Imagine being successful at Forex trading? Wouldn’t that be great?. Current and prospective Forex traders all want this. Why then are only about 5% really successful? A key secret to successful Forex trading, for you and me, is the choice of Forex software, especially when using certain strategies.
Forex software is available in many forms. Since there are so many types of software you should take time to make sure that you do adequate research to determine what software best meets your trading style.
As you probably know, there are two basic trading approaches. One is where you do everything and software is used to establish basic entry and exit areas. The other is where you use software to make the setup decisions and enter and exit the trade. This is known as automated Forex software or robots. Without good software, trading online can be very difficult.
When you are reviewing Forex software there are a few things you should consider:
- Money management
- Risk management
- Ease of use
- User friendly interface
- Trade over the internet in real time
Most of the broker supplied or independently produced software is mainly charting and signal software. This means that the software will show you what is happening with charts and possibly provide an entry signal. You have to be present to place the order. A significant amount of your time and effort is usually required. This approach has been around for some time and many have been successful. This software can cost from free to several thousand dollars.
Currently Forex traders really like the use of automated Forex software. Why? Because most have all of the above components built into them plus you can trade 24/5 without being at your computer. Additionally, the better automated software allows you to modify trading parameters and can trade several software pairs. This approach requires much less time and effort for the trader and can produce good consistent results. Experienced traders like automated software because they are able to trade 24/5. New traders like it because they do not have to be experts in Forex in order to be successful in Forex trading. Good automated Forex software typically costs around $200.
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