Picking The Best FOREX Trading Software
As with everything you do, making sure that you have the best available tools to
assist you in your FOREX trading simply makes common sense. With FOREX
trading these tools come in the form of FOREX trading software programs.
Nearly all FOREX brokers will now offer their customers some for of software
program when you open an account. To know that you are on the road to picking
the best software package for you, you need to ensure that you package can
provide you with:
Real time FOREX trade prices
In this regard, you need to know both the buy and sell prices (also known as the
ask and bid price). In the case of most brokers, these are also called the
broker’s spread – and different brokers may display different spreads, so check
this out.
FOREX charts
Possibly more so than any other online investment strategy, FOREX charts are
essential to any successful trader. A useful FOREX chart, however, needs to not
only supply you with historical information of what the currency high and low has
been, but should also supply you information in spreadsheet format that allows
you to decipher the movements of selected currencies against each other; for
example, why the movements happened.
“Stop orders”The FOREX market is 24-hours and continuous. You, on the other hand, are not.
There will be a time when you need to sleep, and unless you intend to be a day
trader the time will come when you’ll be left with an exposure during the time
when you are asleep. To limit your exposure during this time you need to make
sure you have in place software that accepts stop orders. Essentially a stop
order occurs when a currency reaches a pre-determined get out price and will
automatically issue a sell order once that trigger-point has been reached.
Likewise, you may need to install a buy order, which does the reverse and buys a
currency at a pre-determined price which you believe is likely to be the lowest
that currency will reach against your base currency.
Dummy accounts
Before you can embark on a successful career as a FOREX trader you will need
to spend some time learning the ropes and getting to understand how the
technology works. The best way to ensure you do this is to trade ‘real’, but
where no money passes hands. Ideally this will be in the form of a dummy
account in the software program your broker provides to you. Once you have
learnt the basics to FOREX trading using your broker’s dummy FOREX trading
software account, you can then start to trade with real money.
Trade with dummy accounts with the this software
