Forex Tester - professional forex training software, simulator and backtester (2024)


Forex Tester has a large variety of charting tools such as:

  • Pointers (arrow pointer, crosshair pointer).
  • Lines (Vertical line, Horizontal line, Trend line, Ray, Polyline).
  • Shapes (Rectangle, Ellipse, Triangle).
  • Signs (Thumb up, Thumb down, Arrow up, Arrow down, Stop sign, Check sign, Right price label, Left price label, Price label).
  • Fibonacci tools (Fibonacci retracement, Fibonacci time zones, Fibonacci fan, Fibonacci arc, Fibonacci extension).
  • Channels (Fibo channel, Linear regression channel).
  • Andrews’ Pitchfork.
  • Text label.
  • Wave symbols.
  • Risk/Reward tool.

You can find all of them by clicking the “Graphic elements” button.

Forex Tester - professional forex training software, simulator and backtester (1)

You can turn on the Graphic Panel to conveniently use all the graphical tools by clicking the Forex Tester - professional forex training software, simulator and backtester (2) button.

Forex Tester - professional forex training software, simulator and backtester (3) The Graphic Panel is floating and can be moved freely to any place on your screen. The panel can be displayed horizontally and vertically, as well as you can close it anytime by clicking the “X” button.

Let’s take a look at the buttons on the panel.

Forex Tester - professional forex training software, simulator and backtester (4) — enables a “crosshair” mode.

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The crosshair lines are movable lines that can be used to specify and measure positions on the chart.

If you hold down the left mouse button in the crosshair cursor mode and drag it to any of the sides, you can get the following information:

  1. The number of bars between the start and end points of the crosshair.
  2. Price change in pips and percentage.
  3. The interval between the start and end points of the cross in days/hours /minutes.

Forex Tester - professional forex training software, simulator and backtester (5) Forex Tester - professional forex training software, simulator and backtester (6)

Forex Tester - professional forex training software, simulator and backtester (7) — enables synchronizing crosshair on all charts

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The line drawing is easy:

  1. Select the necessary tool and left-click once to set the first point (in the Vertical and Horizontal lines, it will be only 1 point).
  2. Drag your mouse and left-click to set the second point.
  3. If you decide to cancel the drawing, right-click to cancel the operation.

Some tools like Polyline or Andrews’ Pitchfork require more than 2 points to place.

Forex Tester - professional forex training software, simulator and backtester (9)

In the Channels group, you will find the Fibonacci Channel tool and the Linear Regression Channel.

Forex Tester - professional forex training software, simulator and backtester (10)

Select the necessary tool to add it to the chart and choose the start point. Then, move the mouse to the second point and left-click to finish drawing the tool.

You can add different signs to the chart by clicking the “Icons” button.

Forex Tester - professional forex training software, simulator and backtester (11)

The Fibonacci tools group consists of 5 instruments for chart analysis:

  1. Fibonacci Retracement.
  2. Fibonacci Time Zones.
  3. Fibonacci Arc.
  4. Fibonacci Fan.
  5. Fibonacci Extension.

Forex Tester - professional forex training software, simulator and backtester (12)

The construction of objects with these tools has common principles:

  1. Select the tool from the Graphic Elements → Fibonacci tools menu.
  2. Move the mouse to the first point and left-click.
  3. Move the mouse to the second point and left-click to finish drawing the tool.

Forex Tester has the Andrews’ Pitchfork tool among its instruments. You can add Andrews’ Pitchfork to a chart by clicking the Forex Tester - professional forex training software, simulator and backtester (13) button in the Graphic elements menu.

Place three basic points of the tool by left-clicking (like drawing the triangle). If the Magnet mode is enabled, the triangle’s end points will snap to the bars’ control points.


The “Text labels” button allows you to add any text to your chart. You can also add it by pressing the Ctrl+T combination on your keyboard. show more

Left-click on the chart to place a Text label. You will see the Text settings window:

Forex Tester - professional forex training software, simulator and backtester (14)

Here you can write any text, which will be shown on the chart (in the Text: field), and also change the format of text (font type and size, color of the text, base point, and text alignment). Click the “Apply” button to finish the text adding.

