I'm been using Forex Tester for a long time. But there were a couple of versions that I didn't recommend because they had some serious bugs. So will Forex Tester 5 be a zero or a hero?

My testing has shown that Forex Tester 5 works well and does have some useful upgrades. The upgrades are incremental, but given that the cost is the same, I feel that version 5 is worth the money.

Keep scrolling to get the details.

Watch the video or get the text version below the video.

Where Can I Backtest Forex Trading Strategies?

This is the question that led me to Forex Tester (FT) many years ago. Since then, many different backtesting solutions have come to market.

I tested them in this video to see how Forex Tester compared. FT was the winner of that shootout, but I found that one of the other software packages did have some legitimate benefits.

However, at the end of the day, if you want the very best backtesting software publicly available right now, FT is the way to go. 

Now let's get into why I believe that.

Simplified Menu

The biggest cosmetic change in Forex Tester 5 is the menu at the top of the screen. It looks very similar to the “ribbon” menu in Microsoft Office.

I like how the icons are arranged and the layout makes it easy to find things because they are categorized in a very logical way.

This type of menu is much easier to use and is a welcome addition. Forex Tester 4 had a very small and compact that made it really hard to use on a tablet.

So the menu is a great improvement in version 5 and I really like using it.

Strategy Optimizer

Another new addition is the strategy optimizer. It allows you to upload FT automated strategies, or MetaTrader EAs.

You can then do an automated backtest in the software and look for optimizations.

This is similar to the strategy optimizer in MetaTrader 4 and 5.

Forex Tester 5 also goes one step further and they provide automated AI programs that are supposed to help you speed up the process of optimizing your automated trading strategies.

I'm not into automated trading, so I haven't tested this feature. But this can be useful for people who are into trading bots.

Notes Section

Forex Tester also added a notes section, which is really handy. The notes are stored in each backtest and allows you to jot down ideas in each test.

Here are some ways to utilize the Notes section:

• Record ideas on how to change the system for the next test
• Note trade dates that you want to go back and review later
• Write down questions that you have during the test
• Note a chart pattern that you see that you might want to test later
• Journal trades as you take them
• Record your impressions before and after the test

If you store your notes in another place, then it's easy to lose them. Having your notes in the backtesting file is the best solution.

Visual Risk/Reward Tool

Awhile back, I made a video about how to turn the Fibonacci tool in MetaTrader 4 into a visual risk/reward tool. Since then, TradingView has made this a standard tool on their platform.

Now Forex Tester has this tool available in version 5.

To access the tool, go to Charts > Graphic Elements > Risk/Reward Tool.

Then add the tool to the appropriate area of your chart. Here's what that looks like.

This is a great addition to the program. However, if you look closely, there's something wrong here.

The Risk/Reward ratio is not calculating correctly. 

As you can see in the example above, this a buy trade. Since the profit target in green, is bigger than the stop loss in red, the ratio should be greater than one.  But it's not.

I'm sure that they will fix this at some point, but the solution is simple. Just use the opposite tool and you'll be good.

So if you want to calculate a buy trade, use the sell tool, and vice versa.

Multiple Windows at the Same Time

This is one of the biggest advantages of Forex Tester. It's been available in previous versions, but I want to point it out here because it really helps.

In Forex Tester, you can have multiple windows open at the same time. This allows you to watch multiple timeframes and currency pairs at the same time. 

Watch the video at the top to see it in action. It's a really handy to be able to track support/resistance levels on multiple timeframes, track correlation between markets and take trades on multiple pairs at the same time.

I use this feature to watch the next higher timeframe, from the one I'm testing. 

Easy Forex Builder

Let's be realistic.

It's actually really hard to create an indicator/EA builder and give it the ability to everything.

There are many circumstances where you really do need to know how to code, or hire a programmer to do it for you.

Therefore, any “no-code” tool will have limitations. But the Forex Tester team has been building their platform for creating indicators and EAs. It was originally called Visual Strategy Builder, but they have since changed the name to Easy Forex Builder.

They do have a free version that allows you to download 2 strategies/indicators per month. But if you want more, you'll have to pay the monthly fee.

I wasn't particularly impressed with the original beta VSB tool, but you can give it a try and decide for yourself. They may have improved it. In all fairness, I haven't seen a no-code tool that can create complex programs, so EFB is not alone in this regard.

However, I do feel that these types of tools very good for testing basic ideas.

Maybe test a simple strategy with 1 or 2 indicators. Then you can do manual backtesting to refine the idea.

If the idea works, you can code it up or have a programmer do it for you.

Education Buttons

At the time I did the video at the top of this page, the education modules didn't seem to work yet. But now they have the Basic Courses working.

Each lesson is really short and to the point. I went through a few of the lessons in the Basic Courses and they look good.

As you can see, the graphics could be better, but the information is useful.

Downsides of Forex Tester 5

There are a couple of downsides in this software. Obviously there's the Risk/Reward tool bug that I mentioned above.

Another thing that isn't optimal in FT 5 is that the playback can get really slow if you have certain type of indicators on the chart.

I would guess that a lot of that has to do with how complex the calculation of the indicator is, and how many you have on the chart at once. Indicators like the Parabolic SAR can take more time to calculate.

So the solution there might be to get a faster computer. Since I don't use many indicators, if at all, this isn't a problem for me. If you are concerned about this, be sure to download the demo below and test the speed for yourself.

Finally, as I've mentioned about previous versions of Forex Tester, a huge benefit would be a legit reporting system in the software.

They have the basics…win/loss percentage, max losses, trades per month, etc.

But real traders need much more. There was a website that came close in the past, but they weren't able to make money and went under.

In my opinion, upgrading the reporting system would be a huge upgrade to Forex Tester.

Maybe in Forex Tester 6? 

Forex Tester 5 Download

If this appeals to you, get a free demo of Forex Tester and you can give it a try on 1 month of backtesting data.

Use the link in the next section to download the demo.

How Much Does Forex Tester 5 Cost?

The regular price for Forex Tester 5 is currently $299. However, if you wait for one of their sales, you can get it for much less.

On top of that, I have a coupon that will give you an additional discount on top of the sale price. The final price you pay will depend on the sale that they are currently running.

So be sure to check this page to get the coupon and the best deal possible.

Final Thoughts on Forex Tester 5

Backtesting is one of the best ways to develop and practice a Forex trading strategy.

I skipped a few of the features in FT 5 that I already talked about in FT 4. Most of the same features in FT4 are in 5, so if you want to learn about more of the features in Forex Tester, then see this review.

Otherwise, I still recommend using FT 5 for manual backtesting. 

Happy Backtesting!

The post Forex Tester 5 Review appeared first on Trading Heroes.

Note: This is a guest post from our friend Dan Blystone, Chief Market Strategist at Scandinavian Capital Markets. He was kind enough to share his go-to resources for Forex analysis. 

