I have been looking for a strategy tester which uses multiple TF’s. So I can draw all the S & R and trend line that I need as a PA trader.
I came across this website and watched some of the youtube vids and it looks great. I’m always weary of buying anything created by a single person and sold to make money. However this isnt a system but simply a GUI plugin to MT4 with ability to use multiple time frames. Esentially letting you manually trade hundreds of hours worth of data in just a few hours.
This is tempting for £78
I’d like to know your thoughts on this?
To me it does seem like a great buy but just scared to fork out any money to anyone selling Forex related tools…
There’s a free version of something like that running around here somewhere.
And that actually sounds like something that would help, not hurt. It’s not telling you what to to, it’s just a practice tool.
Kinda spendy, but if you can get screentime out of it, it’s a useful item.
Don’t be afraid of all things forex that are for sale. Just fear the ones that promise you a private island in 4 weeks;)
[Edit] Just remembered something. Download the NinjaTrader platform as a demo from a broker that offers it. It will do the same thing for free:)
Actually Tang…i’m not so sure about the whole free bit. I have NT… ABSOLUTELY LOVE IT!
That being said… NinjaTrader (the free version) requires some sort of broker I believe, and is more futures oriented. But forex futures might as well be spot forex…for all the similarities in the charts. Lots of folks seem to have a bit of a cow over futures. For all intents and purposes, the only difference for me is that I click on “6E” instead of “eur/usd”, and i change out the exact ticker 4 times a year, to make sure I’m always trading the most current futures contract.
Oh, and maybe the price will be 1-2 pips off. If eur/usd is right now at 1.3490, the futures contract 6E might be like… 1.3488.
I do love NT’s charting features of being able to simultaniously line up, and I can download literally years of tick by tick data, back data and manually trade it as if it were in real time, and i can even speed that up to up to 500X real time…so I can fastfoward to the U.S. session…or 1 hr after NFP…whatever.
It’s great… but I don’t think u get all this with the free version, unless your broker pays for your ninjatrader platform…I think Interactivebrokers.com might, but they require a 10K deposit to do so.
I personally use Forex Tester 2, it is created to have exactly the same layout as MT4. Same tools and customizable. It allows you to use any downloadable data you want, as well as currencies in tandam. I really like it alot, the stats that it cranks out are really helpful. Also it tracks your trades so after your done you can do a trade review and it will rewind exactly to where you were and you can review the chart. It is expensive around 200 USD but was completely worth it. You also get free data for it that is updated, although its 1 min bars but the program will splice together tick data randomly or based on OHLC. But if you have a datafile for real tick data it can accept that as well. It also accepts limit and market orders, multiple time frames, and all drawings are persistant through time frames.
I remember trying it several years back, but just didn’t get involved with it enough. I may have a look at it again. Prety damned cool.
As for the free, I do believe there is a free demo version.
I looked on the NinjaTrader site, and found a free app, just gotta do the normal demo sign up stuff… Plus, there is a list of brokers that offer it on the left side of the page, and a list of data feeds.
One of the really good things about a market simulator is that you can eliminate strategies that don’t really work (good to know in advance!) and also, you can take a strategy with a known slight edge, and see if you can actually execute it… if not, then you know what to work on. Having a racecar and being able to drive it are two different things. For a hard example, try the ‘trend is your friend’ strategy that was reviewed by robopip in the blogs section and see if you can repeatably match that performance (or thereabouts) with hand trading. For instance if you come in at -10% a few times, then that’s a really useful thing to know… and it’s just saved you 20 or 30%, months in advance!
I spent 200 on a simulator and it was worth every penny; it basically paid for itself in the sense that I didn’t have to lose 500 (or 1000, or more) to find out what I learned from it so far. It’s also really good in terms of chart time. But they are of limited utility by definition. Really good for technical trading but they sort of exist in a vacuum, it’s like trading in a market with zero fundamentals knowledge. Unless you trade 2008 data or something in which case it’s really hard to not know what’s going to happen…
Full disclosure: though I’ve had some rather bright spots so far I’m not an ‘expert trader’ yet by a long shot, so temper any advisement from me with that knowledge. That said, I’m still cash positive…
Come on guys, you wanna make trillions quick, blew several 10k accounts and have no peanuts for cheap software?
Well, just kidding, but I wouldn’t care for something below 1k equipment if my goal would be to make some 100+k. Some blow this money with one trade in a few minutes, lol. Only thing what makes me sad if I had to pay something what I would know to get for free a day after I bought, lol.
I got a few comments on my blog and people were saying that Simple Forex Tester does not allow you to move the stop loss above the breakeven point. Maybe they have changed that recently. Also, when I tried to contact them to ask some questions, I never got a reply back. I heard the same thing from one other person.
I agree with MeiHua that Forex Tester 2 is the best solution out there. It is the only testing software I use. Their support is awesome too.
