Foreign exchange Tester has been round since 2006 and is without doubt one of the most generally used handbook Foreign exchange Backtesting software program options out there.
However in the event you’re on the lookout for alternate options, this text will give ALL of the opposite options that I’ve found since beginning this website in 2007.
I am going to present you the place every software program package deal is healthier that Foreign exchange Tester and the place it isn’t pretty much as good.
Some options are paid and others are free.
However bear in mind, you normally get what you pay for.
Alright, let’s get into it…
Foreign exchange Tester
Earlier than stepping into all the alternate options, I am going to first present you the place Foreign exchange Tester shines and the place it has some shortcomings.
I have been utilizing Foreign exchange Tester since about 2008 and it is a strong piece of software program, however there may be some room for enchancment.
However first the good things…
Advantages of Foreign exchange Tester
- Wide selection of markets out there to backtest
- Paid product, guaranteeing product updates and assist
- Straightforward to make use of
- Wonderful assist
- Can backtest MetaTrader EAs
- Free trial
- Superior commerce and order administration
- Very steady
- Add customized indicators
Downsides of Foreign exchange Tester
- Very restricted analytics
- No partial automation instruments
- Up to date historic information requires a month-to-month charge
- Requires Home windows
- Their paid EA builder does not work
- Not all customized indicators will be transformed to Foreign exchange Tester format
- Laborious to program customized indicators your self
Who That is Good For
For those who do not want detailed analytics, then this can be a good answer.
Merchants who use customized indicators also can profit from utilizing this software program.
Like I discussed earlier, I’ve used Foreign exchange Tester for alongside time and it is a strong software program package deal.
Nonetheless, if you need a full-fledged backtesting answer, then I really feel that Foreign exchange Tester has room for enchancment.
For those who like this software program and wish to get an enormous low cost on the most recent model of Foreign exchange Tester, then go right here to be taught extra.
However in the event you nonetheless wish to hear concerning the alternate options, let’s check out all of them and see how they examine.
I am going to begin with the software program that has changed Foreign exchange Tester on my laptop…
NakedMarkets (Finest Foreign exchange Tester Various)
That is my decide for greatest Foreign exchange Tester various.
NakedMarkets was simply launched a few years in the past, and I really feel that it has already surpassed the capabilities of Foreign exchange Tester, by a large margin.
I at the moment solely use this software program for backtesting.
Here is why…
Advantages of NakedMarkets
- Skilled stage backtesting analytics
- Guide, semi-automated and absolutely automated backtesting
- Constructed-in no-code buying and selling system builder that works nicely
- Straightforward to make use of
- Free up to date historic information
- Paid product, guaranteeing product updates and assist
- Get historic information downloads from a number of brokers
- Historic information for a lot of futures, foreign exchange, indexes, crypto and inventory markets
- Engaged on assist for customized MetaTrader EAs and indicators
- Superior commerce and order administration
- Free trial
- Create your individual indicators with common programming languages
- And extra!
Downsides of NakedMarkets
- Solely runs on Home windows desktop
- They’ve a small workforce, so assist generally is a little sluggish
How It Compares to Foreign exchange Tester / Who It is Good For
This software program is superb for anybody who desires to hurry up the backtesting course of with partial or full automation, however doesn’t wish to code.
The Guidelines characteristic of NakedMarkets permits merchants to construct automated items of a buying and selling technique, and probably make it a completely automated technique sooner or later.
One more reason to make use of NakedMarkets is due to their skilled stage analytics.
Sadly, Foreign exchange Tester’s analytics has not improved through the years and this characteristic alone is definitely worth the barely increased worth of NakedMarkets.
I like to recommend it to anybody who’s pondering of getting Foreign exchange Tester.
NakedMarkets is superior to Foreign exchange Tester.
Study extra about NakedMarkets right here
MetaTrader 4 and 5
MT4 and MT5 are very related in terms of backtesting, so I’ll group them collectively.
Since so many brokers have MetaTrader out there as a buying and selling platform, utilizing one among these platforms for backtesting is a superb method to get accustomed to the platform so you understand how to make use of when it comes time to commerce dwell.
Advantages of MT 4 and 5
- Free to make use of and free historic information
- Get to know the buying and selling software program whereas backtesting
- Can be utilized offline if the information is already downloaded
- Can use the quite a few customized indicators already created for MetaTrader
Downsides of MT 4 and 5
- Want to make use of a spreadsheet to trace backtesting trades
- A very sluggish backtesting technique
- Might be complicated to scroll again to outdated dates
- Solely out there on Home windows (not dependable on Linux/Mac), cell variations not good for backtesting
How It Compares to Foreign exchange Tester / Who It is Good For
That is incredible for individuals on a funds, or in the event you simply wish to check out backtesting with out investing any cash.
The massive drawback is that the method goes to be actually sluggish.
However on the intense facet, anybody can do that as a result of it does not require any difficult setups.
Of all of the free choices on this web page, I’d counsel beginning with this one.
It is a good free choice to Foreign exchange Tester.
Obtain MT4 or MT5 to get began proper now.
TradingView
TradingView is my absolute favourite buying and selling and charting software program.
It is really easy to make use of and it runs on any system, which is a large benefit.
However is TradingView a great Foreign exchange Tester various?