Knowledge is power in the financial markets.

While a wealth of quality analysis is freely available for traders, the challenge is sifting it out from the sheer tidal wave of content that is published online on a daily basis.

In this article, I'll give you my picks on the best free resources of analysis, commentary and news that help forex traders gain an edge in the market.

Top Forex Market Analysts

Kathy Lien

A high achiever from a young age, Kathy Lien graduated from New York University’s Stern School of Business at the age of 18. She began her career at JPMorgan, trading a mix of short and medium term discretionary positions in a variety of different markets.

In 2002, she joined FXCM working as Chief Strategist and created DailyFX.com. Kathy is often quoted in the Wall Street Journal, Reuters, Bloomberg and she also appears regularly on CNBC.

Her expertise includes developing trading strategies using cross markets analysis and forecasting surprises in economic releases. Kathy is currently Managing Director of FX Strategy for BK Asset Management.

Follow her on Twitter: @kathylienfx

Boris Schlossberg

The other half of the BK team, Boris Schlossberg is Managing Director and Founding Partner of BK Asset Management.

He began his career with Drexel Burhnam Lambert and in 2004 he joined FXCM where he co-created Dailyfx.com and was a senior strategist covering G10 research. With over 20 years of experience trading equities, options, stock index futures and forex, he specializes in momentum based trading strategies.

Find him on Twitter: @Fxflow

Marc Chandler

Marc served as Global Head of Currency Strategy at Brown Brothers Harriman for 13 years, where he devised trading strategies and wrote market commentary.

In 2018, he joined Bannockburn Global Forex as a Managing Partner and Chief Market Strategist. Marc is often quoted in the Financial Times, the Wall Street Journal, Barron’s, Bloomberg, and the Washington Post.

Follow Marc’s commentary on: Marc to Market and @marcmakingsense

Yohay Elam

Yohay founded Forex Crunch in 2007, a pioneering website in forex market analysis.

He specializes in fundamental and political analysis but he also covers technical analysis and educational material. Yohay joined Barcelona based FXStreet in 2018, becoming a key member of their team of analysts.

Over the years he has been widely quoted in the press and has collaborated with many leading financial websites.

Find Yohay on: FXStreet and @forexcrunch

Joseph Trevisani

Joseph spent 15 years as an interbank currency trader, desk manager and proprietary trader at Credit Suisse New York, Credit Suisse Singapore and the Bank of Bermuda, Hamilton.

He went on to become a founding partner of FX Solutions, a leading US retail forex brokerage firm.

In 2018 he joined FXStreet where he provides in-depth market analysis and live coverage of economic releases.

Find Joseph on: FXStreet and on Twitter: @JosephTrevisani

Ashraf Laidi

Ashraf is an independent strategist and trader, founder of Intermarket Strategy and author of Currency Trading and Intermarket Analysis.

He was formerly the Chief Global Strategist at City Index, where he focused on FX and global macro issues pertaining to central bank policies, sovereign debt and intermarket dynamics.

Find him on Twitter: @alaidi

Adam Button

Montreal based Adam Button is Chief Currency Analyst and Managing Editor at ForexLive.com, a leading website for fx and economic news.

He was previously the Chief Currency Strategist at XForex and also works along with Ashraf Laidi at Intermarket Strategy. Adam was named the Forex Person of the Year for 2014 by FXStreet.

Follow him on Twitter: @FX_Button

Jamie Saettele

Jamie spent over a decade working as a currency strategist at DailyFX.com, where he published daily commentary and trade ideas covering G10 currencies, metals, and crude oil.

Jamie specializes in swing trade setups and his 2008 book, Sentiment in the Forex Market, explains his techniques for market analysis and trading.

In 2014, he co-founded SB Trade Desk with Michael Boutros, providing market commentary on FX, commodities and equity indices.

Find Jamie on Twitter: @JamieSaettele

Nick Bencino

Nick has been trading the forex market since 2001 and is a leading authority on Price Action trading.

The Sheffield, United Kingdom based trader also has experience in a wide variety of markets including stocks, futures and more recently cryptocurrencies.

Follow Nick on his website: Forex4Noobs.com and on YouTube.

Tom Hougaard

Tom is a professional trader, author and trading coach, specializing in Price Action trading and trading psychology.

After earning a BSc and an MSc in Economics and Finance, he worked for JP Morgan Chase and went on to become the Chief Market Strategist at City Index. Since 2009 he has traded for himself.

Follow Tom on his blog at: TraderTom.com.

Hedge Fund Titans

Most of the top hedge fund managers in the world keep a low profile and share little to no information with the public. However, the following investing legends are vocal on social media and share their insights online.

Ray Dalio

Ray is the founder of Bridgewater Associates, currently the world’s largest hedge fund, with $160 billion in assets under management.

He began dabbling in the markets at age 12 and after earning an MBA from Harvard Business School, he launched Bridgewater from his apartment in New York City.

Follow him on Twitter: @RayDalio

Bill Ackman

Bill is the founder and CEO of the hedge fund Pershing Square Capital Management.

He reportedly turned $27 million Into $2.6 billion hedging Pershing Square's portfolio during the market crash caused by the coronavirus.

Follow Bill on Twitter: @BillAckman

Kyle Bass

Kyle is the founder and principal of Hayman Capital Management. The Dallas-based hedge fund is characterized by a global outlook and contrarian perspective.

The flagship fund reportedly gained 212% betting against subprime mortgages during the financial crisis of 2007-2008.

Follow Kyle on Twitter: @Jkylebass

World Class Economists

Commentary from many of the brightest economic minds is available for free, often almost in real time, thanks to platforms like Twitter. Posts can be particularly useful in interpreting the steady flow of news and economic releases throughout the week.

Nouriel Roubini

Nouriel is a professor of economics at New York University’s Stern School of Business and CEO of Roubini Macro Associates. His predictions have earned him the nickname “Dr. Doom.”

He is famous for drawing attention to the credit and housing bubble and forecasting the economic crisis of 2007-2008.

Follow him on Twitter @Nouriel

Paul Krugman

Paul is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times.

He won the Nobel Prize in Economics in 2008 and his latest book Arguing With Zombies is an introduction to today’s major policy issues.

Find Paul on Twitter at: @paulkrugman

Mohamed A. El-Erian

Mohamed began his career at the International Monetary Fund (IMF) after earning a doctorate in economics at Harvard.

He went on to become CEO of global investment management giant PIMCO (assets under management of 1.91 trillion in 2019). He is currently Chief Economic Advisor at Allianz.

Widely quoted in the press, Mohamed is a contributing editor at the Financial Times and a columnist at Bloomberg.

Find him on Twitter: @elerianm

Pedro da Costa

Pedro is currently the Federal Reserve and economy watcher at Market News International.

Previously he covered markets and the Federal Reserve for Reuters, The Wall Street Journal and Business Insider.

