Nowadays, all trades are executed through the internet, thus mastering online trading software is a must for a trader. I’m not saying that you cannot succeed in forex trading without certain software, but why make it difficult for yourself when these programs are available to make your life easier?
There are several online trading software that you certainly need to master inside-out. Yet, there are others that you only need for their certain functions. Below are a few of the software:
- Trading Platform
Without this program, you got no business at all. Your trading platform is the single most important software that you’ll ever possess and that’s why choosing a credible one is really important. There are several points to consider when you selecting a trading platform:
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Excellent user interface – ideally, you can find all you require easily and do what you need in simple steps. If you need ten clicks just to carry out one order, then it is definitely not a good platform.
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You can do most of your technical analysis there. The majority of trading platforms usually have provided standard charting function, but some of them provide more complex functions than the others. Ensure that you get hold of what you need.
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You can go with whatever convenience for you, but I strongly advise MetaTrader since it’s been used and recommended by numerous pro traders.
- Technical Analysis Software
As I stated above, usually your trading platform already includes basic charting feature, which is the bread and butter of technical analysis. Nonetheless, (depend on your trading strategies) sometimes you may want more sophisticated features that your trading platform do not possess.
If you want to get another software particularly for technical analysis function, ensure that it well worth the extra cost. Do not forget that many traders can get steady winning trades merely by utilizing the charting functions in their trading platform.
- Trading Signal Software
It is the one that marked the beginning of "automatic trading" era in which the trader does not need to handle market analysis on his own. There are several variations of these signals, but generally you will get a notification that contains information about:
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Currency pair to buy/sell
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Time to enter
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Take Profits and Stop Loss orders to put on
The good thing about trading signal is you still retain the final decision. You can choose to go with the signal or just ignore it.
- Forex Robot / EA
This is actually the peak of automatic trading. Essentially, all you need is only set it up in your Virtual private server and let it run on its own. It will analyze the market and execute the orders by itself without human involvement whatsoever. The majority of robots are run with MetaTrader trading platform.
Hundreds (or thousands) expert advisors have produced and they all are essentially the same. The sole significant difference is the trading system put in in it. Having forex robot with junk trading system could be the end of your account, so pick cautiously.
Am I saying that you have to possess all these software in order to get steady profits from trading forex? No, you don’t have to. There are more than one method to success in forex trading and you might have found one that only require a basic charting software. That’s okay too. Just remember that if you decide to use certain online trading software, make sure you know what you’re doing and the software is worth the investment.
