Foreign exchange Tester has been the perfect guide backtesting software program answer for a very long time. I began utilizing it round 2008.
I’ve stored my eyes out for options, however nothing got here shut.
Then NakedMarkets was launched in 2022, and I immediately knew that it was a competitor. However how good is it, and extra importantly, is it higher than Foreign exchange Tester?
Each software program applications assist you velocity up the guide backtesting course of and make it straightforward to check virtually any buying and selling technique in shares, Foreign exchange, futures, cryptocurrencies, and extra.
After spending a number of months backtesting with NakedMarkets, I am lastly prepared to offer you a whole comparability of the 2.
I will present you which of them ONE is best and why.
Ease of Use
Is the software program designed in a method that makes it intuitive and so I haven’t got to study new syntax or processes?
Each software program are patterned after MetaTrader, so I’d say that they’re very related in relation to ease of use.
There are a few small variations nevertheless.
In model 5 of Foreign exchange Tester, they determined to maneuver to a “ribbon” kind menu on the prime of the display. In the event you’ve used Microsoft Workplace, what I imply.
That is what the menu seems to be like.
I am not a fan of this.
It makes the menu bar greater, and since every button is greater, I’ve to flip via extra menus to get to the capabilities I need to use.
As well as, the menus in Foreign exchange Tester 5 might be extra helpful. For instance, the right-click menu on the charts haven’t any choices for buying and selling.
Since there are already buying and selling choices on the first ribbon toolbar, some may assume that extra choices on the right-click menu are redundant.
I disagree.
I really feel that there needs to be some buying and selling choices on the right-click menu and the choices for quantity, grid, and so on. ought to go on the Chart Settings menu.
Then again, the NakedMarkets menus are very effectively thought out and streamlined.
The buttons are small, so they do not take up a number of house, and there are solely the buttons that I exploit most frequently.
Making a minimalist menu is definitely harder than you could assume. It is a lot simpler to stuff it filled with capabilities and let the customers type it out.
The correct-click menu is far more sensible than the one in Foreign exchange Tester.
What I like about this menu is that there are precise purchase and promote order choices.
There are lots of different ways in which NakedMarkets is simpler to make use of than Foreign exchange Tester 5…too many to enter right here.
However there’s yet one more operate that makes NakedMarkets higher than Foreign exchange Tester on this class.
That is the Guidelines Supervisor operate in NakedMarkets. It is truly sensible, I’d have by no means considered this.
It lets you construct items of your buying and selling technique so you may automate them and velocity up the backtesting course of. Extra on this characteristic later on this article.
NakedMarkets additionally not too long ago launched a TradingView-like interface for his or her charts. I do not use it, however some merchants adore it.
It is only a private desire. I am glad that there’s an possibility although.
TradingView has an ideal interface. Too unhealthy it isn’t good for backtesting.
So although Foreign exchange Tester 5 is simple to make use of, I’ve to offer it a barely decrease rating due to the ribbon menu and since the Guidelines in NakedMarkets actually velocity up the backtesting course of.
Listed here are the scores for this class:
- Foreign exchange Tester: 4
- NakedMarkets: 5
Complete Price of Possession
Price of possession might look like a straight ahead calculation, but it surely’s not.
Here is why…
There are 3 elements to backtesting software program possession:
- Preliminary price
- Historic information updates
- Extra characteristic add-ons
Everybody understands the preliminary price.
That is the quantity that you simply pay to unlock the total model of the software program.
As that is being written, the common value for Foreign exchange Tester is $299. Nonetheless, they’ve a number of gross sales and you will get it for $149.
Then again, NakedMarkets prices $269 up entrance, however you will get a $20 low cost right here, for a complete of $249.
Earlier than you leap on Foreign exchange Tester although, you additionally should take note of the information plan and add-ons.
The Foreign exchange Tester information plan prices $49.99 per 30 days to get the most recent up to date information.
Now you could possibly use the free plan, however there’s a very restricted quantity of information accessible. So if you wish to do any critical backtesting, you may should get the paid plan.
One factor you are able to do is order one month, obtain the information, then cancel your subscription. Then wait just a few months, subscribe once more for a month, then cancel.
