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Forex Software
Software for forex trading is available for a variety of uses. Some software acts as a prediction method for trading; some can give you good advice on your trading strategies. There is also the actual trading software that you use to make your transaction. When combined, all of these software can help traders managed both their transactions and their money.
Strategy building software allows you to create and test forex trading strategies. As traders work the system – from beginning traders to advanced – they each develop a way to do business that works for them. This software allows the trader to build the system that works for them by combining different indicators, parameters, and logistics without having to know how to program complex code. Good strategy software will use historical forex date to test the many different facets of trading, such as exchange pairs and time frames. It will show the trader the results in easy to read charts and graphs, automatically journal the relevant information for later analysis, and make the appropriate changes to your virtual bank account in order to track movement. Strategy builders are not commercial products which mean that the transactions made on them are ‘play’ for analytical use only. One of the highly recommended strategy software’s available on line is Forex Strategy Builder (http://forexsb.com/index.html). The most current version was published on March 6, 2008 and it is free to download although donations are welcome.
Charting software is used to keep a track of the market trends and allows you to make informed decisions based on current real time information. This type of software should give the trader continuously updated financial information via the Internet and onto their personal computer. It should include tools such as stock market quotes, options, and futures, charts, research, back testing, news, formula development, and possibly even integrated trading functions with a selection of brokerages that the trader can access. Some of these programs also offer technical analysis, and real-time market scans.
Many of the charting software solutions for traders also include products that deliver real time quotes that include futures information, live access charts and interactive data. All of the charting software should be written with advanced ticker algorithms so that they remain current and have little to no glitches in their operating systems. The eSignal (http://www.esignal.com/default.asp) family of products offers the trader all of these options in multiple programs or as add-ons to the main product. Pricing for these charting programs start at a base price of $125.00 per month or $95.00 annual pre-paid rate.
Prediction software forex works by taking into consideration the directional force of the market. It is updated on a second by second basis and will signal when the markets are trending, reversing from previous trends, or bounding. It will alert the trader to the best time to reverse out of a trend, when they may hit a high or low, and the ability to test unlimited combinations to ‘predict’ a movement. It is a helpful tool to aid traders in developing their schools, but not necessarily something traders should rely one hundred percent on in order to make transactions. Aptly named Nostradamus Trading Systems (http://www.nostradamus.co.uk/partners/forextrader.htm) is one of this prediction software. They offer a fourteen day trial period and cost £100 per month with discounts of five to fifteen percent for three, six, and twelve month subscriptions.
Full service forex software packages
Forex traders understand the need to have a comprehensive software package that can do all of the things each of the above software can do. It is helpful to have them all in one place and Forex.com (http://www.forex.com/index.html) is a Gain Capital Group company that offers all of these services in one location and at a various levels of software packages. They have one of the best packages available on the Internet for users to download to provide them with everything they need to get started trading.
Forex.com offers their customer commission free trading on spreads as low as one to two pips. Fees are paid only on the bid and offer spread. They have liquidity relationships with over a dozen of banks internationally and they do not place a restriction on trading done in volatile markets that are expecting any major economic announcement. The trading platform that is offered to interested parties is very stable and in real time, and customer support is available twenty-four hours a day through the trading week and from 9am to 5pm eastern time on Saturdays. Phone, e-mail, or live chat options are all available.
This company also offers beginning traders a chance to learn the ropes with a free practice account. There is no obligation to use their software once they are down with the practice account. Interested parties are give $50,000.00 in ‘play money’ and thirty days to learn how the system works, develop their own trading strategies, and decide if Forex.com will give them all of the tools they need to progress onto a successful career in forex trading. Traders will also find webinars, articles, and workshop information on the home page for their use in learning more, developing their skills, or simply to read.
The FOREXPlus package offers traders tight spreads – one to two pips – and once again, these are commission free. This package gives traders access to a forex online training course and a thirty minute trading consultation with a Relationship Manager who help them develop a plan to attain their goals. Trades are found using third party research from Trading Central. AutoChartist FX is pattern recognition software that will alert the trader to opportunities in the market, and eSignal provides ForexCharts, a charting package that helps the trader put their strategies to use. Clients with Forex.com automatically have access to this package when they open an account with a deposit of $1,000.00 or more.
The FOREXPremier package offers the same advantages as the Plus account, but customers also get the second part of the training course, sixty minutes with a consultant and a half-day training work shop which shows traders how technical analysis can be used to identify additional training opportunities that might have been overlooked. The Premier package is available with an account of $5,000.00 or more.
FOREXPro trader program offers the traders the best benefits, building on the previous two levels. Spreads, however, are as low as 1 pip (United States Dollar and British Pound Sterling). This level of service also gives the trader unlimited access to their Relationship Manager who in turn keeps the trader abreast of new resources, emerging transaction opportunities, and areas of improvement. Traders get a direct line to the trading desk, free outgoing wire transfers, and exclusive event invitations. The Pro packages is designed for the intermediate to advanced trader, but beginning traders will benefit from the additional package perks if they chose to invest this much. FOREXPro is available with an account deposit of $10,000.00 or more.
The trading software for Forex.com works on a variety of platforms so that their clients can remain in touch with what it going on in the forex market at all times. They will have a user identification and password that will allow them to switch the platforms as needed – going from personal computer to cell phone for example. Each platform offers the ability to view real time prices in twenty-two different currency pairs at one time, allows the trader to place orders with a single click, and choose from eight different order types. They also provide technical analysis and chartings, headlines, market commentary, and a variety of research reports.