How to Get Free Detailed Forex Tester 2 Reports for Your Backtesting

UPDATE (Nov. 13, 2022): This is an old post and since this was first written, I've found much better solutions. First, you'll find my current trading journal recommendations here. Second, I've discovered a backtesting software that has fantastic reporting built in. Learn more about it here.

As you probably know, Forex Tester is awesome.

But just like any other software, it has its shortcomings.

One area that it does not do so well is when it comes to backtesting reporting.

In this post, I'll show you what Forex Tester 2 currently has in the way of reporting, a few of the key things that you need to be able to get out of your backtesting data, then I'll show you an easier way to get this information.

But first, let's take a look at what Forex Tester 2 currently offers, in the way of reporting…

Built-In Forex Tester 2 Reporting

Here is what Forex Tester 2 currently has in the way of reporting. As you can see, it's pretty basic. If you would like to see the text version, skip past the video.

Basically, Forex Tester 2 gives you the profit chart:

On top of that, there are these other basic metrics that they provide. I've provided some stats from a recent round of backtesting that I did.

Days processed=5335
Months processed=177.83
Total trades=90
Profit trades=64
Loss trades=26
Profit trades cons.=14
Loss trades cons.=6
Trades/day=0.02
Trades/month=1
Profit trades/month=0
Loss trades/month=0
Max profit trade=884.35
Max loss trade=258.64
Net profit=7384.91
Gross profit=9953.48
Gross loss=2568.57
Profit/month=41.53
Average profit=155.52
Average loss=98.79
Max drawdown=0.00
Profit factor=3.88
Return, %=73.85
Max lot used=74.00
Restoration factor=0.00
Reliability factor=0.00
Profit probability, %=71
Loss probability, %=29

As you can see, there is quite a bit of information here. But there are also a few glaring issues.

For example, the max drawdown is zero? The restoration factor and reliability are zero? Something is fishy there.

But again, no software is perfect.

Although most of the basic metrics are there, you should look at some other things…

What Advanced Backtesting Metrics Do I Need?

There is some other key information that you will need to look at that might help you improve your trading method. For example:

Day of the week analysis – Are certain days that are more profitable than others? Is there a day of the week that I should avoid?
Monthly analysis – Are there any seasonal tendencies?
Long / Short analysis – Are either longs or shorts much more profitable?
Expected monthly return – Can I make a living on this when I combine my results from all currency pairs?
And more!

But that's just for starters. Obviously, there are other metrics that you may want to look at.

So how can you get this information when FT2 doesn't provide it?

Here's one way…

How to Use a Spreadsheet to Get Additional Backtesting Information

The first thing that you will have to do is export your trading record from FT2. Do this by right-clicking in the trades window. Click on export stats, then save the results as a text file on your desktop.

Then import your history file into your favorite spreadsheet program. Here's how to do it in the big ones:

Now the fun begins. The first thing that we should look at is the day of the week analysis.

So we need to find the formula that converts a date into the actual day of the week.

In Excel, the formula is: =WEEKDAY(date)

Excel will return a number for the day of the week, as follows:

Sunday = 1
Monday = 2
…
Saturday = 7

But therein lies the problem…the Date field in the Forex Tester 2 includes date and time. Some spreadsheet programs will convert this format into the day of the week, but others may not.

If not, then you will have to separate out the date from…

Oh, who the hell are we kidding?! This frickin' blows!

Let's just skip to the easy method…

How to Get Advanced Forex Tester 2 Reports for Free

This video will show you how to get started right now and they type of information that you can get from these reports. If you prefer the text version, it is provided after the video.

To get started with Tradingrex, simply create a new account. Yes, the account really is free.

They make their money by selling their reporting services to trading firms. It's free for individual traders.

Once you are logged in, click on the Add New Account button. Then give your account a name. This is not actually an account, but the name of your round of backtesting.

I recommend giving it a name like:

[system tested] [currency pair] [timeframe] [version number] [test number]

This will allow you to easily sort your tests by name. Next choose Forex Tester 2 text export as your Datasource.

Then click on the Create button to create your account.

From there, you can select the Forex Tester 2 file to upload by clicking on the Select Files button. The upload is really fast, but it may take a little longer if you have a lot of trades. Just upload one file per account for easier analysis.

Now you can check your dashboard to get stats and charts like…day of the week analysis. Wasn't that much easier than the spreadsheet method?

Another really cool feature is you can create a custom link to share your backtesting results. This is totally optional and you can revoke it at any time.

Great for team backtesting, or sharing your results with your mentor.

Final Thoughts on Tradingrex Detailed Forex Tester 2 Reports

So that's all there is to it. One thing that you should do is double check between the two reports.

Having two reporting systems can give you a good way to see if there might be computational errors in metrics that are the same between the two reports. That may involve some spreadsheet computations in the beginning, but it is better to be sure than to be making decisions off incorrect data.

Of course, since the reporting in Forex Tester 2 is very limited, you can only compare the basics. But I encourage you to test out a few different reporting methods, to see which one works best for you.

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