Clearly, this answer is just not supreme since you will not have probably the most up to date information accessible. However it may be sufficient in the event you solely backtest greater timeframes buying and selling methods.
One of the best answer is to buy Foreign exchange Tester’s lifetime information bundle so that you by no means should pay for information once more. This bundle at present prices $539, on sale.
With NakedMarkets, you get up to date historic information at no extra price. So that you solely pay $249 (with the low cost coupon), with no extra prices.
So if you examine apples to apples, you save $290 by buying NakedMarkets.
Keep in mind, pricing can change, so make sure you double test the costs earlier than shopping for.
Each are fairly priced, however you do save an honest sum of money with NakedMarkets, so I am giving NakedMarkets a barely greater rating.
Listed here are the scores for this class:
- Foreign exchange Tester: 4
- NakedMarkets: 5
Quickens Backtesting
The following factor that I wished to search out out is how a lot every of the software program packages can velocity up the general backtesting course of.
Velocity is relative. So what is the slowest technique of guide backtesting?
Effectively, that might be guide backtesting with MetaTrader (and a spreadsheet), or utilizing a pocket book to do “paper buying and selling.”
Each of those strategies are very sluggish.
So one of many greatest advantages of utilizing Foreign exchange Tester or NakedMarkets is that they velocity up the method significantly.
However which one makes the method quicker?
Relating to primary backtesting, each software program options are about the identical.
Nonetheless, if you begin utilizing the NakedMarkets Rule Supervisor, that is if you actually begin cooking with fuel.
Guidelines in NakedMarkets can help you routinely establish commerce setups, entries and exits. It could possibly additionally enter and exit trades and use set your danger administration.
You’ll be able to study extra about Guidelines on this video.
So whereas Foreign exchange Tester 5 is a stable answer, NakedMarkets supplies one other “gear” with their Rule Supervisor, which lets you backtest a lot quicker.
Listed here are the scores for this class:
- Foreign exchange Tester: 3
- NakedMarkets: 5
Knowledge (Price, High quality and Availability)
Updated date is essential for backtesting since you need to see in case your technique continues to be working in present market situations.
The most important distinction between the 2 merchandise is that up to date information in NakedMarkets is included, whereas you must pay additional for it in Foreign exchange Tester.
In any other case, the information options are very related.
In each instances, there might be extra information accessible and a few markets have spotty information. That in all probability is not the fault of the software program firms, it is most probably a operate of the information feeds they’re utilizing.
However general, each merchandise present stable information feeds.
I am giving NakedMarkets a barely greater rating as a result of the information is included with the acquisition of the software program.
Listed here are the scores for this class:
- Foreign exchange Tester: 3
- NakedMarkets: 4
General Stability
Let’s face it, backtesting software program is advanced.
Once I first began utilizing Foreign exchange Tester round 2008, this system crashed typically and it was buggy. Activating my license was a clunky course of and I needed to contact assist if I wished to alter computer systems.
However that is how virtually all software program is firstly, and on the finish of the day, it labored effectively sufficient to get in a stable backtest and develop buying and selling methods.
Over time, it has advanced into a really secure product and now I hardly have any points with it.
NakedMarkets launched in 2022 and the good thing about the software program was apparent, after utilizing it for every week. However because it’s advanced and really new, there are nonetheless just a few bugs that they should work out.
Nonetheless, NakedMarkets has been actually good at fixing bugs as they’re reported. In addition they do frequent updates and are continuously bettering the software program.
Though NakedMarkets is bettering shortly, I’ve to offer Foreign exchange Tester an enormous edge on stability at the moment.
Listed here are the scores for this class:
- Foreign exchange Tester 5: 5
- NakedMarkets: 3
Reporting
That is the place there’s a HUGE distinction between the 2 merchandise.
Big is an understatement…they don’t seem to be even in the identical galaxy.
The entire level of backtesting is to get stats in your buying and selling technique, so what to anticipate if you begin buying and selling it stay.
Due to this fact, analytics are extraordinarily necessary.
I’ve informed Foreign exchange Tester previously that they actually need higher reporting.
