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Saturday, March 5, 2011

Forex Charting Software and How to Read Forex Charts

This article will cover different types of day trade software to consider when you are learning to trade forex. At the end of this article, you can make up your own mind about forex trading charts.

Charting software for forex comes in three distinct ‘family types’ – manual, semi-automatic and automatic trading systems. Which type of software will suit you best depends on your personality type and trading style.

Manual: This is my favorite way to trade. You read the charts manually, and decide your entry and exit points based on technical analysis. Often brokers will offer this type of software for free – eg. Dealbooks 360 through GFT.

Semi-automatic: You pre-program your own buy and sell signals, then leave the software to read and analyze the charts for you. Dashboard FX Pro is an example of this type of software.

Automatic: This type of software is the easiest, but also the riskiest way to trade the foreign exchange market. It’s a plug and play type of system, which has pre-programmed signals and will analyze the market and enter and exit trades for you. Most of the time, you don’t even need to lift a finger. Software of this type includes FAPTurbo and Forex Megadroid.

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