Today, I have quick tip on how to do a little backtesting in MetaTrader 4 while you are waiting for your setups to give you a signal to enter the market.
There are some limitations to this method, but it is free and easy to use.
Check out the video below to find out how to do it. I discuss the other benefits and limitations after the video.
Sometimes you want to see what a trade looks like as it sets up, but you do not want to wait for it to happen in real time.
This trick allows you to go back and step through a setup and give you a much better idea of how you would have actually reacted to it.
Since you are in Metatrader already, you don't have to worry about getting custom indicators for other testing platforms. You also don't have to worry about time differences or candles looking different on other platforms.
The only limitation would be the amount of historical data that is available to you.
Metatrader only loads a certain number of candlesticks, so you would need to use another platform like Forex Tester to test over a longer period of time.