Top 5 Essential Forex Software for Traders
With FX trading being one of the most talked-about trading markets at the moment, traders searching for ways to access the market from the comfort f their homes. Forex trading software is now available with over 15 million users to take part in online trading, and this army is rapidly growing. Many people new to the market do not have the knowledge to make the appropriate first steps. To effectively trade the forex market, traders require a suite of forex software that aid them in making decisions and sometimes executing trades. One may read several forex software reviews to get an idea about the software programs involved. But this is often time-consuming and worthless if one doesn’t know where to look at it.
With internet proliferation at an all-time high around the world, the forex market is open to an increasing number of participants. Hence the demand for different FX software is pretty high. FX software comes in different categories, each specialising in one aspect of trading. This article aims to shed light on some of the most popular software that FX traders use around the world.
Charting Software- Trading View
Charts are an important part of FX trading, especially traders who rely on technical analysis to make their next move. Trading View is perhaps the most popular and most used charting software for forex traders. This web-based charting package also functions as a trading social network. The software program’s main strength comes from its simple, fast, web-based charts and a wide variety of technical indicators.
Trading Platform Software- Meta Trader 4
The next thing you will need is a trading platform that will aid you to execute trades in the market. MetaTrader 4 is one of the most used trading platforms which allow traders to create and execute complex trades. MT4 also allows traders on their platform to automate their trades via programmed custom indicators. While it’s primarily a forex trading platform, you can use it to trade other markets as well. However, it does not offer Robo-advisor or financial advisor services.
Copy Trading/ Social Trading Software- ZuluTrade
Known as a social and copy trading platform, ZuluTrade allows every client to copy the trades of other professional traders. Besides forex, it also provides trading for stocks, forex, binary options, commodities, such as oil, and indices, such as the NASDAQ. The service can be divided into two categories: Signal providers and Followers.
Signal providers share their own trading strategies and are willing to get copied by other traders on the platform. They get compensated depending on how efficient their strategy is. Followers can copy the strategies of the signal providers and also copy strategies of the portfolios created by other followers.
Expert Advisor/ Forex Robot Software- GPS Forex Robot
Many novice traders use software programs such as Expert Advisors and Forex Robots. They essentially refer to a software program that uses an algorithm to look for profitable trades. You can usually set them to trade automatically or enter a trade manually. With a one-time fee of $149, it automatically executes trades on behalf of the user to earn profits. The software employs a reversal strategy and works only with the EUR/USD pair. It is also one of the oldest Expert advisors on the market.
As the forex market starts to embrace technology, there is a myriad of vendors looking to capitalise on this trend and produce appropriate FX software. As prospective users, you should always review the inner workings of the software yourself, making use of the endless resources available on the internet.
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