What is Forex Tester 5, and what are its main features?
Have you ever thought about what exactly Forex Tester 5 simulator is and why it is so popular all over the planet? Why is it important for all who want to start trading on the Forex market to use this simulator?
The Forex community undoubtedly agrees that the best and most effective start to a Forex trading career is best started with the smart use of the Forex Tester 5 simulator. Almost no person in this industry has not at least tried or heard of this useful tool for backtesting.
So, what is this really about? What does Forex Tester 5 Simulator offer the forex community and anyone who has the motivation to make a huge success in the volatile Forex market? Let’s get to know all the basics of this Forex tester five software.
Forex Tester 5 Software – definition and explanation
Forex Tester 5 is a backtesting software upgraded with additional features and functions to enable forex simulation and backtesting much easier. It’s considered to be one of the most successful Forex trading backtesting software that enables its users to:
- Backtest with ease mechanical strategies easily and swiftly
- Replay price action for manual strategies backtesting.
According to numerous Forex traders who are eager to find the best realistic Forex trading simulator, the Forex Tester 5 software is the strongest contender, without a doubt.
What are the main aims of using the Forex Tester 5 simulator?
The usage of this trading simulator has two main aims:
- To verify a trading edge along with historical data
- To learn how to trade without any risk
These aims could only be achieved by a high-caliber simulator that needs to be realistic and offer trade records of the highest quality. Besides that, that simulator requires to be extremely easy to use so that traders aren’t essentially wasting their time in the learning process.
The Forex Tester 5 includes all that and offers all the crucial trading tools you need to set your strategy in the right direction.
Top Features of the Forex Tester 5
There are numerous fantastic features that you can expect from the Forex Tester 5 backtesting software. Here are some of the most valuable features:
- Risk identification – Enables traders to immediately calculate the precise and secure lot size for market and pending orders.
- Handy trading panel – With predefined settings, a handy trading panel manages multiple orders.
- Risk/Reward Tool – Based on the risk/reward ratio, you can access the need for order execution.
- Built-in indicators – These indicators cover more than 80% of forex strategies.
- AI-based strategy optimization – You can boost your trading skills with advanced AI software.
- Statistics – You can get detailed statistics during and after backtesting forex strategies.
- Realistic trading environment – For every symbol, traders can set up swaps, spreads, and commissions.
- Fundamental analysis – Enables you to get the maximum out of Forex news and when it’s the right time to avoid the market.
- Backtesting and forward testing – It’s possible to control the direction of your testing.
- Interactive Forex courses – With Forex Tester 5, you can expect interactive Forex trading courses that ensure more than 75% accuracy.
- Custom EA – Traders can create an unlimited number of EAs without any need for programming.
What else to expect from the Forex Tester 5?
Since the Forex Tester 5 backtesting software is based on real historical data, traders could practice Forex trading with free pre-installed Basic Data. They could also receive top-notch data, experiment with simulating actual market behavior, and get accurate backtesting results if they choose to go for the Super Data subscription.
This fantastic tool includes all that one serious and devoted Forex trader needs to have or do to achieve a successful career, so there’s no need for traders to find a third-party solution. We are talking about multifunctional backtester software that is also a perfect Stock Market Simulator.
Ease of getting started with Forex Tester 5
If you are interested in using the Forex Tester 5 backtesting tool, you must download the market data required for backtesting. In addition to a few mouse clicks, traders can download all the essential forex data via the Data Center.
Besides all that, traders can expect buttons for crucial functions such as:
- Start/Stop The Testing
- Creating an additional chart
- Controlling the speed of reply
- Adjusting the time frame
Keep in mind that you are also able to add indicators. You’re also able to do so with a right-click on the chart and trade orders in that way.
Automated backtesting option available
Traders wondering about the automated backtesting option will be happy to know that it’s also available with the Forex Tester 5. This simulator supports .dll files. Traders can add these files to the Forex Tester 5 software.