However sadly, they nonetheless have the identical buying and selling report that they’ve had since model 2.
As you may see, this report solely reveals steadiness, fairness, margin and drawdown. There is not a number of information on this chart, however simply take a look at the legend to see what the report is displaying.
…and that is it!
Critical.
To get a extra detailed report, I all the time needed to export the information to Excel and spend a number of time “massaging” it to get the stats that I wished.
Enter NakedMarkets…
Now that is extra prefer it!
I get far more invaluable info out of NakedMarkets.
…and that is only one tab on the report.
The opposite tabs are:
- General stats
- Symbols evaluation
- Timing evaluation
- Threat evaluation
- Trades record
- Monte Carlo
To see a extra detailed evaluation of the reporting characteristic, learn this text.
An additional benefit is that you may additionally import experiences from Foreign exchange Tester, Oanda and MetaTrader into NakedMarkets, and get detailed analytics, with out going via the headache of exporting to Excel.
It is a evening and day completely different between the 2 software program packages.
Listed here are the scores for this class:
- Foreign exchange Tester: 1
- NakedMarkets: 5
Automation
Subsequent, I will cowl the quantity of automation in every program.
Automation can dramatically velocity up the backtesting course of and any worthwhile software program ought to have some form of automation possibility.
Foreign exchange Tester 5 does can help you backtest MetaTrader EAs, however that is all the automation they’ve accessible.
Realistically, you may backtest MetaTrader EAs in MetaTrader, with out paying extra cash for Foreign exchange Tester. In order that operate in Foreign exchange Tester is ineffective.
To be honest, Foreign exchange Tester does have their very own proprietary “AI” operate that supposedly optimizes your EA settings routinely. I have never tried it and that might be helpful. The draw back is that it prices additional.
However once more, you could possibly merely setup an identical take a look at in MetaTrader and it’ll run via all the settings iterations that you simply give it. So once more, together with this in Foreign exchange Tester is just not very useful.
As I discussed in earlier sections, NakedMarkets has give you an ingenious approach to automate elements of the backtesting course of.
On prime of that, if all elements of your buying and selling technique may be automated, you are able to do a totally automated backtest.
However wait, it will get even higher…
You can too backtest your absolutely automated buying and selling technique on a number of markets and a number of timeframes on the identical time, with the Quick Backtest operate in NakedMarkets.
So I believe the winner right here is apparent. NakedMarkets stands head and shoulders above Foreign exchange Tester 5 within the automation division.
Listed here are the scores for this class:
- Foreign exchange Tester: 1
- NakedMarkets: 5
Add Customized Indicators
I am not an enormous fan of customized indicators, however you may be.
So I’ll go over how straightforward it’s to import or create customized indicators for every of the software program options.
Foreign exchange Tester 5 has an import operate that can can help you import MetaTrader indicators, when you’ve got the supply code. I’ve tried this operate and it solely works about half the time.
Due to this fact, you may have the ability to get your customized indicator into Foreign exchange Tester, however you can not add all customized indicators.
Now what about creating indicators from scratch?
I’ve tried to code my very own indicators for Foreign exchange Tester previously, but it surely’s truly actually troublesome. Principally as a result of they haven’t any documentation on it.
To be able to get customized indicators, I needed to rent a programmer who might do it. Fortunately, I bought a great programmer, however he was onerous to search out.
See the symptoms he created right here.
Then again, NakedMarkets would not have an import characteristic within the software program, however they’re engaged on it.
Within the meantime, you may truly ask them to do the conversion and they’ll assist you as greatest they’ll.
In addition they have documentation on how one can code your individual customized indicators. There aren’t many tutorials there but, however all of their default indicators are open supply, so you may see how they’re coded and customise them to suit your wants.
C# and Visible Fundamental are used for coding NakedMarkets customized indicators, which is nice as a result of these programming languages are straightforward to study. You’ll be able to obtain a free software program improvement bundle on-line (there are a number of choices) and begin coding in these languages.
In the event you do not need to code it your self, you may simply discover a programmer to do it for you as a result of these are widespread programming languages.
