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Saturday, March 5, 2011

Forex Trading Software

There are three different types of Forex Platforms, and their functions depend on what level of “work” you want to put into making a trade.

The first type of software is your regular forex trading charts software program, which is the type I use. I use Dealbooks, which is offered by my broker for free. It gives me candlestick charts which I set up to run 4-to-a-page (daily chart, hourly hart, 30 min chart and 15 min chart). This type of forex trading software is perfect for my needs, as I like to do the analysis myself before I enter a trade.

The next type is software where you can program your own forex signals. You basically tell the software “when the market behaves a certain way, let me know because I’ll want to enter”. This allows you the power to decide if you’ll ultimately enter a trade, but saves you the work of identifying signals all day.

The third and last financial software forex trading I’ll cover is the completely automated system, sometimes known as a Forex Robot or Forex Machine… or something else to that effect. This type of software does ALL the work for you – it uses technical analysis on the market to identify the signals to enter and then automatically enters the trade for you. This type of system has it’s advantages in that it takes hardly any of your time, and it removes the emotion out of entering a trade. However, I’m a big believer that no machine is capable of common sense, which is a huge factor in separating successful Forex Traders from mediocre traders.

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