In a similar style to Mark’s Thinking Stuff Forex trading software where the user is given a NON-programming approach to automating their strategy this web site similarly provides the ability for the user to test a myriad of trading strategies and to then trade those strategies LIVE via your FXCM account.

What made this web site even more compelling was the fact that all this (so far) is offered FREELY!!

Basically here’s how it works:
1. First you start at the SIGNAL end by compiling your entry and exit signals on selected time frames (you’re unfortunately only limited to the signals offered). If you’ve created some exit signals be sure to create a “Contextual Exit” otherwise your exit signals will not be used when you formulate your system.
2. When you’re happy that you’ve got your signals listed, jump over to SYSTEMS and select which currency pair you’d like to test your singals on, which direction (either Long or Short), what the order type should be once your entry signals are satisfied, and at what times you would want your system to run on (i.e. ALL, or just during the London session, or NY session… etc). Lastly, select your exit strategy.
3. Then move over to TESTS and create a new test. Select the strategy you want to test and the date range of your backtest and hit start.
4. Wait a few minutes and you’ll soon have your results sent to your email address.

Easy, huh?

Okay, so what are the downsides of this service?

Well, I think one issue that some people might have is that your systems are public. I suppose this is a negative and a positive, because on the one hand you can look at other people’s systems and tweak them to suit your own trading personality, yet on the other hand YOUR edge may begin to lose its profitability if others start using it.

Another problem is that you’re only limited to 100 signals, systems and tests per account. This may not sound like much, but considering that you can only test one currency in one direction at a time 8 tests can be chewed up quite easily on one system if the user tests both LONG and SHORT on each of the four majors.

Lastly, I’d prefer if I could access the test results better – maybe an export to CSV file or something of that nature. Ideally I’d like to see something whereby we have a table that has at least the following: ENTRY DATE & TIME, ENTRY PRICE, INITIAL STOP LOSS (IF ANY), EXIT DATE & TIME, EXIT PRICE, MAE, MFE, P/L (IN PIPS).

Anyway, HiveTrader is definitely worth a look and I would encourage you to go over and have a little play.

(If you like you can include my username currsec in the referrer ID when you register your account – I don’t make anything by you doing so.)

Tags: Auto Execution, FXEngines, Forex Systems, Forex Tester, HiveTrader

(If you haven’t already done so you may want to read my previous review on Forex Simulator.)

Allow me to start by saying that Forex Tester is a much more refined package than Forex Simulator. In fact, user of MetaTrader will recognise the interface almost immediately.

So in what ways is Forex Tester different besides cosmetically?

Here’s a list of things I like about the Forex Tester platform:

• Stop and limit entry orders (as well as market orders) – also applies to exit orders
• You can program a dll using their API library and employ your own strategies
• You can import your own csv, txt or MetaTrader 4 (hst) forex history files – I like it how they use free forex data from sites such as Forexite and Alpari
• You’re not restricted to just forex data you can test anything – even stocks or indices!
• You can exit positions partially
• You can have multiple charts on multiple time frames
• You can take screen shots of your trades
• You can export your account trading history so that you can analyse your trades in Excel
• They provide a chart on the equity curve of your trades
• You can add comments to each trade so that you can analyse your performance better
• They have support by way of a public forum
• The ability to import data and append it to already existing data
• And they allow you to test their platform for free for 14-days

The enhancements that I’d personally like to see in the Forex Tester software, which are also enhancements I’d like to see in Forex Simulator, would be:

• Including economic announcement alerts
• When placing an order slow the speed of the chart down to, at most, the time event of each tick that is plotted on the chart (i.e. 1 minute)
• Automatically take snapshots of each trade entry and exit
• Randomly select an entry time to trade and preferably hide the X-axis

How much does it cost?

The Forex Tester is sold at a good price program selling for only US$135.

In summary the Forex Tester is a better program than it’s competitor Forex Simulator. I wouldn’t hesitate in recommending this product to anyone who is seeking to “train” their mind and better their forex trading.

Test their platform for free and see whether it fits in with your trading requirements.

Tags: Forex Simulator, Forex Simulator Trading, Forex Tester, Forex Trading, Forex Trading Simulator