whether or not you use many custom indicators or EAs.

What Are Other People Saying About Forex Tester 3?

I personally use Forex Tester and have upgraded to Forex Tester 3.

How to start backtesting easily with Forex Tester trading simulator [Ultimate Video Guide]

It's been very useful to me, but it's not perfect. In this Forex Tester 3 review, I've told you what I personally like and don't like about it. Now that you know what I think about it, take a look at what some other traders are saying about it.

How to Get Free High-Quality Data

In order to get free high-quality data for Forex Tester 3, you need to download Tickstory.

Forex Tester 4 Quick Start Guide for Backtesting Trading Strategies

Tickstory Lite is completely free and is what I use to download the data that I need.

After installing Tickstory, open the program and right click on the symbol (pair) that you'd like to get data for. Select "Export to file..." as in the picture below.

Next, you need to select a range for Tickstory to download for you. Keep in mind the longer your range the longer the download will take, and the larger the file size will be.

If you're downloading years of history for many pairs, the file sizes can add up quickly.

What's New in Forex Tester 3?

For instance, tick data for only 1 year on the Euro was 2.05 GB, whereas the 1-minute data for the same period was less than 20 MB .

That being said, you should only download the data that you actually need. Don't download 10 years of data if you're only going to test on the last year or two. Don't download tick data if you can get away with 1-minute data.

On this same screen, you need to select the minimum timeframe of your data.

Remember to only download the data that you need to keep your file sizes smaller.

From this screen, you also need to select your broker's timezone. For instance, U.S.

Get your brokers data for forex tester

traders will need to select "(EST +07:00) New York Trading Hours". Lastly, you need to select your pre-defined output format.

Use "Generic tick format (comma delimited)" if you're downloading tick data.

Now that you've exported your preferred data from Tickstory, you need to import it into Forex Tester 3. To do so click on Data Center in the top-left corner or go to File > Data Center.

Select the symbol that you wish to add data to, but don't check the box next to it (see the image below).

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Once you've highlighted your desired symbol, you need to select "Import from a file" and select the data file that you exported with Tickstory (ex. EURUSD.csv).

If you haven't already hit the "Clear history" button, on the next screen, you can select "Delete the previously imported history for this symbol..." before you click the Next button. Nothing else should be changed.

Don't use the time shift slider. You need to select the correct timezone (as mentioned in one of the earlier steps) to get accurate price data.

Get your brokers data for forex tester

Using the time shift slider is a cheap fix only.

To finish the process, simply follow the wizard. Nothing else needs to change.

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In order to see your newly imported data, you must create a new project in Forex Tester 3 and add one or more of your updated symbols to your test list.