The Best Forex Programs and Platforms to Trade Currency
Before going to see specifically the various forex programs that have earned respect and appreciation from those who trade occasionally or professionally, let’s try to understand better what it is.
What are the Programs for Trading?
When we talk about forex software, we think of programs that allow us to do automatic trading, or support us in our investment choices. Both uses actually fall into the category of trading programs.
However, before looking for programs outside the trading platforms, which can be offered for free or for a fee, we must carefully evaluate the software used by the broker with whom we are deciding to open a trading account.
The various intermediaries first of all offer their own software which constitutes the interface for access and information functions: for both, they must guarantee maximum security and reliability.
Then as regards the operational component (i.e. everything that involves the actual trading activity) there are two types of software: the platforms used by the various brokers, which do not belong to them (the clearest example is with the hugely popular MetaTrader 4 or 5 ); their platforms.
Differences Between Broker or External Programs
The choice between one type and another must be made considering different aspects, among which should never be overlooked:
► Speed of execution of orders.
► Services or functions ancillary to the basic ones.
► Possibility of using bots.
► Type of trading strategy accepted.
► Existence of advanced functions (such as stop loss).
► Level of customization.
Obviously, if you choose heavily used software, it will become easier to find tools to assist in their use, as well as reviews and guides from specialized sites or forums. If, on the other hand, you choose those owned by only one broker, then you will have to focus on well-established companies and brands. Then above all with experience the right level of knowledge matures, which however can never be relegated to a secondary role.
In addition, we must also see if the possibility of mobile trading is supported, and with which operating systems. In reality, the discourse of operating systems is also important in the case of software that must be downloaded and installed on your PC (the classics with downloads), while it falls if you use web based platforms (direct access without download)
Free or Paid?
Assuming that the indispensable programs, in order to trade, is that of the platform made available by the broker with whom we are going to operate, it is automatically understood that everything you really need, at least at a “basic” level, is always free.
The opening of a trading account, and the use of the platform do not involve any cost. The story changes if you are looking for advanced functions, or particular tools. Here gratuity can be lost directly or indirectly.
It fails directly if we choose to purchase external software. For these programs, however, make sure that the two, (platform plus the one you buy), are compatible with each other.
However, you can lose the character of free programs even indirectly: it happens for example when we have to increase the level of the account, going from a standard to a premium or VIP.
However, it should be emphasized that money is not spent strictly speaking, but more will have to be paid, being able to invest even more, thus reaping the relative advantages.
Automatic Trading and Copytrading
In recent years, copy trading has spread, while the software for automatic trading is offered by various companies that create special programs for several years already. With the copy trading replicate the trading decisions made by other traders operating with the same broker.
It is therefore a function that must be provided by the broker with whom we choose to operate.
The automatic or bot trading programs instead work autonomously, making a series of investments (opening, maintaining and closing positions). However, these programs must be set up in such a way as to allow the system to operate in a profitable way.
They are also mostly purchased, paying periodic subscriptions, or in a single tranche, but they are always external to the broker with whom we are going to invest (you must be careful, however, that the broker’s platform is able to support them).
These are two very different systems, and the choice must be made according to the trading style that you want to implement, and based on the knowledge you have.
The Limits of the Programs
The limitations can be either “physical or structural” and operating.
The first limit that we will encounter is linked to the technical requirements of the machine on which we are going to run the programs. So before deciding to download a program we must check that we have the minimum requirements, including the necessary memory space.
Then you will have to check that you have a compatible operating system. Once this check has been passed, the limitations imposed by the connection remain: if the connection is slow then you will have to prefer platforms with downloads, if it is fast and stable you can focus on the use of platforms accessible directly via the browser.
So the third aspect remains that is more difficult to evaluate. In fact, the quality and quality of the forex trading software must be assessed according to:
► Type of goals that you want to achieve.
► Type of strategy you want to use.
► Type of programs to add and / or customize.
Especially for less experienced traders these are difficult aspects to evaluate. For these, the advice is to choose a broker that has a structure and a series of services that allow easy use. Then through the customization options it will be possible to increase the performance and services in relation to the increase in the level of need that you have.
Only after having gained good experience and having left the ranks of newbies, will we have to move on to consider the possibilities offered by other types of forex software or other types of trading (with graphic, operational, risk management supports, etc.).