Forex Tester - professional forex training software, simulator and backtester (15)

To change the Text Label properties, right-click on the text and select the Edit Text option.

The Wave symbols tool allows you to mark waves on the chart in a convenient way. Just select the symbol from the window by the left-click and put it on the chart. show more

Forex Tester - professional forex training software, simulator and backtester (16)

For example, if you select the first symbol in a table and then left-click on a chart, the [I] symbol will be placed. If you left-click one more time, the [II] symbol will be placed on the chart. And so on.

Each tool has its properties. To edit them, right-click the tool and select “Edit tool”. You can also duplicate this tool or delete it using this menu.

Forex Tester - professional forex training software, simulator and backtester (17)

To select the tool, double-left-click it. You will see white points which you can move to change the shape and position of the tool. If you press the Delete key, all selected tools in this chart window will be deleted. To deselect the tool, double-left-click it one more time.

There are some hotkeys that will help you to manage graphic tools:

Ctrl + G - to select all the tools on the chart.

Ctrl + D - to deselect all the tools on the chart.

Ctrl + Del - to delete the last added tool.

Ctrl + A - to delete all the tools on the chart (selected or not).

Delete - to delete only selected tools on the chart.

Note that all the hotkeys can be changed via the “Hot Keys” button on the Settings tab.

You can see these shortcuts through the right-click popup menu or Graphic elements menu.

You can also view all tools currently added to a selected chart and change or delete any of them using the “List of objects” button.

Forex Tester - professional forex training software, simulator and backtester (18)

The Objects list dialog window looks like this:

Forex Tester - professional forex training software, simulator and backtester (19)

To synchronize graphical tools on all charts and timeframes of one currency pair, use the Paint toolbar’s button Forex Tester - professional forex training software, simulator and backtester (20).

When this mode is active, all new graphical objects created on one of the charts will appear on all other charts with the same currency pair.

For example, you can add a trend line to one chart, and then it will appear on all of your charts.

Similarly, graphical tools created on different charts (with the same currency pair) are connected. If you delete one, other tools related to it will also be removed from the rest of the charts.

The Risk/Reward tool

The Risk/Reward tool shows the difference between the potential loss and the potential profit of your Buy or Sell trade, depending on initial preferences.

You can find the tool in the Graphic Elements menu (as well as in the Graphic Panel).

Forex Tester - professional forex training software, simulator and backtester (21)

To begin drawing the tool, you need to select the trade type you want to see Risk/Reward for and choose between Risk/Reward Buy or Risk/Reward Sell.

After clicking the necessary Risk/Reward type, you will see the following window:

Forex Tester - professional forex training software, simulator and backtester (22)

Lot (position size) can be calculated based on Balance (by default), Equity, or Custom value.

Define the risk amount and click “Apply”.

Select the place on the chart where the tool will be displayed.

The drawing tool will show you the following information about the further trade:

  1. Lot (position size).
  2. The Take profit level.
  3. The Stop Loss level.
  4. Risk/Reward ratio.
  5. Profit in USD and points.
  6. Loss in USD and points.

Forex Tester - professional forex training software, simulator and backtester (23)

Please note that you can move, resize, change properties and SL/TP levels of the tool after applying to the chart anytime you need to. In this case, all the values will be recalculated automatically.

If you need to change the SL or TP level, drag up/down the corresponding rectangle’s outer corner.

To change some tool parameters, like name, style, the risk for lot calculation, right-click on the border or corner of the figure and select “Edit”.

You can also place the pending order using this tool: right-click on the figure’s border or corner and select “Place pending order” in the menu. The program automatically detects the type of pending order and places it at the level that corresponds to the price in the “Open at” field, as well as fills in the SL and TP values.


Forex Tester - professional forex training software, simulator and backtester (2024)

FAQs

Is Forex Tester 5 worth it? ›

My testing has shown that Forex Tester 5 works well and does have some useful upgrades. The upgrades are incremental, but given that the cost is the same, I feel that version 5 is worth the money.