Let’s discover out…
Advantages of TradingView
- Runs on any working system, together with cell
- Tremendous easy charts, straightforward to make use of
- Use the Replay characteristic to simulate dwell market circumstances
- Paid product, guaranteeing product updates and assist
- Can use the quite a few customized indicators already created for TradingView
- Free trial
Downsides of TradingView
- Not sufficient historic information to backtest on decrease timeframes
- Ongoing subscription charge
- Very restricted analytics
- Can’t do advanced entries and exits
- Must be on-line to make use of it
How It Compares to Foreign exchange Tester / Who It is Good For
TradingView is sweet for merchants who wish to backtest absolutely automated buying and selling methods or handbook methods on increased timeframes (day by day chart or increased).
If you wish to do backtesting on decrease timeframes, this isn’t the platform for you.
They don’t have sufficient historic information or analytics to make it definitely worth the month-to-month value. Hopefully that modifications sooner or later, however for now, this isn’t an awesome backtesting platform.
Study extra about TradingView right here.
Soft4FX
It is a comparatively distinctive answer available in the market as a result of it is a plugin for MetaTrader 4.
So as a substitute of constructing a wholly new software program, the creators simply piggybacked off an already common software program.
Here is the nice and unhealthy of this software program.
Advantages of Soft4FX
- Paid product, guaranteeing product updates and assist
- Low value
- Leverages current common MetaTrader 4 platform
- 3 Historic dealer information choices
- Superior commerce and order administration
- Free trial
- Use with 2 MetaTrader 4 accounts
Downsides of Soft4FX
- Very restricted analytics
- A bit clunky, not the best to make use of software program
- Requires Home windows and the desktop model of MT4
How It Compares to Foreign exchange Tester / Who It is Good For
It is a strong answer for somebody who’s simply getting began in buying and selling and needs a good, low value, backtesting software program answer.
Nonetheless, in case you are critical about studying how one can commerce, I’d extremely advocate spending a bit more cash and buy the very best Foreign exchange Tester various listed above.
After I used Soft4FX for just a few days, I discovered that I wished one thing with extra capabilities.
You would possibly discover the identical.
Study extra about Soft4FX right here.
Merchants Gymnasium (ThinkTrader)
Merchants Gymnasium is a free backtesting answer contained in the ThinkTrader platform from ThinkMarkets.
It has some primary backtesting options that may get you up and operating with a backtest rapidly.
One factor to remember is that ThinkMarkets is a dealer, so they may attempt to get you to join a dwell buying and selling account, not like Foreign exchange Tester.
However this is the nice and unhealthy in terms of this software program.
Advantages of Merchants Gymnasium
- Free software program and historic information
- Good wanting interface
Downsides of Merchants Gymnasium
- It’s a must to be linked to the web to make use of it
- They do not supply a lot historic information
- Common pausing due to web connection throughout backtesting
- Lacking some key backtesting options
- It isn’t straightforward to make use of
- Can’t add customized indicators
- Guide backtesting solely
How It Compares to Foreign exchange Tester / Who It is Good For
Probably the most annoying a part of this software program is that it’s important to be on-line to make use of it.
On prime of that, it pauses often as a result of it loses the web connection for some cause, even when I’ve a strong connection.
I do not perceive why they made it run this manner, since this can be a standalone software program that is able to storing historic information.
Now this might be a great free various to Foreign exchange Tester in the event you’re a day dealer that makes use of pure worth motion to commerce.
In any other case, I don’t take into account this a great various to Foreign exchange Tester.
Study extra about Merchants Gymnasium right here.
NinjaTrader
NinjaTrader was began in 2003, making it one of many oldest platforms on this checklist.
There is no doubt that it is a strong buying and selling platform. However how is it for backtesting?
Here is what I found after making an attempt it out.
Advantages of NinjaTrader
- Free software program and historic information
- Good assist
- Properly established platform
Downsides of NinjaTrader
- Actually clunky software program, feels prefer it was constructed within the Nineteen Nineties.
- Laborious to get it to work
- Primarily for Futures buying and selling
How It Compares to Foreign exchange Tester / Who It is Good For
I do know a few skilled merchants who’ve been very profitable utilizing NinjaTrader as their backtesting software program.
However I do not prefer it.
To begin with, it is primarily for Futures merchants. So in the event you commerce another market, it isn’t going to work as nicely.
Second, it takes eternally to discover ways to use it and it’s totally irritating.
On the upside, it is free, in order that’s one profit that it has over Foreign exchange Tester.
However all in all, I’d steer clear from this software program in the event you commerce Foreign exchange.
Study extra about NinjaTrader right here.
FXBlue Buying and selling Simulator
That is one other free buying and selling simulator that is downloadable from FXBlue.
Like Soft4FX, it is also a plugin for MetaTrader 4 and leverages the features of a longtime platform.
Here is the nice and unhealthy about this software program.
Advantages of FXBlue
- Free historic information
- Plugs into MetaTrader 4
- Higher than utilizing a spreadsheet
Downsides of FXBlue
- Clunky to make use of
- Not many options
- Very restricted assist
- Home windows solely
How It Compares to Foreign exchange Tester / Who It is Good For
FXBlue is a free method to see in the event you can be OK with an answer like Soft4FX, or in the event you can be higher off with an answer like NakedMarkets.
It is adequate to get a really feel for how one can backtest, however I do not see it as far more than that.
This isn’t a great alternative for Foreign exchange Tester.
Study extra about FXBlue right here.
Conclusion
So in the event you’re on the lookout for an alternative choice to Foreign exchange Tester, then these are your greatest choices.
For those who’re on a good funds, then the free or low-cost choices like MetaTrader or Soft4FX are an awesome place to begin.
However if in case you have some cash to spend money on your buying and selling enterprise, I’d extremely advocate utilizing the most suitable choice you may afford.
To discover ways to backtest correctly after getting one among these options, take my backtesting course.
