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To assist you further in the process of finding the best forex trading software, the FAQ terms defined below provide a useful list of items that you can take into consideration when shopping for forex trading software online. In general, forex trading platforms offer their users the ability to manually enter and execute forex trades with an online forex broker.
They generally require a reliable Internet connection to operate efficiently, and if they require a software download, they usually run on Windows-based computers. More advanced trading platform features might include: Forex charting software can encompass a variety of computer programs that facilitate the review of foreign exchange rates using technical analysis methods.
The more basic programs of this type will usually allow you to plot the progress of exchange rates over time for several time periods, to overlay some of the more popular technical indicators like RSIs and Moving Averages, and to draw trend lines.
More sophisticated charting software generally offers some support for traders using Elliot Wave Theory to analyze exchange rate movements that would include calculating Fibonacci retracement and projection levels. Additional advanced forex charting software features might include: An even higher level of charting software often includes some form of pattern-matching algorithm that identifies forming chart patterns, along with their trigger points and measured move objectives.
Other software based on Elliott Wave Theory might count wave progressions. Forex signal generating software or forex signal generators generally do not trade automatically for a user. Instead, they provide levels at which a trader can enter the market and usually have a means by which to alert the trader to such opportunities. Such signal generators also usually provide suggested stop-loss and take-profit levels so that the trader can appropriately try to manage any losses or gains on any positions they take based on the signals generated by the software.
Please note that there is no guarantee that a stop order is filled at the stop price and the same caution applies to these products as the robots. Automated trading software operates according to a pre-defined trade plan or algorithm without the need for manual intervention. They also sometimes go by the name of Expert Advisors or EAs and often run as such on the popular MetaTrader4 trading platform. The so-called forex trading robots available on the commercial forex market generally fall into this category, as do personalized trade plans that traders program or have programmed themselves.
Often, this automation helps traders by taking the emotional and discretionary component out of trading a particular system, and once set up, they can also help a trader save considerable time.
Furthermore, these systems can sometimes offer assistance to beginning traders who wish to learn how to trade like experts. Forex trading robots make up one of the main types of automated trading software currently available to personal forex traders.
Most of them install quickly and run as Expert Advisors on the popular MetaTrader 4 trading platform. In general, stay away from this type of forex products, but if you do consider using one, be very careful and do not trust the historical performance.
Other things to watch out for with forex trading robots is that their vendors often provide profitability numbers based on back-tested trading results over periods for which the robots are optimized to perform well.
This means that future trading results might differ substantially, and usually do. It therefore pays to test such robots in a demo account before setting them trading on live funds. Also, seek out unbiased Internet reviews and check online discussion forums for user comments about any forex trading robot software you might be considering buying. Furthermore, since most of these forex software products sell via Clickbank, you will usually have 60 days to return them for your money back if you are dissatisfied with their performance.
Be sure to have done your testing by then in case you need to take advantage of this offer. In other words, be really careful and do your research — most of these products are not what they say they are! Most forex trading software available for sale and download online comes with a satisfaction guarantee. While terms of such guarantees do vary and should be checked before purchase, this usually means that you just need to contact the vendor or sales agent to request a refund if dissatisfied for any reason.
Many forex trading software products sell online via Clickbank which generally offers a standardized day money-back guarantee for software sold via its secure online interface. Nevertheless, requesting too many refunds can get you into trouble with them, so keep that in mind when shopping. Just about all forex trading software intended for use by personal forex traders will provide a download option.
Several different chart types are available to the user. This information helps a trader identify the most advantageous trading pairs and timeframes. Many forex brokers offer some form of charting software to their traders using their services. Some online sites also provide a variety of charts, either for free or under a subscription service.
Wise traders will also make a note of the data source from which charting solutions pull their prices, ensuring that those sources are up to date, reliable, and accurate. Most frequently, traders will use candlestick charting because it displays the broadest amount of information. Horizontal tick marks extending to the left or right of the line show the opening and closing prices. Candlestick charts present the same information with more visual variety.
This type of chart uses two different colors to indicate the direction of change over time, one color for up and another for down. There is no single best stock chart, or best stock screener software. There are too many markets, trading strategies and personal preferences for that. But we can examine some of the most widely-used trading software out there and compare their features. Whether their utility justifies their price points is your call. If you are interested exclusively in U.
It does not, however, offer automated trading tools, and asset classes are limited to stocks, funds, and ETFs.
It has global coverage across multiple asset classes including stocks, funds, bonds, derivatives, and forex. Available technical indicators appear to be limited in number and come with backtesting and alert features.