|I'm just getting into Forex trading and have already spent a ton of money on books, a ton of time on forums and a ton of effort doing demo trading.|
I stumbled across Forex Tester and decided to give it a try. I'm very pleased that I did.
With it I have been able to do hours and hours of demo trading. Because I can control the speed of the simulation, I can do more demo trading with it than I can with a real demo account (an account that is constrained to real market speed). And I can practice on weekends when the market is closed.
I've already been able to test more than 5 systems and I've learned all kinds of techniques using it - finding support and resistance, drawing trend lines, practicing Fibo retracements and extensions.
It has all the studies I could ask for - moving averages, stochastics, MACD, bands, RSI, etc.
The interface is very similar to MetaTrader 4 which is the software I first began using to demo trade, so it was very easy for me to learn.
With a few good books, a solid connection to a good training community via a good Forex forum and Forex Tester software, I have everything I need to move toward success in my trading.
I'm already seeing improvements in my ability to pick good trades, avoid simple newbie mistakes and I'm seeing my simulated account growing already.
Best money I've spent on my Forex education. I can't recommend this software highly enough.
My only complaint is that I can't find a good, cheap (preferably free) source of up-to-the minute data to feed into Forex Tester so I can practice on recent data.
Forex Tester does provide years of tick data for most of the currency pairs going back to the early 2000s. But it only comes up to around Jan 10, 2008. The data is updated quarterly, so I'll eventually have data from Feb and Mar 2008, but I'd like to have it now.
None the less, that's a tiny problem given the years and years of data on which I can practice.