FOREX Software | Forex Tools | Metatrader Forex Software

Forex Software: Friend or Foe?

When you are a forex trader, you will definitely make a choice as to whether you will seek the help of the forex software. You may have heard that there are a lot of professional traders out there who have made it big in the forex trading scene with the help of their software. On the other hand, you also have heard that there are some traders who failed because they relied on their forex trading software when making their decisions.

Actually, like all the other products out in the online and offline market today, there are advantages and disadvantages in the software that you are planning to buy. You may ask yourself why there are people who succeed while the others do not. It could depend on the forex software that they are using. Let us not forget the fact that these systems are indeed helpful since they allow a trader to trade even when they are sleeping and resting. However, these robots are often considered to limit the knowledge of the trader in forex trading market.

One can also find that there are systems that are in another foreign language and others have a very complex interface that an average user cannot even touch. There are also some that require a trader to sign a contract that leaves the rights of the trader to a recourse action. Thus, a lot of traders are scammed especially those who believe immediately in the sweet words of the companies. To avoid this, you should read first the terms and conditions cautiously that are associated with the software you are trying to purchase.

Meanwhile, if you exercise watchfulness and you are really careful in making deals in this market, you can take advantage of the forex software for yourself. With this, you can track the movements and current trends in the market. It is inevitable for companies that offer these programs to include the offers that are not really available when one avails for their product. Bear in mind that these can never predict the future in the market. You will never make twice or even thrice the amount that you want.

Make sure that you take some time to research on what the other people have to say. You can also talk to the other professional traders that you know and ask for their advice. You should check that the software is suitable for your trading level and knowledge as well. You should also bear in mind that you should never rely on the capabilities of the forex trading software because you are the only one who could make the money and not the robot.

If you are able to find the right one for you, you will be able to make decisions easily when it comes to selling or purchasing the currency pair you have been looking out for. Do not be impulsive in buying even if you have found that one actually costs lower than the others. Check that it is simple and yet effective and is compatible with any platform you are using.

Understanding the Features of Your Forex Software

Currently traders love automated processes which is why most of them make use of the best forex software that they can find. These programs are created to supply help for traders during the operation and even in technical analysis. The most important to remember here is that the software has been designed to provide every valuable detail in real time mode. This means that whatever data you receive from the system is the exact and precise information that is presently happening in the trading scene. The wide variety of orders permits traders to manage the trading transactions that they have to take care of in that particular day.

The Metatrader 4 is a trading platform that allows people to make their trading activities easier. It is comprised of seven structures including the Metatrader Server, Data Feeds, manager, administrator, data center, mobile terminal and the client terminal. In the client terminal, this is the fundamental analysis takes place. Just like the technical indicators and the line studies that are present in the forex trading software, the terminal also has a built in language that allows you to modify and develop trading strategies. This is called the MetaQuotes language 4, which is an essential language that allows you to create your very own EA or Expert Advisor along with the Custom Indicators and the Scripts.

These Expert Advisors have been a part of the forex software because many traders believe that this is a necessity especially if you want to meet your goals easily. They help you in the analysis of your decisions by giving out the situation in the forex market together with the pending orders and the open positions without the trader even participating in the whole transaction. As you may know, these custom indicators are like the technical indicators that aid you in making analysis on the market’s condition so that you will be able to generate more profits in return. On the other hand, Scripts are those that are designed for a particular action.

The Metatrader 4 API also takes part in processing the requests from its customers, which are the traders. What happens here is that it manages the request queue along with the order execution and monitors the margin requirement. Bear in mind that the API is one of the key features of the Metatrader that allows you to generate and develop your own trading strategies so that you can make your transaction even more successful.

Another part of the forex trading software that takes part in taking orders is the Metatrader 4 Multi-terminal. This is a feature that is included in the online trading platform. This is also the one that is responsible for taking care of multiple trading accounts that you may have and also receives quotes from different currencies. This also manages the various types of orders and also allows you to view the history of the accounts.

You can also make use of other software so that you can copy the orders that you have placed on Metatrader. This will help you send the data to your broker. All you have to do is append the script into the chart, which is found in Metatrader and then it will copy the trades into that software. After that, the copied orders will be sent to the broker you have chosen.

Ever since technology expanded, the possibility of trading online has increased and now it is finally a trend. Because of that, people are more enthusiastic in learning more about forex and how to trade in this market. Be sure that you have the best forex trading software so that you will further understand the trading processes.