He was also a fellow at the Peterson Institute for International Economics in 2015-2016.

Find Pedro on Twitter: @pdacosta

About the Author: Dan Blystone, Chief Market Strategist at Scandinavian Capital Markets.

The post 17 Best Forex Analysis Resources appeared first on Trading Heroes.

In this post, I'm going to review Forex Tester 4.

I've been using it for 7 months, enough time to get a good feel for the benefits, the bugs and if it's better than previous versions.

So if you are wondering if Forex Tester 4 is worth getting, this review will give you my opinion of the latest version of this popular backtesting software.

Forex Tester 4 Review Video

If you prefer the text version, it's posted after this video.

Get a discount on Forex Tester 4 here.

Is Forex Tester 4 (FT4) Better Than Forex Tester 3 (FT3)?

Yes.

I was actually still using Forex Tester 2 because Forex Tester 3 was so buggy.

FT3 would create these gigantic testing files that would eat entire hard drives.

Mmmm…hard drives.

That was the deal killer for me.

On top of that, the features in FT3 weren't all that much better than FT2.

So there wasn't really any reason to upgrade from FT2.

But now let's look at FT4…

Benefits of Forex Tester 4

Set Percent of Account Risk

The biggest benefit of FT4, in my opinion, is that fact that you can set your risk to percent of account.

In previous versions, you had to calculate percent risk manually. That was a pain and added an extra step to the process.

I used a spreadsheet to calculate this, but fixed fractional risk really should have been available earlier.

Convert MT4 Indicators to Forex Tester

One of the biggest issues with Forex Tester has aways been the inability to use custom indicators in backtesting.

Forex Tester has been great if you used price action or common indicator strategies. But you were SOL if you wanted to use the same indicators that you used in MT4.

With FT4, you can now automatically convert MT4 indicators to FT4.

There is a small catch however.

You need to have the source code of the indicator to do this.

If you don't have the source code, then you will have to go through the normal process of having a programmer reverse engineer the indicator or EA for you.

See our list of Forex programmers, if you need to find a quality programmer.

EA and Indicator Generator

Forex Tester also provides an online tool called Visual Strategy Builder (VSB) that allows you to create MT4 and FT4 EAs and indicators, without knowing how to code.

The tool is pretty rudimentary at the moment, but it's promising. With a little more work, it could be a very usable tool for creating simple EAs and indicators.

If you need a complex EA or indicator, you should always have it custom programmed.

However, if you just need something simple and you just want to test out a few ideas, then visual builders like VSB are a great option.

I would love to see them develop this tool more. You can read my full review of VSB here.

Backtest Other Markets

FT4 now allows you to backtest stocks, cryptocurrencies, indices and futures…which is fantastic.

I haven't tried backtesting other markets yet, but I will dig into stocks and crypto at some point. I've always found futures harder to backtest because of contract rollover, but it could be a good solution for futures trading backtesting.

Their premium data service for Forex is excellent, I haven't had any issues. 

Downside of Forex Tester 4

FT2 worked perfectly on VMWare Fusion on my Mac.

FT3 didn't work at all.

FT4 kinda works.

After using FT4 on VMWare Fusion for a few days, I noticed that it slowed down to the point where it was barely usable.

I contacted Forex Tester support and they said that it's best to put FT4 on a cheap Windows laptop.

FT4 simply doesn't run well on a Windows emulator.

It's a little annoying that in this day and age, Forex Tester doesn't run on platforms besides Windows. There is definitely room in the market to create a cross-platform or browser-based backtesting product.

Anyway, to solve this issue, I got a Dell Venue 11 tablet, which runs a full version of Windows 10. If you buy it used on eBay or Amazon, a Venue is considerably cheaper than a Surface and much more compact than any laptop.

…and it does the job.

Then I use Remote Desktop to access the tablet and backtest on my Mac.

This is really the only complaint that I have about FT4.

Potential Improvements for Forex Tester 5

Aside from the issue mentioned above, one improvement that would be fantastic, is a better suite of reporting functions, as well as the ability to get reports across multiple backtests.

I would love to be able to run Monte Carlo simulations on multiple backtests and get stats like risk of ruin and max drawdown.

In addition, the interface is dated. They originally made it to look like MetaTrader, so it would be easier to use.

However, I feel like they could do a lot of streamline the backtesting process and break away from the MetaTrader template.

Otherwise, FT4 is a definite improvement over FT3…and FT2. So I finally retired FT2 and I'm only using FT4 now.

To get a discount on FT4, use this Trading Heroes coupon.

Final Thoughts on Forex Tester 4

FT4 is a great piece of software that has restored my confidence in the future of the company.

It works as it should and it finally has percent risk. The data service works without a hitch and the added markets are awesome, even though I won't be using them right away.

If you want a bonus tip, I started using this mini keyboard with FT4, in order to speed up backtesting. This little guy is pretty useless otherwise…but it's brilliant for backtesting with Forex Tester 4.

Set the hotkeys to keys that are close together on the mini keyboard and it makes it much easier to stop, start and move forward/backwards on the charts. Here are my settings…

I also use the following:

• 0 = Close all positions
• P = Move to breakeven

That really speeds up the backtesting process for me.

So that's what I think of FT4. I hope it helped you make a more informed buying decision.

Trading Heroes readers get a discount on FT4. Also be sure to check if they have a sale running because you can use our discount on top of their sale price.

Happy Trading!

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post Forex Tester 4 Review (After 7 Months) appeared first on Trading Heroes.

Update: My personal experience with this program and my full NeuroTrader review is provided at the end of this post. 

High Frequency Trading (HFT) isn't the only technology that has changed the world of trading. Wearable devices that collect biodata have become smaller and more powerful, which has created some exciting opportunities for independent traders.

The first benefit is the ability to monitor your biodata in real-time, to see if you are in the right state of mind to trade. Successful traders are acutely aware of their trading psychology. But even the best traders can occasionally ignore how they are feeling and continue trading in a sub-optimal mental state.

With quantitative biodata however, traders can measure how they are feeling in real-time. Based on this information, they can either choose not to trade, or they can get themselves into the right state of mind before placing trades.

Secondly, the combination of biodata and Artificial Intelligence (AI) now makes it easier for this hedge fund to hire independent traders from anywhere in the world. This was very difficult in the past because of the extremely high degree of trust that a fund had to have in remote traders.

But this AI can monitor the biodata of remote traders and decide if a trade should be executed, based on a few simple biological indicators. You can think of it as a virtual Risk Manager that can manage risk before trades are even placed.

To learn more about how this works, listen in as I talk to Ken and Chris and find out how they developed this idea, the technology behind their fund, the requirements for getting hired as a remote trader, and much more.

In this Episode with Chris Capre and Ken Medanic

• Why you need to be a consistently losing trader before you can become a consistently winning trader
• How to apply for their hedge fund
• What traders have to wear to monitor their biodata
• How it's possible for their hedge fund to hire traders who are breakeven or trading a demo account
• Learn more about Chris and Ken and their success in trading
• Why biodata tracking works
• And more!

