Foreign exchange (Forex) trading, also known as currency trading, is the act of selling and buying world currencies. When you exchange one currency for another, you should observe the foreign exchange market trends to know whether the value of the currency you buy/sell is increasing or decreasing. Typically, Forex trading is done by a broker or a market maker. These days, it is not uncommon for professional brokers to use special software to help them keep a close eye on any changes in the market. There are 4 common types of Forex trading software you should know:
1. Trading Platform Software
Basic trading platform software enables users to enter and perform manual Forex trades with an online Forex broker. More advanced one, on the other hand, allows users to manage multiple trading accounts, analyze trade charts, and carry out algorithmic trading. A reliable internet connection is essential for efficient operation. Typically, this type of software supports Windows operating system.
Basic trading platform software enables users to enter and perform manual Forex trades with an online Forex broker. More advanced one, on the other hand, allows users to manage multiple trading accounts, analyze trade charts, and carry out algorithmic trading. A reliable internet connection is essential for efficient operation. Typically, this type of software supports Windows operating system.
2. Technical Analysis or Forex Charting Software
While more advanced trading platform can provide you with charting functionality, you can use this software solely for charting. This software is made up of numerous computer programs that allow users to review the Forex rates by utilizing technical analysis methods. While basic charting software assists you in plotting the progress of exchange rates over time within a certain period of time, the more advanced programs include features such as the ability to compute and display Pivot Points, the ability to provide wider range of complex technical indicators, and more complex line-drawing alternatives which include channel and Gann lines.
While more advanced trading platform can provide you with charting functionality, you can use this software solely for charting. This software is made up of numerous computer programs that allow users to review the Forex rates by utilizing technical analysis methods. While basic charting software assists you in plotting the progress of exchange rates over time within a certain period of time, the more advanced programs include features such as the ability to compute and display Pivot Points, the ability to provide wider range of complex technical indicators, and more complex line-drawing alternatives which include channel and Gann lines.
3. Trading Signal Generators
Brokers use this type of software to know at which level they should initiate and close out positions. A trading signal generator also provides recommended stop-loss and take-profit levels for the traders for better management of any signals of gains and losses given by the software.
Brokers use this type of software to know at which level they should initiate and close out positions. A trading signal generator also provides recommended stop-loss and take-profit levels for the traders for better management of any signals of gains and losses given by the software.
4. Automated or Algorithmic Forex Trading Software (which includes Forex Trading Robots)
Often run on the well-known MetaTrader4 Forex trading platform, the automated or algorithmic foreign exchange trading software is operated based on a pre-defined trade plan or algorithm which requires no manual intervention. This software is often referred to as the EAs or Expert Advisors. Forex trading robot is one of several types of automated foreign exchange trading software which runs on the EA as well as the MetaTrader4 platforms. It is currently available for individual Forex traders. However, you should avoid these robots at all costs because most of them are scams.
Often run on the well-known MetaTrader4 Forex trading platform, the automated or algorithmic foreign exchange trading software is operated based on a pre-defined trade plan or algorithm which requires no manual intervention. This software is often referred to as the EAs or Expert Advisors. Forex trading robot is one of several types of automated foreign exchange trading software which runs on the EA as well as the MetaTrader4 platforms. It is currently available for individual Forex traders. However, you should avoid these robots at all costs because most of them are scams.
Nowadays, Forex traders rely on good forex trading software to help them keep an eye on the changes in the market. To find out more about foreign exchange trading, please visit our website.
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