This article is not a detailed Forex testing software review. By way of comparison, we just wanted to show what you can achieve with our Smart Forex Tester software but not with other populat tools.
If you look up Internet for “Forex tester”, top positions in the search results will be taken by forextester.com and simpleforextester.com. The former sells its Forex Tester software and it appears to be quite popular: the site’s global rank according to alexa.com is almost 100 000, which is really impressive.
But what can we do with so popular software? We find that essentially both are trading simulators. They give you a tool to practice your trading skills in an environment very close to real.
What the word “tester” refers to then? Of course, you can test yourself as a trader. If we use an analogy with flight simulators, we can test whether you can land safely or crash without risking anything.
But what about testing your trading strategy? Sure you can run it, but is it really a full-blown testing? In our analogy, a trading strategy could be equivalent to a full set of flying skills. So if you tried some random flight tasks and succeeded, will this guarantee you already mastered all skills needed to fly in any conditions? You got the point.
Forex Tester Or Forex Strategy Tester?
Our approach to simulation is different. We are developing our Smart Forex Tester software for testing Forex strategies – focusing on the end result from the very beginning. Let’s see why this is important.
Any successful trader has a method – a strict set of rules when to enter and exit the market and with what volumes. Period. Make no mistake about it – trading without a strategy is a fast way to lose money. Which means that practicing without a clear strategy is a waste of time.
(This is by the way the reason why we don’t add trading simulator functionality to our tool, even though it could have been done very easily).
Next, once you have your trading strategy finalized and written down, why would you need a manual trade simulator? Why don’t you just formalize the rules and make an automated trader which executes them for you. Faster, 24/7, without any human errors. Your task will be to review the results and make corrections to the strategy. This is like going to the next level.
We would like to stress once again – there is no principal difference between manual and automated trading. The main prerequisite for successful trading is your trading strategy – clearly formalized. Once you have it – the rest is a technical problem of its implementation.
So now we come to the idea of Smart Forex Tester software suite. It is designed as the ultimate tool to develop and test your Forex trading strategy. We are making this process simple and fast. We want to make automated testing and trading open to all.
Our tool doesn’t require you to master programming. We are using easy to understand state machines to define your strategy. Only the core logic of the strategy needs to be defined, all the standard operations are hidden.
The automated test environment is being designed to execute our test methodology and make you comfortable that your strategy works.
Once tests are passed, any trading strategy can be used in real trading from the same software suite via the interface to MetaTrader terminal.