Whether you’re looking for information about Forex software, Forex trading software or free Forex software, you’ve come to the right place. When reading this article, keep in mind that there are two major types of Forex trading software:
- Forex software which examines fluctuations in the market and tells you the best entry and exit points for an investment.
- Forex software which will determine the best entry and exit points for an investment, then place and close trade orders on your behalf. Many Forex investors are wary of this kind of software, as it sounds way too good to be true (and usually is).
Advantages of Forex Software
Sure, you can play the Forex market the old-fashioned way, but there are certain benefits to using the Forex trading software. What are they? Here are a few examples:
- Many Forex software systems can be tried for free on a one month trial basis. This allows the customer to see if he or she feels comfortable with the software and also to test whether or not it can help turn a profit.
- A wide range of Forex software exists, allowing the consumer to choose from many options.
- Each day, the software should be able to determine the currency rates for the foreign exchange market. Graphs can be created to show the user which currencies are rising and falling, and some Forex software can also analyze market data and make predictions based on that information.
- The best Forex trading software will also have multiple layers of security. This keeps the customer’s personal data safe and prevents hackers from causing chaos on the global market.
- Thanks to Forex software, an investor can now see all of the market conditions at the same time. This is especially useful in getting an overall view of the “big picture.”
- Forex software includes both charting software (for analysis) and trading software (for making transactions on the Forex market).
- Many Forex software products will also allow you to seek advice from trading experts. This is definitely something which should be taken advantage of.
Tips for Forex Trading Software
Whether you’ve already purchased Forex trading software or are just considering it, there are some things you need to keep in mind. Consider these tips for Forex trading software before investing too heavily on the market.
- Find the Forex software that’s right for you. Take time to read reviews from critics and customers alike before making a purchase. Try to find a product that closely mirrors your personal investment needs.
- Once you do purchase your Forex software, read the user’s manual so that you’ll understand all the available functions of the product. Remember: your money will be on the line later, so there’s no excuse for not understanding.
- Now that you understand what the product can do for you, try making some dry runs without investing real money. Some programs will allow you to do this now, while others might only allow you to do it before the purchase. Either way, it’s important to take the software out for a test spin before risking your money on the FX market.
- Beware of robot trading systems which promise profits with little or no effort. Basically, this type of software is designed to make Forex moves without your direct participation. You simply enter some parameters, and then let it work its magic. While you’re asleep or at work, the Forex software will be making moves on your behalf. While the makers of these products often promise huge profits, don’t fall for their sales pitches. If it was that easy, everyone would just sleep in and let a robot make them a millionaire.
Forex Software for Sale
If you’re interested in Forex software for sale, you’ll be glad to know that a wide variety of products are available. Below, I have included a few types of Forex software for sale, but a search of the internet will also reveal many more items.
- Ninja Trader – This Forex trading software also supports equities and futures. It has automation features, plus full system development and backtesting. Users will be able to simulate trades, perform market analysis, view advanced charts, and trade with over 100 brokerages throughout the world. According to reviews, Ninja Trader will not slow your computer to a crawl, and it works especially well with ZenFire. The user interface could be better, however, and at least one reviewer claimed that they needed to constantly refer to the user’s manual.
- CitiFX Pro – This is a complete toolkit for those interested in investing in the foreign exchange market. Multiple currencies can be easily compared, and users can add their own lines or notes. Streaming news feeds keep you informed of the latest information which might impact the market, and charts and graphs can also be created. When you’re ready to start trading, the software offers a wide range of order options, outstanding liquidity, trade executions with one click, and the ability to trade over 140 pairs of currency. It’s also reassuring to know that CitiFX has been a market leader for several decades. This is the same software which many governments, corporation and investment bankers use to make their fortunes on the foreign exchange market. Used in over 100 countries.
- APS – Short for Automatic Pattern Search, this Forex software also allows users to play the traditional stock market. The main feature of the software finds price patterns based on risk/reward parameters entered by the user (using a proprietary algorithm). And to make things even better, no tedious code writing is required. Code is automatically generated for use with Metastock, Tradestation, TeleChart or Wealth-Lab.
- NewsTrader Pro – Developed for Forex traders, this excellent software analyzes both current and historical currency prices. All major currency pairs are available, including USD/CAD, NZD/USD, GBP/USD, GBP/JPY, EUR/USD, EUR/JPY, AUD/USD, USD/JPY, and USD/CHF. Each time an economic release takes place, users will see a summary of the low pips, high pips, average pips per release, total range pips, the consensus number, actual number, and the difference between the two. A ton of charts are also available, including pip spike analysis and candlestick charts. Users can also select various timeframes to view closing prices: one minute, five minutes, ten minutes and fifteen minutes.
Free Forex Software
Some investors would prefer to use free Forex software rather than spend a bunch of money. There’s certainly nothing wrong with that approach, and a large variety of free Forex software exists. Here are a few examples to get you started, although you can find many more through a visit to Google.
- Novativa Streamster – Designed specifically for traders using Marketiva, this free Forex software will allow you to learn how to make trades via a virtual trading desk. Compatible with Windows 98/Me/2000/Xp/Vista, the software is a 458 KB file. News and discussion boards are available, as well as the latest updates of the foreign exchange market.
- Forex Strategy Builder – This free software uses historical Forex rates to simulate the trading process. Allows you to develop various FX strategies and test them out for free. When you feel comfortable with the process, then you can advance to real-world Forex trading. Besides being free, you don’t even have to register to take advantage of the service (which means no annoying emails in the future).
- Forex Market Hours Monitor – The free Forex software allows the user to track the FX market sessions as they occur around the globe in cities such as Tokyo, New York, London and Sydney.