Click Play to Listen to the Interview

Resources

• NeuroTrader Website
• Listen to my first interview with Chris Capre

Other Ways To Get The Trading Lifestyle Podcast

• Click here to subscribe via iTunes (if you like it, a five-star review is greatly appreciated)
• Click here to subscribe on YouTube
• Click here to subscribe on Google Play Music
• Click here to subscribe via RSS (non-iTunes feed)
• Right-click here and “Save As” to download the MP3
• Click here to hear all of the other podcast episodes

Thanks for Listening!

Thank you for joining us for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this episode, feel free to share it with them. To get more, be sure to subscribe to the show on iTunes or YouTube. If you enjoyed this interview and want to hear more, a 5-star review is greatly appreciated!

Update (July 10, 2019): NeuroTrader Review

As of this date, I have officially dropped out of the NeuroTrader Program.

Since I posted this interview, I feel that I have a responsibility to share my personal experience with the program.

Here's my complete review of the NeuroTrader program.

Timeline Summary

• I joined the program at its inception, in January 2019.
• I received my device in May 2019, three months after they were supposed to be delivered.
• I paid up front for the entire Developing Trader program and the one-on-one mentoring sessions with Ken.
• On June 7, 2019 Chris Capre sent in an official termination letter, ending the partnership between Ken and himself. You can read his reasons for leaving here. The short story is that Ken wasn't able to deliver on his promises.
• On July 10, 2019 I sent an email to Ken to end my participation in the program.
• As of my termination date, I was not able to pair my device to the NeuroTrader servers and zero of my biodata was collected.

Before you read on, keep in mind that I've worked at the trading desk of a hedge fund, I've worked at several San Francisco startups, I develop software and I used to work in IT for many years. This gives me a lot of insights into how things work in trading, startups and tech. 

Positives

There was one big positive thing that came out of this experience. As part of Ken's mentoring, he dug into my childhood to see if there was any trauma that could be affecting my trading.

I eventually found out that there was an event in my past that was the primary cause of my self-limiting beliefs, but it was not in my childhood. My own independent research led me to different ways of uncovering and resolving these other traumas, which resulted in the most profound experience of my life, so far.

Although he was totally off base about my childhood trauma, I do credit Ken for helping me to look at the causes of trauma.

In addition, I'm still very excited about how this technology could be applied to a hedge fund.

Now the downsides of my experience…

Downsides

Mentoring

As I mentioned above, Ken was way off on attributing my self-limiting beliefs to childhood. In all fairness however, I believe that you can solve trading issues in some people by only addressing childhood trauma.

But what really surprised me was that he didn't give me any methods to try to resolve any of my childhood trauma that came up.

I've since discovered many ways to discover and treat true trauma and a couple of them have worked extremely well for myself and others I've talked to. You can read about them here.

One thing that really annoyed me when it came to mentoring, was his general disregard for the value of my time.

We were set to have mentoring meetings on my Wednesday morning at 1:00am. But he would schedule meetings on Tuesday or Wednesday, without checking with me. He just scheduled meetings according to what suited his schedule.

Technology

I wasn't able to connect to the servers and have my biodata collected for analysis.

Since I used to work in IT, I can figure anything out on a PC, if you point me in the right direction. I followed all of the instructions, did some independent Googling and asked for troubleshooting help from Ken.

But I never received any emails with regard to steps that I could take to fix the problem.

The only emails I received from Ken were emails with my username and password…continually. As if that was the only solution to my problem.

I could login to the server, so my username and password were fine. I could not connect my device to collect data. It annoyed me that he never paid attention to this fact.

In my past life as an IT consultant I learned how to troubleshoot computers and related devices. I know what I'm doing.

From several interactions with him, it seemed like he didn't actually understand how the tech worked.

He did on a high level, of course, but not when it came to the smaller details. That's fine if you are the CEO, and acting as such, but super scary if you are a one man operation (see next section).

Support

The bottom line is that Ken was doing everything by himself.

At least as far as I could tell.

Every successful startup that I have worked at has outsourced the key lower level tasks quickly…especially customer support. That is the lifeblood of your business because if your customers don't know how to use your product, they won't give you any more money.

Same thing at hedge funds. The traders don't handle bookkeeping and inputting tickets. That's what the assistants are for. Would you invest your money with a fund that has only one head trader…and he is also the accountant, attorney, trading desk assistant and janitor?

Of course not.

But with Ken handling all of the tasks himself, support was sorely lacking. I believe that there should have at least been one customer service manager to help with payments and general questions, and one technical support manager to get people on-boarded with the devices and the platform.

I repeatedly emailed Ken for troubleshooting steps on how to get my device connected, but he would only talk to me at our scheduled mentoring times.

What would have happened if there were several multimillion dollar discrepancies during the course of normal trading in the NeuroTrader fund? I cringe at the prospect. When I worked at a hedge fund, I made a mistake when verifying a multimillion dollar trade once and went through a DK a couple of times. It's not fun and that shit needs to get resolved right away because once it's in the books, it's done.

I have zero confidence that NeuroTrader would have the bandwidth to handle these types of issues.

Another thing that bothered me was that I had asked multiple times to be billed for the entire NeuroTrader program on one invoice, but I was ignored. The reason I had asked for this is because my bank is especially risk sensitive when it comes to international payments, so you have to call them up to manually request clearance and the clearance only lasts 2 weeks.

So in order to streamline things, I felt that it would be easier for both sides to just get the payment taken care of in one shot. Then he wouldn't have to come chasing after me every time the automatic payment was declined. I was only able to get an invoice for the full amount on the fourth request…and I paid it at that time.

Seriously, if I can't trust them to handle a payment of a few hundred dollars, how can I trust them to handle payments of potentially tens or hundreds of thousands in the future? 

The NeuroTrader program, in its current form, would certainly benefit from dedicated support staff.

Education Program

I personally felt that the formal course material was mostly fluff. There were some good points, but the lessons were mostly aspirational. They told you the ideal living conditions that you should be in to trade well, and they almost made you feel bad if you weren't in that situation.

At least that is how I felt…and I've been involved with trading education for many years.

In reality, most people who are starting out in trading don't live in these conditions, but they are working hard to get there…through trading. They don't need to be reminded of what they don't have.

One thing that made me really uneasy was that Ken pushed too many of his religious beliefs in the program. Personally, I don't care what people believe in that realm, as long as they aren't hurting anyone. But just don't try to push your beliefs on me because what I believe is true to me. The same goes for your beliefs and I respect that fact.

I feel that it would have been much more effective if he used his mentoring material as the formal course. There were actually a couple of good nuggets in the mentoring program, if they were packaged differently.

