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Nowadays, all trades are executed through the internet, thus mastering online trading software is a must for a trader. I’m not saying that you cannot succeed in forex trading without certain software, but why make it difficult for yourself when these programs are available to make your life easier? There are several online trading software that you absolutely need to master inside-out. On the other hand, there are others which you only need for their certain functions. Here are some of the software: 1. Trading Platform Without this program, you have no business at all. Your trading platform is the single most critical software that you will ever possess and that is why selecting a reliable one is really critical. There are several things to consider when you selecting a trading platform: - Great user interface – preferably, you can find all you need easily and do what you need in easy steps. If you need 10 clicks in order to execute one order, then it is certainly not a good platform. - You're able to do most of your technical analysis there. Most trading platforms typically have provided basic charting function, but some of them provide more advanced features than the others. Make sure you get what you need. - You may go with anything convenience for you, but I highly recommend MetaTrader since it’s been used and recommended by numerous pro traders. 2. Technical Analysis Software As I stated above, typically your trading platform already includes basic charting feature, which is the bread and butter of technical analysis. Nevertheless, (based upon your trading strategies) sometimes you might need more sophisticated functions that your trading platform do not have. If you want to get another software particularly for technical analysis purpose, ensure that it well worth the extra cost. Remember that many traders can get steady winning trades simply by utilizing the charting features in their trading platform. 3. Trading Signal Software It is the one that marked the starting of “automatic trading” era where the trader does not need to carry out market analysis on his own. There are lots of variations of these signals, but basically you’ll get a notification which consists of details about: - Currency pair to buy/sell - Time to enter - Take Profits and Stop Loss orders to place on The good thing about trading signal is you still hold the ultimate decision. You can choose to go with the signal or simply neglect it. 4. Forex Robot / Expert Advisor This is the peak of automated trading. Basically, all you need is just set it up in your Virtual private server and let it operate on its own. It will analyze the market and execute the orders by itself without human intervention whatsoever. Most of these robots are run with MetaTrader trading platform. Hundreds (or thousands) expert advisors have produced and all of them are essentially the same. The only major distinction is the trading system installed behind them. Having expert advisor with trash trading system could be the end of your account, so pick cautiously. Am I saying that you have to possess all these software in order to get steady profits from trading forex? No, you don't have to. There are more than one method to success in forex trading and you might have found one that only require a basic charting software. That's okay too. Just remember that if you decide to use certain online trading software, make sure you know what you’re doing and the software is worth the investment. Having software doesn't imply that you can just laid back, see learn currency trading online to understand how you can become a professional trader. On the other hand, if you decide on automated trading, check out my the best forex robot and find out the top selection of rewarding forex robot currently.
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