Forex Software

Top 10 Forex Software Systems Offer The Users The Best Money Making Opportunities

The three most important factors to consider when purchasing a currency trading system are first, you are going to spend your hard earned funds on, second you are going to use your valuable time learning to operate it and if that was not enough, third you are going to trust the data the software sends you to invest your capital in an attempt to make a profit. This is not any time to start getting cheap and attempt to save a few bucks, but only purchase a currency trading system that has been tested by qualified Forex investment professionals and is rated as a Top 10 Forex Software System. If you take into consideration, depending on your investment of course, it is very easy to earn back the cost of a Forex software system with only one successful trade it is unconceivable that individuals would attempt to scrip and save when purchasing this vital investment tool. In fact, when I attend the many professional Forex trading seminars that cost twenty times the price of a currency trading software system, the vast majority of the professionals there will tell you they use at least two software systems at a minimum simultaneously and have purchased over the years somewhere between twenty and fifty systems.
The reasons for this are twofold. First, the professionals are already making huge profits trading the Forex markets, thus the cost of the systems is nothing to them. In fact, I mentioned above, it would only take one trade to be reimbursed for the purchase price of a system; I failed to mention that the estimate is based on the novice trader’s predictable investment level. The professional is making at a minimum ten times that amount up to a hundred times the estimate. Second, the professional trader is well aware of the fact that any little push they can get over the competition is more than worth the investment. Before I precede any further I want to mention three important factors to remember when making your first purchase of an online currency trading system. First, there is not an automated system sold on the commercial market, much less for a hundred dollars that is a profitable trading system standing on its own without the human making the final decision. Second, if you are not well educated in Forex trading the system is not going to do you any good and you will just end up losing your investments in the market. Third, if you don’t spend a considerable amount of time learning, testing and evaluating the system, guess what, you are going to lose your money. A professional trader will test the data received from a new system for a minimum of a month’s period of time utilizing a demo account until they are confident enough to actually invest real funds. If a professional takes that long testing, evaluating and fine tuning a new piece of software, exactly how long should a new trader to the markets take?Above are just a few aspects to consider when acquiring a currency trading system. You can be pretty sure you will be safe with your first purchase if you buy a Top 10 Forex Software Systems that has been researched, tested and rated by professional traders if you follow the rest of the advice mentioned in this article. Remember, the software is only a tool to help you become a big time traders, the final decision making tool which you MUST utilize is the greatest tool ever invented, which is the human brain.

Forex Automatic - Two Different Types Of Trading Software

Many traders use some type of software in their trading. In Forex trading there are tow kinds of such software. First type is auxiliary software. It’s an indicator that interprets the price action or some more sophisticated program that generates buy-sell signals. The second type of trading software is what I call automatic trading software. This software executes the trades in real time on your broker’s platform. I would like to describe those two types of software in greater detail.Auxiliary trading software
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All traders are familiar with this type of software. The simplest version of it is and indicator of a price action. Some people build programs to generate buy and sell signals based on those indicators. These tools make analyzing the price data much more easy task. Keep in mind though that the most valuable tool in trading is your mindset. If it is in place then any software will make your trading more successful. Forex automatic trading softwareThis kind of program is becoming more and more popular among Forex traders lately. It seems like it should be the best way to trade since the machine doesn’t have human emotions such as fear and greed. So it should not be susceptible to trading errors due to those emotions. The reality is much more complex and interesting. If a successful trader uses the automatic trading software he makes profit in a long run. When a beginner tries to use such software he loses money. What’s the reason for getting different results? The problem with automatic trading is that it uses certain trading strategy only for certain market conditions. Once the conditions change software starts losing money. My personal experience with Forex automatic tradingThe same was for me. In the beginning of my trading experience I was constantly failing. My equity curve looked like a trajectory of falling rock. The only problem for me was that over time those programs and Expert Advisors stop making profit as they did it before.