When I signed up, it seemed natural that Chris would handle most of the education and Ken would handle most of the tech, but Ken ended up doing everything. That is unfortunate because Chris‘ courses are excellent, so I felt that the program would have benefited from much more of his input on the education side.

The Final Straw

I stuck with the program for longer that I should have because I was genuinely curious to see the biodata.

After all, I was already paid up.

But on my last call with Ken (which was supposed to be a mentoring call) we spent all of the time trying to get TeamViewer to work, so he could troubleshoot my issue.

Then in the middle of it all, he said that he had to go meet someone for coffee. I've been waiting months to get my device connected and I allocated time to fix this at 1:00 am in the morning and I get passed up for coffee?

You have to be shitting me.

I'm out!

The Bottom Line

This fund is not ready for investors. It still has way too many bugs to work out.

However, I'm still excited about this type of technology because I feel that it has a lot of potential. Ken isn't the person to make it happen, at least in my experience.

The post NeuroTrader: Using Biodata and AI to Boost Trader Performance with Chris Capre and Ken Medanic appeared first on Trading Heroes.

Twitter can be a great way to publicize your trading, connect with other traders and it can be one of the best sources of Forex trading information…especially around news time. But it can also be hard to separate the noise from the legit information.

Here are the best Forex Twitter accounts that I find useful and/or entertaining. I hope it saves you hours of researching and gets your Twitter account started on the right foot.

To get the most up-to-date list of people I follow, take a look at my Twitter lists.

1. @FXstreetNews

FX Street is one of the best sources of Forex news and analysis. I use their economic calendar all the time and follow their tweets.

Their tweets feature content from their analysts and is an easy way to get your daily shot of Forex.

Follow FX Street News here.

2. @50Pips

50 Pips is one of the most prolific FX traders on Twitter and very generous with the quality information that he gives out.

He does a lot for the Forex community and has also started a program to back traders with good track records. Oh yeah, and I also interviewed him here.

Follow 50 Pips here.

3. @waltervannelli

Walter lives and breathes Forex. He started in the back office of a bank and caught a lucky break when they where short of dealers.

Get his complete interview here. You will also get his secret “meditation” technique. Be sure to thank him for that later.

Follow Walter here.

4. @FXflow

Boris Schlossberg is the Managing Partner of BKForex.

He is a well known analyst, day trader and EA developer. Apparently he is also a pretty damn good cook.

Follow Boris here.

5. @FaithMight

Lydia is a Forex trader who specializes in British Pound pairs.

She is also an investor and startup founder. Always solid analysis and interesting tweets.

Follow Lydia here.

6. @PipCzar

Blake Morrow is an Independent Trader and Chief Currency Strategist at Wizetrade.

If  you have ever wondered how to trade the Gartley pattern, you should follow him to find out.

Follow Blake here.

7. @JohnKicklighter

John is the Chief Strategist at DailyFX.

His account is always updated with the latest fundamental and technical analysis. One of the few analysts I recommend following.

Follow John here.

8. @RagheeHorner

Raghee is one of the first traders that I started following back in the day. She has a very simple trading method that might be just what you are looking for.

Even if that isn't your cup of your tea, her Twitter account has a ton of useful Forex education.

Follow Raghee here.

9. @4xguy

With a Twitter handle like this and over 17K followers, his account is certainly worth following.

He is a proprietary FX trader who trades using support/resistance and fibonacci.

Follow the 4x Guy here.

10. @JoelKruger

Joel is a former currency strategist turned Forex trader and educator.

He is one of the few educators who posts the results of all his trades inside his members area. Be sure to check out my interview with him.

Follow Joel here.

11. @alaidi

Ashraf Laidi is one of the most respected Forex strategists, traders and authors.

Get the latest analysis on the markets and upcoming news events.

Follow Ashraf here.

12. @ValBednarik

Valeria is a professional Forex trader and FX Street analyst from Buenos Aires.

Follow her to get timely analysis of the FX markets.

Follow Valeria here.

13. @piptrain

The bio says: “Forex trading the spot market using technical analysis.”

Whoever this person really is, it is a solid Twitter account and worth following.

Follow Piptrain here.

14. @2ndSkiesForex

Chris has had a big impact on my trading. His podcast episode is also one of the most popular interviews I have done.

He has a great story, going from Yoga teacher to professional FX trader. His courses are some of the best on the market.

Follow Chris Capre here.

15. @ChrisLoriFX

I had the pleasure of hanging out with Chris in real life and he is a really interesting person. On top of being a professional FX trader, he is also a former Olympic athlete, competing for the Canadian national team.

My interview with him can be found here.

Follow Chris Lori here.

16. @priceactionkim

Kim is one of the traders on this list that I have met in real life and I interviewed her here.

On top of being a really cool person, she is very active on Twitter. She interacts with her students and tweets her trading results and analysis.

Follow Kim here.

17. @fatbeetrader

This guy is one of the few Forex traders who tweets his trades in dollar amounts, not pips. You can see his trades here.

His Instagram account is always interesting and also worth following.

Follow Fat Bee Trader here.

18. @ForexKong

I've been following this guy's blog for awhile.

Solid results, good trader. His analysis is usually spot on.

He currently lives in Mexico and his blog and Twitter feed move really fast. As his bio says: “try to keep up.”

Follow Kong here.

19. @gregmcleodtradr

I featured an interview with Greg here. It is one of the best Forex interviews that I have seen and it is packed with a ton of fun stories, as well as some solid trading education.

Don't let his website fool you.  It has a little Vegas-neon vibe going on, but as far as I can tell, he is the real deal and he is a great trader.

Follow Greg here.

20. @fxjoshwilson

Josh is one of the Senior Traders at FxST.

To learn what that stands for, check out his Twitter account. He tweets about industry news and current events.

Follow Josh here.

21. @RenaTrader

Renato Santos is a full-time Futures and FX trader.

He is also a diamond expert. That is actually his trading method.

His tweets are always informative.

Follow Renato here.

22. @kathylienfx

Kathy Lien is the other half of BK Forex, a signals, education and analysis website. She is also a well known analyst, frequently appearing on TV and internet interviews.

Her bio on the site says: “Queen of the Big Macro Trade” and you better believe it.

Follow Kathy here.

23. @leanco

This guy is a bit of a mystery. His Twitter bio just says: “Independent Professional FX Trader.”

Nuff said.

I've actually DM'ed with him a few times and he is a cool guy. Definitely worth following.

Follow Lean here.

24. @SaraEisen

Sara is a CNBC host and the author of the book Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System.

She has a lively account and tweets about Forex, stocks and the financial markets in general.

Follow Sara here.

25. @JarrattDavis

Jarratt is a cool guy and I had the opportunity to chat with him for a bit when I interviewed him for the podcast. He was ranked as a top FX trader in the world by Barclays.

His site is worth checking out because his is one of the few educators who primarily uses fundamental analysis.

