THE BEST TRADING SOFTWARE FOR FOREX TRADING
Success in forex trading has many causes: skill, luck, a good broker and also good trading software. But what makes a good trading platform and where do you find it?
WHAT A GOOD TRADING SOFTWARE CAN DO
-Good analysis tools
GETTING STARTED WITH SOFTWARE SEARCH
Not every software runs under any operating system. Anyone who uses a current version of Windows can use almost any program. Even for current versions of Apple’s MacOS, the selection is great. It becomes more difficult when an outdated operating system or alternative software such as a Linux operating system is used. Then often only browser-based trading platforms come into question.
The installation is usually easy, who is not too confident in technical things on the safe side, if he simply uses the software offered by the broker.
Not only the installation but also the handling should be simple and user-friendly. This includes a self-explanatory and clear structure, a clear interface and a clear naming of the rubrics.
GOOD ANALYSIS TOOLS AND FAST EXECUTION
The basic configuration of almost every software includes charts. But they are not always easy to analyze. Other brokers, on the other hand, offer numerous tools with which, for example, moving averages, Bollinger bands or other technical analysis tools can be faded in.
In addition, it is sometimes possible to buy or sell currency pairs or contracts for difference directly from the chart without having to switch to another field. This allows you to react faster to opportunities.
Even otherwise, the software should submit buy and sell orders quickly and the page should be designed so that it does not load unnecessarily long, thus increasing the response time.
A good trading platform also provides the ability to include a news ticker so you can respond instantly to current events.
Many private investors also use the possibility of automatic or semi-automatic trading today. Thereby so-called Expert Advisors (EA) react to predefined signals and can pursue different strategies. For example, simple EAs try to identify and buy a trend when the trend goes up and sell down when there is a trend. Semi-automatic systems make only suggestions that must be confirmed by the trader, fully automatic trading systems buy and sell independently, of course, according to the requirements of the user.
Many Expert Advisors are paid, others are available for free. They offer the advantage of being able to search through a large number of currency pairs and to be active around the clock. However, many traders miss the fun of trading. Most of these small programs are written in the MQL language, which was developed specifically for the MetaTrader.
IS SOCIAL TRADING POSSIBLE?
If the Expert Advisors are almost without the human, then his knowledge has returned in the form of social trading . This can also be done automatically or semi-automatically, but not according to the rules of an algorithm, but following the decisions of one or more investors.
Traders allow other traders to copy and track their investment decisions. In most cases, a list shows how successful they have acted. Then their trading decisions can either be monitored and copied individually or even on a case-by-case basis. In the latter option, a given amount of money is managed by another investor. If this ten percent of his money is invested in a currency pair, ten percent of the credit he manages will be invested accordingly.