If you’re going to trade on the foreign exchange market, it’s a good idea to invest in the best Forex software available. This might be automated Forex software, or it might be the kind which requires the user to do more of the work. Either way, it’ll be worth it in the long run.
But before you run out and purchase the first Forex software you set your eyes on, you may want to spend some time reading customer reviews. I’ve listed some of the best Forex software below, but different systems may appeal to different people. Some Forex software is nothing more than a scam, and I’d recommend visiting a site like ForexJustice.com to avoid these.
Two Types of Forex Software
There are two types of Forex software available to the public. Read this section carefully to determine which is the best Forex software for you.
One type of Forex trading software provides the user with “trading signals,” which usually take the form of entry and exit points for investments. While this type of software often works, it does require a greater amount of attention from the user. Since it’s more demanding, you might want to consider this type of Forex software only if you have a decent amount of time to commit each trading day.
The second type of Forex software determines the best entry and exit points for the investor, but it also goes an additional step and places trade orders on your behalf. This is what is known as automated Forex software, as it requires little participation from the customer. Just enter your desired parameters, and the software will do the rest. You’ll be trading even while at work or asleep.
When it comes to automated Forex software, many love the advantage of being able to trade 24 hours a day. The software never gets emotional, so you’ll never have to worry about it losing money for you due to distractions or distress. On the other hand, a power outage will turn off your automated Forex software until you manually restart it. Because of this, automated Forex software may be problematic for dial-up users. Many also point to the fact that automated Forex software sounds too good to be true; if it was as easy as advertised, everyone would be doing it.
In the end, you’ll have to judge for yourself whether or not to use automated Forex software. It’s a big decision, so take your time and don’t feel rushed. After all, you’ll eventually be wagering a decent amount of money on the performance of your Forex software.
Best Forex Software
After searching around the internet, I put together this list of some of the best Forex software. Some of these act as automated Forex software, while others require more time and effort from the owner. Either way, I hope whichever product you choose serves you well.
- Forex Maestro – Designed with a complex neural network and artificial intelligence, this software allows for deep calculations and precise, analytical testing of market movements. Mathematical formulas present you with the best possible trading scenarios, and the optimum entry and exit points for trading are determined for the customer. Other advantages include:
- Advanced software is designed to think like a human being, but without the emotional drawbacks.
- Software can quickly report on the best trading scripts.
- You don’t have to be a computer programmer in order to use the software.
- Full-time technical support is available.
- Impressive and documented track record.
- Neural network excels at making market calculations.
- Marl Doubling Stocks – An example of automated Forex software, Marl Doubling Stocks was developed by two Wall Street engineers with over a decade of experience. According to the information I read, one user made profits of over $30,000 using this Forex software.
The software can be utilized during any market session, and it will help you define conditions on gains and losses from tradable currencies. It examines all possible currencies and tells you which one gives the best chance of doubling the return on your investment. This is all made possible by a multi-factor algorithm used by the software. Customer support is also available, and they’ll happily help you with any troubles.
- Forex Miracle – Millions of copies have been sold, making it one of the best Forex software systems on the market. Each currency pair is analyzed, and their past price movement is instrumental in predicting future movements. It can also calculate the best entry point for a trade, and let you know which one has the highest probability of breaking out.
- FAP Turbo – Providing high prospects and strategic views of long and short term investments, FAP Turbo is cited by many as one of the best Forex software products currently available. Easy to understand instructions allow you to use the product quickly, and it includes an advanced trading algorithm to assist you. A video tutorial is available, and customer support is standing by to answer any and all questions. The software allows you to monitor more than 50 pairs of currency, plus chart price activities and live price movements.
- Day Trading Robot – On the first day that it was active, the Day Trading Robot was reported to have made $5820 on the Forex. It’s one of the best-selling examples of Forex online software, and it uses a complex algorithm to consider each rise and fall of the market. A dual mode parameter hides profits and stop losses from the brokers, so this helps eliminate any thought of cheating on their end. The system is user friendly, and each movement of the market results in tips and alerts being displayed for you. All major currency pairs are available for trade.
- Forex Megadroid – Another piece of automated Forex software, the Forex Megadroid allows users to trade on the Forex without a massive investment of time. Currently the only product of its kind on the market, it was created by Forex marketers John Grace and Albert Perrie. Their combined experience in the investment world totals over 38 years, so you can feel confident that the product was created by people who know the business. This is the first robot to use RCTPA technology (which stands for Reverse Correlated Time & Price Analysis). Potential customers can also trade on a demo account to try out the Forex Megadroid for themselves.
- eToro – Some of the best Forex software available, eToro requires a $50 deposit to get started. You can also download a copy for free and enjoy a trial period. Online tutorials are available, as well as unlimited practice modes, charts, graphs, updates, online forums and private chats. Their customer service is second to none, and most queries will be answered with a half hour. Offices are located in Australia, UK, and Canada.