Follow Jarratt here.

26. @tradergav

I've tried to get Gavin on the podcast, but he is very humble about his trading and graciously declined. Oh well, maybe one day…

His blog was one of the first FX blogs that I started following and it is always interesting to see what he is up to.

Follow Gavin here.

27. @ForexCrunch

One of the oldest Forex news websites out there.

Founder Yohay Elam is a good guy and brings you the best in Forex news and opinion every week.

Follow Forex Crunch here.

The post 27 of the Best Forex Twitter Accounts to Follow in 2015 appeared first on Trading Heroes.

UPDATE: Traders Gym is now part of ThinkTrader. Learn about the newest version here.

I think Forex Tester is a fantastic product.

There's no doubt about it.

But it is not perfect, nothing is I guess.

However, there are some things that could be done to make Forex Tester more user friendly and portable. I still don't understand why nobody has been able to come out with something that will give them some competition.

Well, the folks at Trade Interceptor are sure making a run at it. In fact, they are trying to give both Forex Tester and Metatrader some real competition.

And that's a good thing…for us traders.

So in this post, I'm going to put Trade Interceptor's backtesting product, Traders Gym through it's paces and see if it can compete with Forex Tester 2 as the premier manual backtesting software program. But first, let's take a look at how I would improve Forex Tester.

What I Would Want To See In A Forex Tester Alternative

As I said in the beginning, Forex Tester is already a fantastic product, so I'm kind of nitpicking here. But it hasn't been updated in awhile and this is what I would like to see in a new version.

• Make it compatible with Macs and Linux. Seriously, I don't know many people who use Windows anymore. Microsoft no longer makes relevant technology. I would love to get rid of my Windows XP installation with VMWare on my Mac and the only reason I keep it around is to use Forex Tester.
• Make it mobile compatible. It would be great to be able to take my testing on the road and use it with iOS. I guess a few people use Android too, so there would need to be a version for those devices also. If they could figure out a “handoff” type feature where you could move seamlessly from your laptop to your mobile device, that would be great.
• Make it easier to build indicators and automated systems. Some sort of “easy language” or GUI builder would be great.
• Simplify the interface. I can certainly see the appeal of making the Forex Tester interface look like Metatrader, but there is a better way.
• Step up the analytics. The reporting is still super basic and a couple of the metrics like drawdown doesn't always work correctly. More detailed reports would be super helpful.
• Although paying for Forex Tester was one of the best purchases that I have ever made, free would be great.

So now let's see how Traders Gym stacks up. Can it make for Forex Tester's shortcomings?

The Good Of Traders Gym

Traders Gym is included in the standard installation of Trade Interceptor and is totally free. So that is already a step in the right direction.

It is available for all major operating systems, including iOS, OSX, Android, Blackberry and Windows. That is fantastic!

The iOS version is my go-to charting app on my iPhone. It is so much better than Metatrader on mobile.

Now let's take a look at the interface. I really like how they have stripped it down to only the essential elements. It is easy to understand and you don't have to hunt for the tools you are looking for.

When you compare that to the Forex Tester interface, it looks dated and complex. I haven't even used some of the buttons.

The Traders Gym capability is also available on mobile devices. I haven't tried it yet, but if it works as well as the desktop version, that would be amazing. More on that in a future post.

The Bad Of Traders Gym

Alright, all that stuff looks good, but does it stand up to real world use?

First, let's take a look at the reporting feature. When you click on the Trading Report button, this is part of the report that you see.

It opens in a browser window and has the feel of a Metatrader report, but much less detailed. It is comparable to the Forex Tester 2 report, so there is no real improvement there.

Next, the most important thing to me is the amount of time that I can backtest. As you probably know, you should test a system for as long as possible to figure out its robustness.

This is where a lot of software packages fall short. Forex Tester provided a good amount of free, high-quality data from the beginning and that was one of the biggest selling points for me.

When I dove into the configuration setup in Traders Gym, I found that the maximum testing time is 5 years and 20 days. Although that is what it said on the screen, there was actually only one year of data available for even common pairs like the EUR/USD.

Compare that to Forex Tester, which provides data all the way back to 2001 for all the pairs that they provide data for.

That was the deal killer for me. To me, there is no use in using software that only has one year of data. Any other benefits of the backtesting function would be moot.

Also, there are elements from my last review that still have me shaking my head. For example, there is no way to quit the program by using the standard Command + Q keystroke. You can't even exit via the main menu.

This shows a general lack of attention to detail. Much like the very limited data, these are things that make an otherwise beautifully designed program look amateur.

Conclusion

So the bottom line is that Forex Tester is still the best manual backtesting software for Forex trading. Traders Gym by Trade Interceptor represents the future of backtesting but it is not ready for prime time yet.

The fact that you cannot backtest a significant amount of time is the biggest deal killer for me. It goes to show that free is not always best.

I really hope that Trade Interceptor keeps improving Traders Gym because it is a step in the right direction. Remember that a lot of programs, including Forex Tester and Metatrader were not great in the beginning.

The post Traders Gym Free Backtesting Software: Does It Beat Forex Tester? appeared first on Trading Heroes.

A couple of years ago, around this time, I wrote about the desktop version of Trade Interceptor and how it might become a Metatrader desktop replacement.

I was particularly excited because it was finally a decent charting platform that ran on a Mac without additional plugins or ghetto rigging.

But the truth was that it was not ready for prime time yet.

It was still just a java program and did not run native on my Mac.

The interface was terrible, with charts and individual windows strewn all over my desktop.

But there was promise. 

A lot of promise.  It was a diamond in the rough.

Fast forward to 2014 and they finally decided to release a new version.

This post will give you my Trade Interceptor for Mac review and what I like and don't like about the new update.

Trade Interceptor for Mac Review Video

Now I will take you through exactly what I like and don't like about the software.

On the whole, it is worth using and a huge improvement from the last version.

But there are still some really weird things in the program.

Find out what they are in this video.

If you prefer the text version, it is provided after this video.

What I Like

What I Don't Like

Lost Backtesting

First of all, I noticed that they got rid of the backtesting feature.

Although I didn't try using this feature in the previous version, I'm really hoping that Trade Interceptor can create a better version of the backtester in Metatrader 4.

The thing that is missing from the MT4 is manual backtesting.

Hopefully TI will add it back in future versions and bring it up to par with Forex Tester 2.

Weird Menu Options

Next, there are some really strange options when it comes to functions that you can select in the menu.

There is even an option to check your spelling and grammar.

I don't know about you, but I don't know the last time that grammar was necessary for placing a trade.

Here is what I mean…

Customizations Don't Save

There are some customizations that you can make to the software that makes it look really slick and easy to use.

For example, you can change the menu bar at the top to only show the views and the news.

But when you exit the program and open it again, the settings go back to the default.

The same goes with showing/hiding the views.

I don't want to keep changing things back every time I open the program.

