Forex trading is rapidly growing over the years becoming one of the most exciting & demanding markets around the world.
For those of you NOT familiar with Forex trading, it’s very common amongst the wealthy individuals, banks and other institutions that wheel and deal in currency.
It’s betting large sums of money on currency exchange rates with the hopes that the fluctuation will make you a hefty sum within a time span of 1+ day’s.
With recent wealth being distributed more widely amongst small business owners and individuals it’s not uncommon for them to try Forex trading.
Much of the expansion has to do with how available the market is due to online trading platforms that not only provide you a secure way to trade but teach you how to trade by providing online support and tutorials.
Many software developers have cashed in on the popularity by developing software that streamlines the trading process. Many of them work well but some are junk providing NO value at all.
I’ve decided to discuss some different software types that are available to people who are interested in Forex trading.
In short, the software can be split into the following categories with all of them having a different advantage: Trading, Charting, Signal and Automated.
Forex Trading Software
Forex trading platforms are more hands on offering people the ability to enter manual functions. The most common types of functions executed are online with the individual entering trades directly with an online broker.
Many times you will need to download a piece of software which is supplied by the company.
A great example of this type of trading platform is offered by CMC Trading INC which is an online trading system that allows the users to login to the platform after downloading the software.
The user then can proceed to enter manual trades which are supplied to the broker on the other side usually at the company office.
This type of trading platform requires a reliable connection because some of the advanced trading software will allow you to have multiple trades at one time with advanced charting capabilities.
Forex Charting Software
With Forex charting software things get more technical because you are NOT only paying to support online trades but the ability to chart progress overtime.
These types of software, in the basic form, will show you currency trends overtime and how secure the trade is depending on the average high’s & lows of the currency.
Many times there are advanced functions available to traders which are an added bonus if the bids are high enough or you have a solid track record with the Forex provider.
The advanced functions can include support for the trader using specialized theories analyzing Forex exchange rate movement overtime.
These advanced options take into account several mathematical theories which are NOT available to the basic user.
Advanced users will have access to more drawing tools, charting tools and pattern matching algorithms.
Forex Signal Software
Not all software will provide a platform for users to automatically place trades online.
Some software platforms like the Forex signal generating alerts system will provide the user with levels that they can enter the market.
A trader will have certain highs & lows they are comfortable with and which yield the most beneficial outcome. These are very hard to find due to the changing currency market in such a small time frame.
However, with signal generating software the trader will be alerted when a predefined level has been submitted.
These software platforms will provide additional support like the suggested stop-loss and take-profit levels so the trader can manage their portfolio much more effectively without suffering large sums of losses before stopping their trades.
These are all automated alerts and sometimes can produce a glitch so it’s advised to always keep a manual eye even though you have a signal in place.
Forex Automated Trading Software
The Forex Automated trading platform is the most exciting and widely used because it automates the whole procedure meaning that much of the manual tedious work has been removed from the trade.
For example, the software is all based on algorithms that will follow your predefined game plan and no manual intervention is needed once the software has been setup.
Sometimes these types of automation platforms remove a lot of the thinking and emotion of trading with the most popular being AutoBinary Signals.
Many of these allow you to manage multiple accounts at one time.
This platform is configured to work with several different online Forex trading markets and it’s very easy to setup.
Just simply download the desktop version and configure it with your accounts which you should have with Forex markets online. Then simply add your predefined fields and let the software do the rest.
It’s important to note that with automated trading platforms many people often have years of experience and know how to play the currency market.
They know when to trade and when to cut their losses so are comfortable with leaving an auto trading software in charge of their portfolio.
For people who are starting out, it’s recommended to proceed slowly with Forex trading software like AutoBinary Signals until you get comfortable with your trades.