Forex Tester - Professional Forex Training Software for Traders.

Forex Tester is a professional forex software simulator of the Foreign Exchange Market. It allows you to gain and improve trading skills without risking your money. You do not need to train in real time, waiting for days and weeks to test your trading ideas and strategies, Forex Tester software will pack this time in hours and minutes.

This is an excellent forex software ( training tool) that will help you to:

• Study trading on the FOREX market in a fast and convenient way.
• Develop and test your own trading strategies without being a programmer.
• Test your trading strategies on years of historical data.
• Save your money and time.

The program has extended drawing tools that allow you to test trading strategies based on technical analysis. It provides some of the most popular technical studies such as: Fibonacci Retracement, Fibonacci Fan, Fibonacci Arcs, Andrews’ Pitchfork and others.

Also, we added some of the most popular indicators and oscillators to Forex Tester Software and continue to increase their number.

For the advanced users and programmers we designed open interfaces with detalied documentation to help you create your own indicators and strategies. Thus, if you have your own ideas, you can implement them using Forex Tester Software  API and significantly expand the program functionality. We continue working on the forex training program and hope that you enjoy our software. Stay with us!

Thank you for your visit! You are always welcome here.

LIMITED TIME OFFER! Buy Forex Tester Software from our website and GET Metatrader Indicator MultiRVI (regular price: 45.99 USD) for FREE!

About Forex Tester Program

Forex Software Solutions

There are two base approaches to develop and test trading strategies in ForexTester.

First, and an essential for majority of traders - is manual testing. Traders can make virtual trading decisions on historical data. Several kinds of orders are supported: market order, limit order, stop order, breakeven stop order, predefined set of “packet” orders.

All of these trading desicions are made in almost true “real life” conditions - updating historical prices. But trader gets additional advantages. He/she can choose the period of testing and regulate the speed of price updating. Trader can even backstep and “replay” the history once more.

All executed trades are documented and stored in “Account history”. Constantly updating Equity, Balance, Margin and Drawdown graphs show the result of trading decisions to provide trader with effective feedback. Also Statistics is updating in real-time to show such values as “Total trades”, “Profit Trades”, “Average Profit”, “Profit Factor” and others. All executed trades can be monitored on charts.

Second, developing of mechanical trading systems. Although it is a bit complicated and trader should posess the knowledge of programming languages and the process of writing such a system assumes the using of programming environment, it could be of some help to test trading algorithm with strict rules in fast and precise manner. Our testing engine provides “tick by tick” calculation, 3 different types of tick generation, portfolio testing of one strategy on many currencies and moreover - portoflio testing of several trading strategies simultaneously.

There are 2 working modes in the program - Edit Mode and Testing Mode.

Edit Mode is designed to store all imported history, allows import and export history, edit currency list and prepare data for Testing mode.

Testing Mode is designed for working with pregenerated in Edit mode data arrays, trade on historical data, test trading strategies, see statistics and profit diagram.

This diagram shows relationship between two modes:

Forex Tester Charting

Chart types: Bar, Line, Candlestick.

Timeframes: 1 min, 5 min , 15 min, H1, H4, D1, W1.

Scale charts horizontally and vertically.

Color schemes - choose from ready color sets or define your own.

Turn on/off grid and period separators.

Forex Tester Drawing Tool

Draw horizontal, vertical, simple lines, trendline (ray), polyline and parallel line - it’s all very convenient.

Fibonacci retracements/extensions, Fibonacci fan, Fibonacci arcs, Fibonacci Cycles are good to determine turning points.

Andrew’s Pitcfork uses the concept of action/reaction principle.

Lines’ properties, such as color, style, width can be modified. Line’s “snap to bar” option is available.

Forex Tester Statistics

Statistical values are updated on every executed trade, so monitoring them you’ll get actual information about trading process, which could allow you to modify your behaviour corresponding to risk- and moneymagement.

There are: Total Trades, Profit/Loss Trades, Trades/Day, Trades/Month, Max Profit Trade, Max Loss Trade, Net Profit, Gross Profit, Gross Loss, Average Profit, Average Loss, Max Drawdown, Profit Factor, Profit/Loss Expectancy.

Also Equity and Balance graph are updating real-time.