Being able to save my customizations would make using the software so much more enjoyable.

Conclusion

Even though there are are things that I don't like, they are relatively minor things.

Overall, this is a fantastic second version of Trade Interceptor and you should download it if you are looking for an alternative to Metatrader on the Mac.

Remember when Metatrader first launched?

It was pretty similar…some really great features, but just rough around the edges.  I am sure that this will change in time.

I am personally using VMWare Fusion and an old copy of Windows XP to run Metatrader 4 and Forex Tester 2 on my Mac.

But things could change in the near future because I really like where this is going.

As you probably know, I absolutely love the iOS version of Trade Interceptor and it is on my list of must-use iPhone apps.

I also have it on my list of recommended Android apps.

They have versions for the following platforms:

• iOS
• OS X
• Android (Google Play and Amazon)
• Blackberry
• Windows

I hope that you found this Trade Interceptor for Mac review helpful and keep an eye out for more software articles.

Disclosure: I do get a commission if you buy through some of the links on this page. But it does NOT cost you anything extra, it helps pay for my hosting costs and a portion of the proceeds go to my charity partner.

The post Trade Interceptor For Mac Review (September 2014 Update) appeared first on Trading Heroes.

The great thing about the internet is that we can learn most anything (short of brain surgery), just by putting in a lot of time and Google searches.

Forex trading is no different. A lot independent traders didn't have a finance background before learning to trade successfully.

They just got started with the free information that is out there, then got more specialized training along the way. 

However, as you probably know a lack of trading information on internet is not the problem.

The real issue is sorting through all the bullshit and finding the stuff that actually works.

With that goal in mind, I have compiled all of the free resources that I have found useful for beginners. 

But let's not kid ourselves…

These free resources are great, but realistically, at some point you will probably have to pay for some sort of education.

That is just how it works, unless you can get a professional to mentor you for free (not likely). The great news is that the cost is usually very minimal, especially compared to what you would pay for a formal university education.

But when you are just getting started, free is best!

So here you go …

Free Forex Trading Strategy Videos

Let's be honest, when you are first starting out, you want to explore different trading strategies. Here's a short list of trading strategies that have worked well for me or others I know.

Remember that it's important to match a trading strategy to your personality, or it won't work. To learn more about how to figure out your trading personality, read this post.

Big Shadow Reversal

Videos coming soon. 

Free Trading Psychology Videos

Trading psychology is usually very overlooked by beginners. But it will account for approximately 80% of your success in Forex trading.

You probably don't believe me now, but here are some trading psychology videos anyway. They are much more valuable than trading strategies alone.

Videos coming soon. 

Free Forex Education Courses and Guides

• Baby Pips Forex School – This school is overkill, but it will give you a good overview of Forex trading. Take what helps you, leave what doesn't.
• Reddit – Here's an awesome Reddit thread with links to some great free forex education.

Free Trader Podcasts

• The Trading Lifestyle Podcast – Listen in as I interview professional traders and Forex industry experts.
• The Truth About FX – A podcast where I ask pro trader Walter Peters one question about trading and he answers it. Great if you just want one question answered.
• 2Traders Podcast – Professional Forex traders Walter and Darren talk about everything that comes with trading for a living…and some random stuff too.

Free Forex Charting Software

Here are the best trading/charting platforms that I've used for Forex trading. There are others out there, but these are far better…and they can be used for free.

• TradingView – This charting/trading platform is awesome. Use their charts for free, or subscribe and get access to their advanced features.
• MetaTrader – I used to use MetaTrader, but I don't anymore because it's really outdated. However, a lot of brokers only use MetaTrader, so it's the only option for some traders. The platform is still decent, so download it and give it a try. You might like it better than TradingView.

Forex Related News and Tools

• Forex Factory Calendar – There are a lot of calendars out there, but this is the only one that I feel is worth using. Be aware of major news events coming up because they can add a lot of volatility to the markets.
• Retail Sentiment Tracker – This free tracker shows you the net retail trader positions from different brokers. When retail traders are all mostly trading in one direction, that can be a good indication that the professional traders are taking the opposite position. Not a guarantee of course, but it can be a good clue.
• Risk of Drawdown Calculator – How much should you risk per trade to avoid a X% drawdown? This calculator will help you figure it out.
• Risk of Ruin Calculator – It's essential that you know the risk of ruin for your trading strategy. Use this calculator to figure it out.

Trading Tutorial Videos

• Bloomberg – A collection of forex trading videos. They teach everything from terminology to market analysis.
• INO TV (Free) – Some free trading videos from INO. Theses are general trading videos, but they are useful for getting ideas and learning basic trading methods.
• YouTube – Follow the Trading Heroes YouTube channel to get free tutorial videos.
• MetaTrader 4 Tutorials – Here are a few MetaTrader 4 tutorials that I created that might help you.
• MetaTrader 5 Tutorials – Free tutorials for MT5.
• TradingView Tutorials – Learn how to use the browser-based TradingView charting/trading platform.

General Finance Reference

• Investopedia – The most useful part about this website is the Finance dictionary. There have been more than a few times when I had to look up the definition of a term and I couldn't find it in a regular dictionary. Baaam, enter Investopedia.
• Bloomberg – When I need to get a little more in depth information on a news topic, I usually go to Bloomberg. I find it easier to read than other similar sites.
• Market Updates From INO – Sometimes it can be difficult to keep an eye on non Forex markets such as gold, oil, interest and the stock markets. This free daily market update is an easy way to stay in touch with your intermarket analysis.

I hope this helps you get a head start on your Forex trading education.

Do you know of any free resources I have missed? If so, let me know in the comments below…

Disclaimer: All of the links above are totally free. If a link has changed and the resource is no longer free, contact me and I will remove it immediately. Some of these links are affiliate links where I get a commission if you choose to purchase, but it doesn't cost you anything extra and I only recommend sites/products that I have checked out and believe in. A portion of the proceeds go to my charity partner.

The post Free Forex Education and Resources for Beginners appeared first on Trading Heroes.

I was talking to one of my friends who trades stocks and he mentioned that he watches the stocks that he is trading on Twitter to see what people are saying about those stocks.  Then he uses that as a gauge for market sentiment and is one of the factors that he takes into account when putting on a new position.

It is not his only indicator, but he seems to do pretty well by it, especially on shorter term time frames.

That made sense to me because any jackass (including myself) can create a Twitter account and start Tweeting their trades, but the odds of those predictions being right are very small because most people are not profitable traders.  In addition, there are going to be a few pro traders there that will be right more often than most.

When the two groups are very polarized, that may be a good time to take a position.  Similar to how people trade the COT report.

But could this be applied to Forex?

Let's take a look and the pros and cons…

Potential Benefits

Tracking one or two pairs like the $EURUSD on Twitter would give you a lot of insight into what people are thinking about the market and what the ‘dumb money' is trading.  In addition, if you know who the pros are, you can also get a feel for what the ‘smart money' is doing.