So general, I’ve to offer NakedMarkets the sting right here. As soon as they get their import characteristic on-line, their rating will in all probability improve to a 5.
Listed here are the scores for this class:
- Foreign exchange Tester: 3
- NakedMarkets: 4
Construct Customized EAs
It is a huge one for a lot of merchants. Their dream is to construct an automatic buying and selling robotic, or Skilled Advisor (EA), to allow them to earn money whereas they sleep.
So how simply do these options assist you to try this?
Let’s begin with Foreign exchange Tester 5. They’ve created an exterior web site that helps you construct EAs with a no-coding, and a drag and drop interface.
As soon as you have constructed a EA on the web site, you may export it to MT4, MT5, or Foreign exchange Tester codecs.
Sounds good in concept.
The truth is that you may’t construct a usable EA on their web site. The interface is just too rudimentary and it is onerous to construct even the only buying and selling system.
On prime of that, you must pay cash to make use of their web site.
It is a fairly large fail.
NakedMarkets, then again, has the performance to construct an automatic buying and selling technique inbuilt to their software program.
Use the Rule Supervisor and you may construct partially automated or absolutely automated methods. The Rule Supervisor can be a no-code answer, so you do not want superior programming expertise.
No exterior web sites or extra charges mandatory.
The one draw back to NakedMarkets is that you simply can’t export the technique to MetaTrader format. However they’re engaged on that and can hopefully have an answer quickly.
On the upside nevertheless, as soon as you have created an automatic technique in NakedMarkets, it is simple to rent a programmer to transform it right into a MetaTrader EA.
Listed here are the scores for this class:
- Foreign exchange Tester: 1
- NakedMarkets: 4
Assist
Assist is essential, particularly with advanced backtesting software program.
There are principally 2 forms of assist:
- Day-to-day assist: How shortly do they reply emails and are they useful?
- Lengthy-term software program assist: Do they take heed to suggestions and enhance the software program with every new model?
I’ve discovered that each firms do an ideal job with day-to-day assist.
No complaints there.
Nonetheless, NakedMarkets has an enormous edge in relation to long-term product assist.
There are some options that I have been desirous to see in Foreign exchange Tester (like professional-level reporting) for a very long time.
However they have not actually upgraded the product since model 2. It is nonetheless principally the identical program. It is extra secure and has just a few extra bells and whistles, but it surely’s nonetheless very primary.
Then again, NakedMarkets has been implausible about fixing bugs and including requested options.
I go away a publish on their discussion board they usually normally get again to me inside just a few days, with an answer.
They’re superb about including advised upgrades to the software program and fixing bugs shortly.
The latest addition they’ve made is the implementation of a TradingView-like interface. So now merchants can select between a MetaTrader-like expertise or TradingView controls.
They’ve additionally added just a few options for me, which I tremendously admire.
So by way of general assist, NakedMarkets is a lot better.
Listed here are the scores for this class:
- Foreign exchange Tester: 3
- NakedMarkets: 5
Evaluate Video
Watch the entire video evaluate under.
I present you a few of the variations in motion and why I gave the scores I did.
Ultimate Rating
Now let’s add up all the scores and discover out which software program bundle is the winner…
As you have in all probability already guessed, NakedMarkets comes out method forward of Foreign exchange Tester by a margin of 17 factors.
- Foreign exchange Tester 5: 28 factors
- NakedMarkets: 45 factors
Foreign exchange Tester had the primary mover benefit, however they’ve rested on their laurels and are actually going to should play catch as much as NakedMarkets.
Like I discussed earlier than, Foreign exchange Tester hasn’t actually modified a lot since model 2, it simply turned extra secure.
Lots of the upgrades that they’ve added over time have had questionable utility and I’ve all the time had the distinct impression that the product was being designed by programmers…not merchants.
Then again, I personally know the creator of NakedMarkets and I do know that he is a legit dealer too. That is why he has added options to the software program which are truly helpful to merchants.
There are lots of advantages to NakedMarkets, however what I like greatest is its means to backtest absolutely guide, partially automated and absolutely automated buying and selling methods. It can solely get higher with time.
If you wish to see a buying and selling technique that I developed with NakedMarkets, go right here.