Automated Forex Trading Systems Really Make Thousands Of Dollars Per Day

Today in the forex market, there are many automated forex trading systems available. All those automated trading pilots announce that anyone can use them to make thousands of dollars everyday. But how far all these are true?I believe that an automated forex trading system can make some profits but not thousands of dollars everyday. You can make consistent profits by forex trading systems if and only if you know, "how to use it" and "when to use it".
Everyone thinks that by using automated forex trading system all the time round the clock can make huge profits and can become a millionaire in a night. But it is not the fact. If you do not know how to use it and when to use it then you will be finally left out with empty hands. forex is a very dangerous market. You should be very careful while taking any decision. So any decision to use automated forex trading system should be taken with care!I think you might know about the terms technical analysis on forex market and fundamental analysis on forex market! Any automated forex trading system can do the technical analysis because technical analysis is nothing but finding the trends, when will that trend repeats. Since automated forex trading system is built up with software consisting of mathematical algorithms it can do the technical analysis using the mathematical algorithms with which it is built up. But it can not do the fundamental analysis for you.Fundamental analysis is nothing but analyzing the economic strength of a country with which the currency you trade. The economic strength of any country can be down either directly or indirectly. May be directly because of internal issues of that country or may be because of external issues with relation to other countries, indirectly. The issues relating to fundamental analysis can never be anticipated by any automated forex trading system software. So, fundamental analysis is totally different to technical analysis. Fundamental analysis is something like the other side of a coin. So fundamental analysis is always important whether you trade the forex manually or you trade the forex with any automated forex trading system.I think now you would have come to understand when to use automated forex trading system software! Before you use any automated forex trading system, you always need to have fundamental analysis. If your fundamental analysis is positive, then you can keep your automated forex trading system all the time and round the clock to work for you to make profits. If your fundamental analysis is negative you should never use automated forex trading system. Now let's come to "How to use an automated forex trading system"? I do not mean how to make an automated forex trading system software "On" and "Off"! Its the strategy how you deal with automated forex trading system! You need to have a specific strategy how to make your automated forex trading system work for you to make profits. A specific strategy is always needed when you trade with automated forex trading systems.I summarize that, no automated forex trading system can make you millionaire in a day by making thousands of dollars per day. Using automated forex trading systems make you earn consistent profits but you need to know how to use it with your strategy and when to use it with your fundamental analysis!

Guide To The Galaxy Of Forex Trading

These are very troubled times in the global financial markets, but does this mean that it is a bad time to trade the foreign exchange market?About a year ago when the U S dollar was in free fall against a basket of currencies, Warren Buffett announced that he had great faith in the long term strength of his national currency and he made a very large purchase of the U S dollar.

At this moment in time, when markets are diving and previously strong currencies are dropping like a brick, the U S dollar has shrugged off the overall state of the economy and is gaining strength - Just as Warren Buffett predicted.How did he know?In times of turmoil and financial depression there are always those few who do rather well. So what is their secret?In the book - The Hitchhikers Guide to the Galaxy by Douglas Adams - one of the central characters is a researcher for that guide, and he states that one of the things that has made the guide so popular is that emblazoned on the front cover are the reassuring words:- DON'T PANICI would suggest that these words would apply equally to all forex traders at present.The reason that there are a few who succeed when chaos is all around is that amongst other things, they understand the need to not panic. They know that there will still be opportunities, but unlike during the "good times" those opportunities need to be watched and waited for. They also understand that this will not be a good time to make rash decisions. High probability trades will still be available, but there may be fewer of them.When trading the forex, there are a galaxy of trading methods and instruments to call upon. What worked well for you in the past may continue to work - if you have the control to watch and wait for the right moment, but this will not be a good time for those traders that like to "jump right in"Warren Buffett states that when he sees everyone getting out of something, that is the very time that he likes to get in. This is a classic case of DON'T PANIC.I should add here that although getting in as everyone else is getting out has obviously worked extremely well for Warren Buffett, do bear in mind that he does have "very deep pockets" which allows him to "buy and hold".Even in these turbulent times the age old adage "the trend is your friend" still holds true - albeit that the trends may be of somewhat shorter duration than we may have become used to. Perhaps a better adage would be "the short term trend is your friend.As I have stated, although we are in the early stages of very turbulent trading times which I suspect will get worse before they get better, this is a good time to learn not to panic.Take time to review your trading method or system and ensure that it is a suitable method for turbulent market conditions.If necessary add some additional filters to smooth out some of the turbulent action.Be prepared to spend time adjusting your trading system to the current market conditions and to spend time demo trading to test any adjustments that you may make to your trading system. It would be very unwise to test any alterations that you have made to your trading system in a live account.For some, this volatile period will be a very profitable time. Make sure that you are one of them.

