Forex Trading Software
Forex trading software can be your best friend or your worst enemy in the currency trading game. If the FX software you use is easy, functional, and robust, you are at an advantage over other currency traders who are using subpar software.
At the same time, it is sometimes difficult to distinguish between the Easy Forex trading software platform you are employing from the forex broker who offers you that software. Customarily, FX brokers both provide you with software and manage your account.
This makes your choice of which forex trading software to use challenging and especially meaningful. You want to choose a company that sees you as a partner.
The Best Forex Trading Software
Finding the best forex trading software is most doable when you outline ahead of time what you want to get out of your FX trading platform.
Of course you could always skip that step and just start trying out all kinds of different platforms, but this can cause you problems. For example, it’s a great way to fry your computer and then need to buy a new one.
Here are some things you may want to look for in a forex trading software platform:
- Ease of installation
- Fast fills on your orders, at the best market price
- Good charting capabilities
- The ability to trade directly from charts
- The ability to trade automatically with “Expert Advisers,” a.k.a. “Forex Robots”
The best forex trading software platforms give you all that and more, but you may have to pay for the privilege. The vast majority of forex brokers will not let you use their absolutely best software systems unless you have opened an account with at least $2,000.
Overall, it’s hard to talk about the best forex trading software like Finexo Forex without knowing the needs and abilities of the user. It’s kind of like saying what’s the best car. It depends on what you’re willing to spend. And it also depends on what you’re trying to accomplish.
We have tested and like the basic product at these forex software providers:
In terms of Meta Trader applications, we’ve enjoyed using FXCM’s offering. Meta Trader applications are what’s necessary to trade automatically, with forex robots like Forex Megadroid. For beginners, FXCM is one of the only places that lets you do that with a micro account.
Third-Party Forex Trading Software Providers
Many successful forex traders utilize third-party forex trading software; that is, trading software that does not come directly from the forex broker. The big name in this arena is probably eSignal. TradeStation also enjoys a multitudinous following.
eSignal is a complex program that provides FX traders with advanced charting options not available too many other places, but the service does cost nearly $100 per month and can be difficult to install and get working to your satisfaction.
For the beginner, a third party forex trading software provider like eSignal may not be the best option just from a cost containment perspective. Still, it’s important to realize that you should never rely too totally on any one FX broker’s software.
For instance, FX brokers are free to change their policies on whether or not you can use certain forex robots. Such a change would leave you at a loss if you were having success with an automated trading program and then you got cut off without other options.
For precisely this reason, we encourage all currency traders to obtain familiarity with at least two forex trading software platforms.
Automated Forex Trading Software
Usually, it’s very easy to find adequate forex trading software. Companies have worked hard to develop nice platforms so they can compete for traders who are hungry for quality technology. Forex trading software that sucks doesn’t survive long in the marketplace.
The complications with forex trading software typically arise when you attempt to go from trading manually to any form of automated trading. Forex brokers nearly always reserve full automation for their best customers only.
For example, basic forex trading software platforms may not allow you to use specific types of entry orders, such as one-cancel-the-other (OCO) orders.
When you try to connect a forex trading signal program, or a forex robot computer program, to a basic forex trading platform, expect to experience technical difficulties. And expect that now is the time you may want to think about Meta Trader software.
Meta Trader forex trading software is built to allow you to attach forex signals and forex robots to your trading account. Doing so may require you to maintain a certain account balance, or to purchase hosting software of some sort, such as VPS service.
Meta Trader forex platforms can be worth the cost though if you use them right.
Taking Control of Your Forex Trading Software
When exploring the wonderful world of FX trading software, take care to take control of your software, rather than being controlled by it. Too many traders only learn how to use one platform and then rely on it like a crutch.
Taking control of your forex trading software means:
- Setting the settings how you want them (for example, add or remove a news feed)
- Calling customer service when necessary to fix a bug or improve software performance
- Connecting up with another provider if you’re not happy with what you’re getting
As with any set of tools, the attentiveness of the user is what will separate you from the pack when it comes to operating forex trading software. Thus it’s foolish to worry excessively about having the newest, best version of everything (especially if you have to deplete your trading capital to obtain those new, best products).
Nevertheless, the most successful traders do tend to gravitate towards the best tools, so the search for the best forex trading software is always a worthy pursuit.
Important Forex Information
The most important step in currency trading is finding the right broker; our forex experts can help. See our
reviews of forex brokers for more information.
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Find out if your forex trading software measures up to the best in the industry, and find out the
signs that your forex software is no good.