Forex Tester Data Sources

ForexTester allows you to import unlimited number of currency pairs and years of history data almost in any possible text format (ASCII *.csv, *.txt) and in MetaTrader4 history format (*.hst). We strongly recommend to import 1 minute data for accurate testing (it is possible to import higher timeframes but testing results coud be not as good).

Here you can download history data for the most common currency pairs (Source: Forexite. Ltd):

Price: Bid Time: GMT+1 (Central European Time) Quality: one of the best from free sources

Also we can recommend Data Bank provided by Forex broker Alpari Ltd.

Forex tester Software System Requirements:

OS - Windows 2000, Windows 2003, Windows XP.

Processor - min. 600 MHz Pentium III (or compatible); recommended - 1500 MHz and higher.

Memory - min. 128 MB RAM, recommended - 512 MB RAM and higher.

Disk space: 1-5 GBytes available, depending on the history data volume you would like to work with.
(note, that program itself requires only 5 MB to be installed).

Forex Tester F.A.Q

Q. Where to get historical data for testing in ForexTester?

A. There are several brokers, which provide the option to freely download historical quotes from their websites (for ex. Forex broker Alpari Ltd. on the page Data Bank, others you can find on the search engines). Also, if you use some specific data format (for example MetaStosk etc.) you almost for sure can convert it to text format (ASCII), as text format (ASCII) is a base format for all data and many trading software products provide this opportunity. Please, bear in mind, that quotes from independent information service are more preferable for developing and testing, than you should check your strategy once more on the quotes of your own broker to mitigate discrepancies between theoretical testing results and possible real execution.

Q. What are the differences between demo-version and full version of your software?

A. Demo-version has two limitations: it allows to uninterruptedly test for 10 minutes, then you should start anew (it’s not a difficult, you just can not save results from previous testing period before resume testing again). And second - only “Start testing from first date in range” option is active at Connect before starting the testing process. So, even demo-version of software can be useful in many aspects for training. But if you’re serious to trading and would like to develop good trading strategy, then we recommend to register the program to allow yourself fully concentrate on testing process without interruption.

Q. Does ForexTester allow to import other symbols (for ex. stocks and futures) for testing, as forex symbols?

A. Yes. You can import, but this version of the software was specially designed for forex testing - all trades are margined (100:1 margin level is used) and you should be careful not to make locking deals as some forex brokers allow. So, it’s more suitable to test CFD and futures symbols in ForexTester, rather than common stocks.

Q. I have imported additional history data in ForexTester, but can not see it in Testing Mode during testing. Why?

A. Don’t forget that you need also to generate ticks before you can use impoted historical data for testing.

Q. What size of volume does your program support? How much quotes can be imported in?

A. You can import many years of 1-minute data for many currency pairs. It all depends on your computer’s hard drive capacity.

Q. Will you include additional indicators to your program?

A. Yes, of course. We constantly increasing number of available indicators. Please check for updates about once a week.

How to use Forex Tester

Forex tester Software Installation

Installation is quite easy. There is no need in any additional software environment. No registration during installation required. It takes only a fraction of minute to install the program.

Operation Systems: Windows 2000, Windows 2003, Windows XP.

Forex Tester Currency List.

In this dialog window you can edit the list of currencies available in the program. You can add, delete and modify items in the list. After applying changes the tabs under the main price chart will reflect updates. Access to Currency List is available only in Edit mode.

In the Currency Properties window you can input the name of trading instrument (actually you can work not only with currencies, but futures, CFDs, indexes).

Define the lot size, spread, value precision (number of digits after the decimal point), swaps.

Then press “Apply” at Currency List for modifications to take effect.

Forex Tester Data Import

1. Open Import History Data window and browse to a history file.

2. Define the destinated currency name and shift in time.

3. Define fields (columns) in history data format.

Forex Tester Ticks Generation

Ticks generation is necessary to make new historical data available in Testing Mode after it was imported in ForexTester in Edit Mode. Also, it is useful to precisely define the period of ticks generation as far as it is convenient if start period of data range is close to start period of testing.

Open “Generate tick data” dialog window by clicking on icon or drop-down menu.

Choose the appropriate ticks generation method.	Choose currency names and date range to generate ticks.

