Forex trading requires a broad spectrum of experience to be able to master the markets. The problem is experience can’t be bought, it has to be earned.
One area that can be practised to gain experience though, is the price action setups and learning to read price action.
The Metatrader platform has a great facility called the “strategy tester”. This is a program that allows you to go back in time and trade on any time frame.
If we were to just scroll back on our charts from the current live price, it’s too easy to spot the good setups because we are able to see where price went afterwards.
Strategy tester is different because it gives us the chance to replay the charts back to any desired point in time date and watch the price action form as though it was a current live chart. You also have the option to speed time up or slow it down, it’s very flexible.
It’s such a valuable tool and is completely free to use.
We can use the strategy tester to practise different trade management styles and work out which we like best. It’s definitely worth spending as much time as you can using this tool to get that important experience you need.
It’s all down to you, the more you put in the more you get out!
So practise, practise, practise!!
To find the strategy tester
Go onto your Metatrader platform, click on the “VIEW” icon in the heading list. Scroll down to “strategy tester” it’s usually found one from the bottom of the list.
The strategy tester will pop up in the bottom of your screen, where you can adjust the setting to the desired pair and time frame. Then hit “start” once you are happy and away you go.