Forex Software

Forex Trading Software

Access to the currency market requires certain tools, including trading software. Installed on a computer connected to the Internet, the software allows not only to access the trading platform but also to make transactions. There is a great diversity of them adapted to the level of the trader, whether beginner or professional.

The trading software is a computer program which analyses, in real time, all information relating to Forex. It guides the trader in carrying out his transactions taking into account this analysis.

The Capabilities of Forex Software

The system should allow profit to be made in the foreign exchange market. It must provide the trading signals necessary for this purpose: these are the indications which recommend the buying or selling of currencies depending on certain factors.

In addition, it must have the function called stop loss orders which consists in automatically selling currencies when their price falls below a previously defined value.

The trader must then know how to distinguish the opportunities offered by this software to make the best choice and maximise his profit.

Types of Programs

To meet the expectations of traders, several types of Forex programs have been designed: technical analysis, trading platforms, trading signal generators and finally forex robots.

Technical Analysis Software

This type classifies and represents information in the form of graphs and statistics, facilitating the global observation of the trends of the exchange rates.

They generally come with signal generators (which constantly monitor these trends and warn the trader when the information is important) and use various methods such as MACD, RSI, Stochastics etc.

The most used technical analysis software is MCFX, Easctrend, and Abletrend, which is the simplest. After identifying the different market trends, he informs the trader of the possibilities of buying or selling currencies.

As for MCFX, containing high definition graphics, it can scan the foreign exchange market in real time.

Trading Platforms

With the trading platform, the trader can manage and execute his transactions manually. Generally accessible on the Internet, the platforms are also integrated into the website of the Forex broker.

The Metatrader platform is one of the most popular. It incorporates technical indicators which allow the trader to examine market movements in minutes or even seconds.

The VT trader, for its part, can be personalised in particular with manual inputs and outputs, automatic or semi-automatic, depending on the level of the operator.

Forex Robots

Designed to make transactions automatically, trading robots are seen as true consultants. Most often connected to platforms, this software allows the trader to carry out his operations at any time of the day without additional personalisation.

Focusing on a single currency pair, specifically EUR / USD, the trading robot makes around 70 to 90% of the winning combinations.

Choice of System

In the quest for effective programs, there are certain factors to consider. Indeed, there are many on the market and the choice is not obvious.

The profitability of the system must be its strong point. The percentage of success must be quite high compared to the information given by the software. The ease of use is expressed through its graphics as well as the quality of its interface.

Regarding transaction orders, it must be able to execute them with great speed. It should be noted that it is preferable to obtain these programs from brokers (intermediaries) or from sites that authorise regular updates and downloads.