Forex Tester Testing Mode

Testing Mode allows to make trades on historical data. The speed of price updating is possible to regulate.
	Switch from Edit Mode to Testing Mode.
	Press on Connect button.
	Choose one from three different options of start testing parameters: resume previous testing or start anew from first date in generated ticks range; define the date outstanding from first date in generated ticks range.

Moving Price Regulate the speed of price updating by defining the “time delay between consecutive ticks” option.

Regulate the speed of price updating by defining a tick package size.

Pause the automatical price updating and navigate by one bar to the left or right pressing on icons or hot keys.

Forex Tester Placing Orders

Open the order dialog window by clicking on icons or context menus within bottom panel or price chart.
For Market order define symbol, lot size, stop loss and take profit.
For Pending order define define symbol, lot size, open price, stop loss and take profit.

Forex Tester Modifying Orders

Within the first section of bottom panel choose the line with Market order to Modify. Define new stop loss, take profit by pressing on “Modify order” or even close order at market price by pressing on “Close”.

Within the second section of bottom panel choose the line with Pending order. Define new open price, stop loss and take profit by pressing on “Modify order” or even delete the order by pressing on “Delete”.

Using Indicators

Insert Indicator to price chart by choosing it from drop-down menu. Modify indicator properties in dialog window.
Edit indicators properties or delete them from price chart by opening Indicators List. Indicators are added separately on every timeframe - on different timeframes are individual bundles of indicators.

Using Drawing Tools

Use special menu bar for drawing.

Select graphical instruments on price chart by double-clicking on them.

For editing properties of graphical elements (lines, fibo etc.) double-click on them and select section from context menu.

Define parameters of graphical elements in properties window.

Forex Tester FLeft Panel

Left panel contains 3 subpanels:

• Currency - shows currency name, bid, ask and spread values for visible currencies.
• Tick chart - shows every tick diagram for selected currency.
• Stats - trading statistics.

oCurrency panel shows currency name, bid, ask and spread values for visible currencies during testing process in Testing mode. In Edit mode is unavailable.

Tick chart panel shows tick diagram for selected currency. You can select currency from Currency panel or by selecting currency tab at the main chart.

Stats panel contains a lot of statistical parameters of trading process.

Forex Tester Bottom Panel

Bottom panel consists of 4 subpanels:
Open Positions - you can see opened positions here, initial deposit, balance, equity, margin and free margin.

Pending Orders - you can see list of pending orders here.

Account History - list of closed positions.

Journal - system messages, logs and strategy messages.

Notes: To hide/unhide bottom panel press Ctrl + Enter.

Forex tester Additional Options

Define the start capital for testing.

Define parameters for quick-put trades.

Define horizontal scrolling speed of price chart by mouse. Define mouse sensitivity to lines (for clicking and dragging). Define magnet sensitivity of graphical elements to OHLC of price bars when magnet mode is active.

Testimonials

“This is a great program and really goes a long way for testing systems without waiting weeks to see the results. Any plans for building one that allows for Eminis and Futures contracts? I will be first in line to buy one!”

Andrew, Jan 8, 2007

“I’ve been anticipating getting your software to use for strategy testing. It looks like great software.”

Taylor, Dec 2, 2006

“Great software! Just what I need. I am assuming that version upgrades are included in the purchase price, correct?”

Thomas, Nov 12, 2006

“GREAT! That will work. I am quite excited about using this. I actively trade forex. This visual analysis concept will really help. In the past I would manually go through charts, candle by candle and import the info into an excel spreadsheet. Your system is much better.”

Jeff, Sep 27, 2006

“THIS SOFTWARE ROCKS! It makes it so easy to actually “pretend” to run real trades based on my strategies. When the profit column starts building up, that just reinforces the need to trade my system. I’m still learning how it all works, but even with my limited knowledge I am pumped!”

Yukoner, Sep 23, 2006

“I realy like this software, so keep up the good work.”

Lars, Aug 31, 2006

“I like your program. I had been looking for something like this for long time.”

Pavel, Aug 28, 2006

“You software is really great for me.”

Martin, Aug 16, 2006

Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients; certain accounts may have worse performance than that indicated. Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine “risk” funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. No “safe” trading system has ever been devised, and no one can guarantee profits or freedom from loss.

LIMITED TIME OFFER! Buy Forex Tester Software from our website and GET Metatrader Indicator MultiRVI (regular price: 45.99 USD) for FREE!

Risk Disclosure

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

BJF Trading Group

http://iticsoftware.com