Also, watching Twitter is free and you don't have to pay for an expensive data feed.  I like free.

Potential Downfalls

One potential negative to watching the Twitter stream is that if you are easily influenced by outside opinions, Twitter could just confuse you.  There also may be the temptation to use Twitter as a primary indicator.  I doubt that it could be a primary indicator, but I won't know until I give it a try.

Also, the currency markets are huge compared to a single stock, so the ‘dumb money' may have less of an impact on the overall market.  My gut tells me that a bad trader can sniff out a bad trade in any market, but we will have to see.

My Experiment

So in addition to trading the Wallaby, I'm going to start watching the $EURUSD in Twitter and StockTwits to see if there seems to be any correlation between what people are trading and being able to predict price moves.

Want to try this for yourself?  Here is how to get started:

This is just an experiment, so DO NOT go trading real money with this idea!  But if you think this might work, I invite you to follow along and see what you think.

To follow some legit traders and analysts on Twitter, check out this list.

What do you think?  Leave a comment below…

The post Can Twitter be Used as a Forex Trading Indicator? appeared first on Trading Heroes.

In my first review of the Metarader 5 iPhone app, wasn't too impressed.  It was slow and didn't have too many charting features.  Not that it was terrible though.  In reality, that is pretty much par for the course. Most apps can give you good quotes and a few decent charts, but that is about it.

However, other iPhone apps were quicker and provided more features.  In fact, I actually recommended using the Dukascopy iPhone app just for charting, not because it had more features, but the app was a lot faster.

I recently got a notification that it was time to update MT5, so I downloaded the new version from the App Store.  You can see the app in action in the video below, but I must admit, this is what I was looking for the first time.  The biggest improvements are the fact that you can add more than one indicator on a chart and that the program is much faster now.

The initial startup is really quick and switching between tabs is super fast.  On the last version, it was a little painful to switch between tabs, I'm glad that they have been able to speed up the program…even on my slow ass iPhone 3G.

Anyway, check out the full review below.  The software isn't a desktop replacement yet…but it is definitely getting there.

What do you think of Metatrader 5 for iPhone?  What are you using?  Leave a comment below…

The post Metatrader 5 iPhone App (Build 485) Review appeared first on Trading Heroes.

Metatrader 4 was my first introduction to a charting platform that actually worked the way I wanted…and it is free.  Ever since I first discovered it, I have been using it exclusively.  True, it's not perfect, but no piece of software is.

But there was still something missing.

A mobile trading app that would allow me to have the same (or similar) functionality when I am on the go.  I guess that could be a good or bad thing, but I think it is something that every trader dreams of.

My first iPhone forex charting software was a big step up from what I had used before, but it was slow and very limited.  In addition, they wanted to charge $60 for you to speed up the chart loading and link it to a trading account in which they were the introducing broker.  That meant higher spreads and questionable execution.  No thanks.

So when I heard that there was a MT5 app that was available for free, I downloaded it and installed it immediately on my iPhone 3G.   Here are my first impressions:

Happy trading!

The post Metatrader 5 iPhone Forex Software Review appeared first on Trading Heroes.

My Trading Problem

I was struggling to take trades that I learned from books and courses. The reason I was nervous pulling the trigger was because I was not confident in how the trades worked or if they would work at all.

But what could I do?

For me the answer was simple, I had to practice and backtest these strategies. However, it was difficult to find a forex backtesting software solution that suited my needs.

MetaTrader is OK for testing automated systems, but I wanted to find a system that would simulate actual market conditions by allowing me to add indicators, step through each candle/bar and take trades as the signals came up.

This what I really needed because it is tough to go back through complete charts and try to simulate what I would have done in a particular situation. Sure, I could use a piece of paper to uncover the chart slowly to simulate the market unfolding, but my arm got tired and it was hard to write down the trades and hold the paper at the same time.

All joking aside, I read about all these famous traders doing a lot of backtesting before trading real money or client money. But how could I do it without paying an arm and a leg?

Other Forex Backtesting Software Solutions

Don't get me wrong, when I was looking around, there were a few really good systems out there for doing backtesting. The trouble was that they either only did automated tests, were really expensive, or had a monthly subscription fee.

I would have been in the hole a several hundred to a few thousand dollars before I was able to come up with a trading technique that would actually start making money.

My Big Ah-ha!

Then I went to a Rob Booker workshop and he told us that he considered himself a full-time backtester and a part-time currency trader.

Many of his most successful students and himself included, were successful because they did a TON of backtesting. Interesting, I might be in the right place…

And as it turns out, I was. He had found this program called Forex Tester and it is how he and his students tested trading strategies to find trading techniques that worked best for them.

I was so excited that as soon as I got home from the class, I downloaded the program.

It definitely lived up to my expectations.

Here are just a few of the benefits of Forex Tester 2:

• The program is very affordable – It is just a one time fee, NO monthly billing. At the time of this writing, it only costs $199. I wouldn't be able to even buy the historical data for other programs or other subscription based forex backtesting software programs would only allow me to backtest for 1-2 months for that amount of money. Update: I've worked out a discount for you to get a $20 off coupon, if you use this link.
• You can add your own custom indicators (you can either find them online, program them in or find a programmer to do it for you)
• You can see multiple time frames individually or you can have multiple time frames up at once.
• You can get free, high quality historical data to test with directly from their website.
• The program allows you to not only have multiple windows open with different time frames in the same currency, but you can have multiple windows with different currencies.  This will allow you do test for market correlations or practice hedging techniques.
• You can save your testing projects for review later.
• After you are done testing, you can double click each trade in the history log and the program will automatically move the chart to that trade. You can then scrutinize your trades and find any common elements that can make you more profitable.
• You can try this forex back testing software for free before you buy.
  
• You can write notes on every trade so you can go back later and sort your trades by type.
• You can export your trade log for analysis in Excel or any other program.
• Automatic upgrades when new versions are released.
• The program keeps a running total of several important metrics like: largest winner/loser, winning percentage, max drawdown, etc.
• And much more!

The best part about this software is that now I don't have to take someone's word that a trading technique works, I can test it for myself.

How Do You Actually Backtest?

I got this question quite a bit, so I decided to create a free course on how to do backtesting. Fortunately, Rob's course taught me everything I needed to know about getting started backtesting, but I realized that other people would not have the benefit of that instruction.

Some of you are probably wondering WHY you should backtest. Here is a video showing you why. They are both 1 hour charts on the AUDJPY:

As you can plainly see, backtesting will give you much more practice than sitting in front of the charts for weeks or months.

There is no replacement for actual live trading, but backtesting can give you the confidence to take (and stick with trades) and an idea if the method you are trading has a chance of being profitable or not.

Testing your strategy is not a holy grail that will make you a better trader overnight, but it can help you a lot.

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