Forex Software

Success cannot be achieved without efficient tools. Since trading has long ago become an online activity, the key tool for all traders is software. In fact, there are numerous types of trading software including trading platforms, expert advisors, technical indicators, market scanners, and other. Here we will provide an overview of all these types and outline the key features that should be kept in mind when searching for the best trading software. 

 

A trading platform is software that serves to connect a trader to the market. It is a must-have tool as all trading operations are conducted there. Apart from opening, closing and otherwise managing deals, most trading platforms enable their users to plot charts and conduct technical analysis. So, when choosing a trading platform, a trader needs to pay attention to such features as charting tools, a range of market orders, backtesting and analysis features. Besides, it is important that a trading platform has a user-friendly customizable interface.  

One of the most widely used trading platforms is MetaTrader 4 that is available with InstaForex. It has a simple interface and advanced trading tools. Moreover, it has backtesting features which allow traders to test potential trading strategies using historical data. Speaking of convenience, MT4 by InstaForex has a one-click-trading option. It is useful for traders who want to get the process going with a few clicks of the mouse.

Importantly, most trading platforms including MetaTrader 4 are available as both desktop and mobile versions which makes the trading process easier. Thus, traders can manage their deals and react to the market developments wherever they are and whenever they want. 

Expert advisors (EA) are trading software that conducts automated trading operations independently. That is, once a trader attaches an EA to a chart and enables the Automated trading function on his trading platform, the expert advisor starts opening and closing deals without interference of the trader. This software operates in accordance with a preset algorithm. However, one should be cautious as not all EAs can prove to be helpful. Moreover, the majority of offered advisors is useless and can lead to not only zero result, but also to a loss of the entire deposit.

A market scanner on Forex is software that enables traders to set automatic market scans in order to spot trading opportunities. For example, scanners can notify a user about the case when a 100 SMA crosses a 200 SMA. Ideally, market scanners should be applied along with alert plugins that notify traders about certain events on the market.

Forex technical indicators are add-ons that can be attached to a chart on a trading platform. They serve to help traders spot certain price patterns, thus facilitating the process of technical analysis. The indicators can be in-built and custom. The latter can be either developed by traders on their own or added to the platform manually.

To sum up: When choosing the suitable trading software in a great variety that is available on the market nowadays pay attention to the following aspects: Reliability. Choose tried-and-true programs with good reviews that won’t spoil your trading with some occasional bug. A wide choice of trading tools. Apart from managing deals, a good trading platform should feature charting and backtesting options. Mobile version. This is a crucial feature as trading often requires non-stop monitoring of deals which is virtually impossible without mobile devices.