A powerful tool for building forex strategies
With the Forex Tester, five people can also expect to get an Easy Forex Builder (EFB). It’s an extremely powerful tool for building forex strategies with an intuitive “drag-and-drop” interface. The EFB tool enables a graphical interface perfect for constructing trading strategies.
It enables traders to combine time, volume, price, and indicators with numerous conditions for personalizing their trading strategy. The strategy you’ll create will be created for Forex Tester and MT4 so that you can deploy your Forex strategy in real trading.
Lifetime software support
Another fantastic thing to expect with the Forex Tester 5 is lifetime software support. It means that whenever you encounter any problematic situation, you can count on a professional team that will immediately help you with that issue.
Forex testers are utilizing lifetime support that’s being provided by:
- Chat
- Forum
- Comprehensive Online FAQ bank
- Online Guides with videos
This support is available through these multiple channels. However, it’s only valuable if the Forex Tester 5 is stable and well-established.
Multiple languages available
Suppose you’re not so familiar with English or you wish to use Forex Tester 5 in your own or some other language. This powerful software comes in 16 different languages, including English, Spanish, Polish, Dutch, Indonesian, Hungarian, Japanese, Portuguese, Russian, Vietnamese, Slovak, Italian, Thai, German, Czech, and Turkish.
The reliability of the price data
Among the essential features is the reliability of the price data, which is crucial for successful backtesting. Free basic forex data is available by Forexite in Forex Tester. The data is more than 20 years old, with forex data for seven majors, two metals, nine crosses, and one-minute bars from 2001.
Also, it’s essential to understand that this basic forex data package is more than enough even for higher time frames such as daily and above.
Friendly User Interface
Forex Tester 5 has an extremely friendly user interface similar to MetaTrader 4 (MT4). Even though it’s not the same, users of MetaTrader 4 consider Forex Tester 5 software very familiar, which is a great advantage.
If you’re an experienced MT4 user, this layout will be extremely helpful in shortening your learning curve. On the other hand, if you’re a Forex trading newbie, you might turn to MT4 once you’re in for transition for live trading. With Forex Tester 5, you’ll be able to do a rather quick transition.
How does Forex Tester 5 meet different trading styles?
As a Forex trader who prefers a certain trading style, you’re probably wondering how Forex Tester 5 software works regarding different trading styles. We’ll cover the top 4 trading styles in Forex that are most commonly used:
Mechanical trading style
For mechanical traders, it’s necessary to devote more effort to convert them to utilize them in Forex Tester 5. However, it all depends on the complexity of the forex strategy. However, tools such as the Easy Forex Builder assist traders in this area and will eventually continue to improve.
Include the time and effort required to convert your preferred Forex trading strategies for the Forex Tester 5 software. You’re also able to adjust strategy parameters on the go.
Discretionary trading style
This software is undoubtedly suitable for all discretionary price action traders since the drawing tools are robust and the learning process is short and easy. The key feature here for traders is the ability to reply to price action.
Traders can also employ indicators and get custom MT4 indicators into the Forex Tester 5 software, which is a major benefit here!
Scalping
Since the scalping trading strategy happens at high speed with rather uncertain trade execution, it’s one of the hardest styles for traders to backtest it. In case you’re a scalper, it’s advised to upgrade the VIP data subscription for more accurate and tick data that will enable you floating spreads.
Based on a percentage risk model, scalpers could easily calculate the number of lots.
Non-Forex trading
It’s crucial to understand that Forex Tester 5 software isn’t only limited to Forex, but you could also use it for:
- Stocks
- CFDs
- Metals
However, the free version of this software only includes Forex data. To use it for other things, you must have a VIP data subscription.
The Bottom Line
Forex Tester 5 backtesting software is one of the most beneficial software solutions for newbies and those who wish to improve their Forex trading skills and experience. Besides all, this software controls the testing speed, has multiple charts available simultaneously, and is a perfect turn-key solution that can be used anytime, anywhere.
If you decide to buy a Forex Tester 5 simulator, you’ll be guaranteed with a:
- Quick start booster
- 30 days of money back guarantee
- Useful guides
- 20 years of free data
- USD major news!
