Is there a way where I can back test my own trading plan? ideally I would love to go back in time on an actual chart ,set up my strategy and then watch the chart candle by candle ,to see exactly what happened etc
Sure there is.
Manualy you just scroll back any timeframe and starts to scroll forward, candle by candle and see how your strategy would work out placing your trades where your strategy would give you a signal to enter and exit.
Or make an EA that trades with your set of rules and make an automaticly backtest on mt4.
Just do a search on “backtesting mt4” on google and there is a lot links showing you how.
I like this.
Personally I use https://fxdreema.com/ to build strategies for back testing as EA’s and run through MT4 strategy tester. Its a good skill to master.
Hi,
Got a couple of decent options for you;
1- [B]Forex Strategy Tester 2[/B] (try out the demo software for free)
Pros: Multi timeframe simultaniously,multi pairs, extremely flexible simulation speed and trade placement
Cons: Full version costs a bit, limited timeframes available, lacks in a full and comprehensive result sheet
2- [B]V-Hands[/B]
Pros: Works prefectly within mt-4 strategy tester, trades are executed fast, smooth run
Cons: Only one timeframe and one pair tradable at a time, no result sheet, trade execution is complex
3- [B]FX Blue[/B]
Pros: Works perfectly within mt-4 strategy tester, flexible position sizing and trade execution,detailed result sheet(best for post analysis)
Cons: Only one timeframe and one pair tradable at a time
Should do.
Best
You have to be aware that overfitting is a serious issue if you do that. If you backtest and adapt a method that works well specifically for one chart, than you are prone to overffiting, i.e., performing well in your data but worse on others.