Are Forex simulators accurate? ›

Some simulators use a simple algorithm to mimic broader market activity, while others are trading platforms that reflect live market data, which offer a far more realistic market experience. While both can be useful, the latter provides much greater value.

How long does a Forex tester free trial last? ›

You have 1 hour of uninterrupted testing in the free trial version of Forex Tester and you cannot save projects.

How to activate a Forex tester? ›

Press the “Start” button on the Home tab to start testing immediately. When the testing begins, the bars start moving on the chart(s), and the “Start” button changes to “Pause”. Use the same button to Resume testing.

Is a forex tester legit? ›

Certainly Forex Tester is the best program for working out somebody's manual strategy. After a long period of working on Forex Tester I gained the ability to almost forecast the movements on a real chart. Also Forex Tester helped me to dismiss a good deal of hopeless strategies and to improve my working ones.

Can I start forex with $5? ›

Newer traders and investors typically have lower opening capital and prefer to start with smaller contributions. It is possible to begin Forex trading with as little as $10 and, in certain cases, even less. Brokers require $1,000 minimum account balance requirements. Some are available for as little as $5.

Is forex highly manipulated? ›

The forex trading field is inherently skewed toward manipulation. Market makers possess too much power to stay neutral and abstain from abusing their capabilities.

Do forex robots work? ›

Do Forex trading robots really work? Though forex auto trading robot software promises to make beneficial trades, not all automated forex trading robots are what traders expect them to be. Moreover, some federal governments consider bots to be scams.

What is the best trading robot for forex? ›

Top 10 Best Forex Trading Robots: Check the List
  • MetaTrader 4 (MT4) Listed as the most popular trading platform, MetaTrader 4 is widely popular. ...
  • MetaTrader 5 (MT5) ...
  • WallStreet Forex Robot 2.0 Evolution. ...
  • Forex Flex EA. ...
  • Forex Diamond EA. ...
  • FXStabilizer EA. ...
  • Forex Fury. ...
  • Forex Gold Investor.
Mar 20, 2024

Does a forex tester work offline? ›

Can I use Forex Tester offline? Yes, you can use the Forex Tester program in offline mode. Our software needs an Internet connection only for downloading historical data from our servers.

When should I move from demo to live forex? ›

When to move from demo to live forex trading account
  1. There are consistent demo gains.
  2. The trader is comfortable with losing trades.
  3. The trader is satisfied with the trading platform, and the broker.
  4. The risk management strategy aligns with trading goals.
  5. There is a defined trading plan developed.

How can I practice forex trading for free? ›

To practise your trading skills safely, try opening a risk-free Forex demo account before creating a real one. With the Octa demo account, you get a full trading experience while using only virtual funds without risking any real money.

Can I get free forex signals? ›

At DailyForex, we're out to prove that free Forex signals can be just as trustworthy as expensive signal subscriptions. Our reliable Forex signals will provide you with expert advice about when to buy and sell the major currency pairs without costing you a penny.

Can you sell forex signals? ›

There is nothing illegal about selling forex or other trading signals.

Is there a way to predict forex? ›

In order to forecast future movements in exchange rates using past market data, traders need to look for patterns and signals. Previous price movements cause patterns to emerge, which technical analysts try to identify and, if correct, should signal where the exchange rate is headed next.

Is V5 forex real or fake? ›

In a shocking revelation, the acclaimed forex trading platform, V5 Forex Global, has been reportedly engulfed in a massive scam.

Is MT5 good for forex? ›

MT5 is a versatile platform, allowing the trading of Forex, stocks, indices, commodities, and cryptocurrencies. It boasts a more extensive array of charting tools, technical indicators, and timeframes than MT4, making it ideal for detailed market analysis.

Which is better MT5 or TradingView? ›

Charting and Analysis: TradingView excels in charting and technical analysis, while cTrader and MT5 offer wide range of features and superior focus emphasis on trade execution.

Can I trust MT5? ›

While MT5 itself is not a scam, it's essential to recognize that for a secure experience, one must know about any potential scams and fraudulent behaviour they may encounter when using the platform.

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