Forex trading software
Since the exchange trading moved to an electronic platform and trade orders began to be transmitted through networks, traders have received a whole arsenal of trading programs at their disposal. What Forex software is most often used to work on the stock, foreign exchange, and derivatives markets?
1) Trading platforms
These are Forex programs that connect a trader and a broker and allow them to exchange information online. There are a huge number of different trading platforms. They can be installed on personal computers and mobile devices, can be written in different programming languages , and have different functionality. Traders believe that the best Forex software is MetaTrader, however, participants also use alternative platforms: Trade Master, Mirror Trade, Web Trader, etc.
2) Trading robots (advisors, experts, algorithms)
This is specialized software for automating the trading process. It is very popular in the world because it allows the trader not to participate in the process. In fact, the Forex robot program performs a certain algorithm, which is set by the trader, after which it starts trading in automatic mode. From time to time, trading algorithms need to be tweaked as the markets change.
3) Testers of trading strategies
These programs (for example, Forex Tester) allow using a simple programming language that even a person without special knowledge can master, create an algorithm for a trading strategy and then test it on historical data. Modern testers allow you to test a wide variety of trading strategies on any time frame of various financial instruments. Once tested, these Forex trading programs allow you to optimize your strategy settings to improve their performance.
4) Strategy generators
Not all people are ready to create strategies that are entered into the software for a trader. In addition, many do not want to learn this. Generators of trading strategies are developed especially for such people. In such Forex programs, certain criteria are introduced that a trading strategy must meet, after which the generator starts working on it automatically, going through all possible options. While generating can take a long time (since billions of variants are processed), ultimately a promising strategy can be created. One of the most promising free trading strategy generators is the Strategy Builder.
5) Statistical software for Forex trading
For example, Microsoft Excel can serve as an indispensable trader’s assistant when analyzing reports on transactions performed. Using various functions, a trader can consider in his results the strengths and weaknesses of his trading activity, calculate the average profit or loss, get all kinds of coefficients, on the basis of which he can optimize his trading strategy.
Forex software
Effective work in the international currency market Forex presupposes the use of advanced software by a trader. Today there is a large selection of such software. All that is required from a trader is to follow all new Forex programs, analyze the advantages of one or another software. Forex software starts with a broker and ends with automated trading software, which is better known as Expert Advisors. Most brokers provide them for free or for a small fee.
Forex software is a powerful trading tool in the hands of a trader. It is impossible to work and perform operations on the Forex market without using the software. The more efficient the software, the more successful and profitable the trader’s trading will be.
Today, many brokers and dealing centers offer their own software development.
Today it is very difficult to choose software suitable for trading, which contains a completely understandable and intuitively acceptable interface that would meet all the personal criteria of a trader’s trading. There are several types of software.
- Software using Forex charts. With this trading platform, the trader has the ability to trade on real accounts with real money. This software has the ability to receive quotes, which are used in order to determine the current price indicators for trading. The use of such software allows the trader to follow the progress of the trades.
- Automatic software. This type of software is designed to organize trading for a trader. The principle of operation of such software is that the entire trading process takes place automatically with only a little intervention of the trader.
- Software – a system of trading signals. Trading signal systems are usually written by people who are not affiliated with brokerage companies. This software provides that the trader independently chooses the Forex indicators that best meet the criteria and requests for trading. Trading signals are used so that the trader has a much clearer idea of the trend situation in the market and knows when to enter and exit the market.
It is very important for a trader to determine the main characteristics that a particular software has. Also, one of the most important features that software must have is protected against attacks. The software must be software-supported and updated after a certain period of time. In addition, it is very important that the software has the function of copying data, making and saving copies. Correctly selected software will allow a trader to plan his trading time correctly and get the most out of trading on the Forex market. The use of the software greatly facilitates the work of a trader in the Forex market. But in order to decide on this or that software, you should first test it.
