Foreign Exchange Converter and Other Top Software
There are certain software systems that forex traders should look into using. Of all the software on the market there are 5 items that all traders should consider having and using. These 5 items are trading platforms, technical analysis software, signal software, forex robots and a foreign exchange converter.
Forex Trading Platforms
The forex trading platform is actually the one piece of software that all traders have to have. This software is the way that retail traders are able to connect with the forex market. It is possible to get these systems from the forex broker you have an account with. Of course, you should trial a few systems first to determine which one suits your needs. It is also important that you see what the platform can offer you in terms of customization and additional features.
Technical Analysis Software
The second item of software that you should look into is technical analysis software. This software includes charts and the charting software you need t trade. Most of these software packages do have signal services bundled in with them but this is not a standard feature. When you look at these software packages you should find out which charting methods they use and how this will be displayed. Some manufacturers will have trail periods for the software that you should use. You also need to weigh the price of the software against the feature you are getting as a lot of trading platforms come with charts.
Signal services are often included in trading platforms and technical analysis software. However, there are a number of signal providers that only offer you the signal. These services generally send you the signal through email, mobile text or an online service. You need to be very careful with this software as there are a number of scams on the market. You should find out how they are getting their signals and whether they will explain it to you when the signal is sent. You should also find out how often you get signals and whether or not they appear in time. If the signal service does not get the signal to you in time you could lose on the trade.
There are two types of forex robots that you should be aware of. The first is the fully automated robot and the second is the semi-automated robot. The first type simply requires you to set it up and then it will complete all the trades for you. The second type of robot works more like a signal service and tells you when you should be trading but leaves the actual trading up to you. Each of these robots is limited to a single market type of trending or ranging. As the robot cannot think about the market it cannot determine whether the market is trending or ranging.
Foreign Exchange Converter
Foreign exchange converters are a piece of software that traders may not need to have. This software makes it easy to find the current market price for a currency pair. Of course, this is dependent on the converters creator and whether or not they use currency prices or add a fee on.
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS