Simple Forex Tester
This program has an interesting concept, allowing you to do advanced, time-efficient back tests and trade simulations. This is perfect for those interested in experimenting with new strategies; those doing research on existing strategies (and/or attempting to verify someone’s claim of a such and such % win rate); or simply those seeking more practice time, but don’t have enough time during the day to wait for the market to play …
Click here for more information
CAUTION: Be wary of relying too heavily on Metatrader 4’s historical data, it is notoriously inaccurate, especially the further back you go. We are not sure what data feed this product uses. All we could find was a mention of a “data feed from your broker.” This warrants further research, we will try to find the answer and update this post.
UPDATE (10/22/2012): Regarding the above caution … the website is a bit dodgy on the subject, stating at one point “I will show you how to get ‘minute data’ for more than 10 years of real data and load it..” and then there is a reference to broker historical data, and then stating “practice your trades with historical data using MetaTrader 4.” It is unclear. I sifted through the training videos, but didn’t find a reference. Admittedly, I did not have the patience to sift through them all and I kind of “skimmed” through the videos, and it is probable that I skipped over the “10 years of data” part. I played around with the program a bit more and from what I can tell it uses MT4’s historical data. Anyways, I sent an email to them inquiring about it. I will update this if I receive a reply…
In the end, if it does use Metatrader’s historical data, it probably isn’t the end of the world, just be aware of the limitations and do not rely too heavily on the results. It really depends on what you are trying to accomplish. For a scientific experiment, this probably isn’t suitable. For testing out a strategy that does NOT have extremely stringent rules requiring a high level of precision, then maybe this is ok. For practicing trade entries for the last week because you were too busy working to watch the market, then this is probably great. All in all, I still think this could add some serious value to a trader’s arsenal.