THIS FOREX TRADING SOFTWARE SCANS THE MARKET FOR 88 PROFITABLE OPPORTUNITIES A DAY!
As a trader who is just starting their journey, it is important to understand that platforms online can assist in trading. The best forex trading software shouldn’t be used solely as the cause of the trade, it is there to assist you in various decisions and entry points. However, having a good forex knowledge base will still be required in order to use forex trading software.
There are many pieces of forex software out there that will open, close and manage positions on your behalf. Using this software to your advantage is where you will gain the edge.
Trading platforms or terminals are often used to connect the trader to the market when it comes to retail traders, this platform will be through a broker. There are also brokers who are ECN or STP Brokers, this type of platform will connect you to the broker and then to the market.
These platforms should also be used as tools when looking to trade with technical analysis which has been mentioned before in our articles. Most verified platforms will offer such features as alerts, scanning, back testing, and automatic charting.
Charts are of course the backbone of what a trader needs every day, without charts it makes trading almost impossible. You will be given many different options on charts such as timeframes, candlesticks or bars, lines or dots. These will all effect the type of visual you have on the chart and how you wish to analyse the charts.
The charts will be giving you a second to a second live feed of constant price updates, other markets don’t always offer this but due to the nature of forex trading, it is necessary. Charting platforms will also provide tools such as support and resistance lines and other technical analysis for you to use. This helps you find a strategy and to keep everything on one platform rather than chopping and changing.
Many platforms will give you the offer of one-click trading, this is a useful feature for those are scalping the market. This will allow you to take a trade-in just a few clicks of the mouse in seconds. The best forex brokers in the financial markets will give you free forex trading software to enable you to trade forex with proficiency. One of the most common forex trading software readily available on the markets would be Meta Trader 4, and this can be downloaded from this link. You can start demo trading almost instantaneously.
Watch this video: This Forex Trading System makes pips on the NYSE (03mins 55secs)
Back testing is very important when it comes to forex trading and technical analysis, this is because it allows you to test a trading strategy as the real market movement occurs. As the saying goes, practice as you will play the game, this is the exact same thing. Practising on the actual market and understanding how your trades would have turned out allows you to predict future market movement better.
Back testing, however, isn’t always available on all platforms and may require an additional fee, please ensure to check this before committing to a platform. It is to be used sparingly when testing a strategy and may not always be necessary if you have already tested your strategy on a demo account.
Coding allows traders the ability to customise their own indicators in a way that suits them and their strategy, you can either download these indicators or use existing ones on the platform to customise.
Conclusion on Platform features
Considering all the above, the important thing that traders forget is the speed of the execution. If you have a slow network connection it will affect your entry which will, in turn, change potential profits and losses. This is especially important if you are scalping, however, if you are swing trading its not something to worry about.
Please ensure you pay attention to the compatibility of the platform with your computer as very often an older computer will not be compatible with newer platforms without some medication.
Platform Selection criteria
Considering the article you have read today, you may be wondering ‘where do I start?’. Firstly remember researching platforms is free, so take your time and don’t rush into one. They all have benefits and drawbacks, if you are unsure then go for the most popular platforms.
Ensure it is compatible with your device, always trade a demo on the platform first to get used to using the features and trading software. It should be second nature for you to use as you don’t want to be thinking about how to use the platform as well as analysing the charts.
Remember your trading platform is your primary resource which connects you to the market, ensures you are happy with it before committing to it. There’s plenty to choose from, if you happen to be a Platinum Client, we can recommend a few different types for you too.
We hope you've enjoyed reading our blog on the best free forex trading software. If you're interested in our own forex trading software, then simply get in touch and we'd be more than happy to explain it in further detail.
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