Forex Tester 3 is a software designed to simulate trading in the foreign exchange market. It allows users to backtest trading strategies, analyze market data, and practice trading without risking real money. One of the key features of Forex Tester 3 is the ability to control the speed of the simulation, which allows traders to test their strategies under various market conditions. In this article, we will discuss the default time setting in Forex Tester 3 and how to change it.
The Default Time Setting in Forex Tester 3
The default time setting in Forex Tester 3 is 1 hour. This means that each candlestick on the chart represents a period of 1 hour. However, traders can change this setting to suit their preferences. By default, Forex Tester 3 uses the GMT+2 time zone, which corresponds to the closing time of the New York trading session. This is because the majority of trading activity occurs during the New York session, and it is considered the most important session in the Forex market.
Changing the Time Setting in Forex Tester 3
To change the time setting in Forex Tester 3, follow these steps:
Step 1: Open the program and select the currency pair you want to test.
Step 2: Click on the “Data” tab and select “Data Center.”
Step 3: In the Data Center, select the currency pair and the time frame you want to change.
Step 4: Click on “Edit” and select “Adjust Time.”
Step 5: In the Time Shift window, you can adjust the time zone or the time shift. You can also select the “Use Custom Time Zone” option to set a specific time zone.
Step 6: Click “OK” to save the changes.
It is important to note that changing the time setting in Forex Tester 3 can affect the accuracy of the simulation. This is because the program uses historical data to simulate trading, and any changes to the time setting can alter the way the data is interpreted. Therefore, it is recommended that traders use caution when changing the time setting and carefully evaluate the results of their backtesting.
Benefits of Changing the Time Setting in Forex Tester 3
There are several benefits to changing the time setting in Forex Tester 3. One advantage is that traders can test their strategies under different market conditions. For example, if a trader wants to test a strategy that is designed for intraday trading, they may want to set the time frame to 15 minutes or 30 minutes. This will allow them to see how their strategy performs under these conditions and make any necessary adjustments.
Another benefit of changing the time setting in Forex Tester 3 is that traders can test their strategies under different time zones. This is particularly useful for traders who operate in different regions of the world and want to test their strategies during their local trading hours. By setting the time zone to their local time, traders can simulate trading during their preferred time frame and evaluate the performance of their strategy.
Conclusion
In conclusion, the default time setting in Forex Tester 3 is 1 hour, and traders can change it to suit their preferences. Changing the time setting can be beneficial for testing strategies under different market conditions and time zones. However, it is important to use caution when changing the time setting and carefully evaluate the results of backtesting. By using Forex Tester 3 to backtest their strategies, traders can gain valuable insights into the Forex market and improve their trading performance.