Automated Forex Trading Systems - One Of The Best Is Free

If you want an automated forex trading system that works, you should look at the one enclosed which has been at the heart of many a great trading system over the last 25 years and made millions. Let's reveal the system, how and why it works... Before we start lets make a general point in relation for forex trading software.

Automatic forex trading systems have a poor reputation overall, this is due to the numerous junk systems that are sold with made up track records which are simply paper back tests. Of course they don't ever do the same gains in real time and the trader loses his money. The system enclosed however has been proven over the years and is still in use today and makes money. The system is simple, it only consists of one rule and was devised back in the late seventies, by famous trader Richard Donchian, who noticed a cycle in the markets of four week trends and this cycle gives the system its name - The 4 Week Rule. Here is the rule: Buy a 4 week calendar high, hold an open position and then reverse it to a short, when a 4 week calendar low is hit. Wait for the next 4 week high, before reversing and going long and keep reversing as 4 week lows and highs are hit. The system always has an open position. While the system is simplicity itself, it's obvious why it works. It's a simple, robust breakout strategy and it's a fact most currency trends start and continue from new lows or highs.Currencies trend for long periods, this system will get you in and keep you in on every long term trend.The system doesn't even need software; you can do the calculation in your head and its incredibly time efficient. The system also gives you a rule you follow and you don't need to make any judgements at all - you simply execute the trading signals and that's it. It's a simple, automated forex trading system and it works. Its downside (and all systems have one) is when markets don't trend strongly, it will incur drawdown and losses - but you can add another rule to smooth the fluctuations. You can place a stop at a one or two week, high or low and then wait for the next four week signal to get back in. Surprisingly, most traders won't even bother with the above system despite the fact its proven longer term to make money. The main reason is - they don't have the discipline to follow it. It takes discipline to follow a long term system and most traders simply can't do it. They prefer unproven, back tested robots with fancy names and big claims yet, a free system that could make them money they ignore! If You are Interested in Profits Then...If you are interested in making money and have a disciplined nature you will love the 4 Week Rule which is a mechanical trading system that works. Simple logic yes - but it's profitable and will continue to work, as long as markets trend. Check out the system and you will see how effective and profitable it is.

Forex Trading : Effective Use Of Price Alarms

This article is Part 2 of a series of 9 articles dedicated to help anyone to trade the foreign exchange.The spot forex is a support and resistance market. Period. Whatever tools and indicators you are using to trade the spot forex market, the experience can be greatly enhanced by understanding near term support and resistance along with longer term support and resistance numbers for the currency pairs of interest.
Every spot forex trader and the major institutions are watching critical areas of support and resistance on the various pairs. If any major pair breaks through a critical support or resistance number it makes news everywhere on the forex newswires or on national and global news shows.Support and resistance is somewhat repetitive, the major support and resistance numbers tend to repeat themselves over time as the pairs range or trend up and down.Monitoring the critical areas of short term or long term support and resistance on the spot forex is easy using price alarms. You can use desktop alarms, alarms to wireless devices, or email alerts when prices are breached. Make sure your broker of choice gives you the ability to set price alarms and alerts. They should also provide them for free on their trading platforms.Price alarms can be used for the various needs of a trader.If a currency pair is currently trending price alarms can be used to notify the trader when the trend is resuming so you can intercept the movement. Another use is to set price alarms at specific support or resistance prices where the indicators can be reevaluated for profit taking. This assists with money management.Another use is for setting price alarms where double tops and double bottoms can occur, the double tops and double bottoms occur frequently on the spot forex and can represent entry points into complete reversals after large sell-offs or up cycles.Price alarms can also be set to alert a trader when a currency pair is going in your favor so you can reset your stops up or down to improve your money management or entry management. Price alarms can also be set on top of partial limit orders or entry orders to notify the trader that an order was executed.Also if a currency pair is not trending but trading in a narrow range a straddle alarm can be used to assist in to determining a breakout of the current range.In conclusion the spot forex market knows where these critical short term and long term support and resistance numbers are, the other traders know where these numbers are, and the institutions also know, this means you should know too, don’t waste time staring at the forex all night. Monitor the market with price alarms and go on about your business, get a lot more sleep and still be in the know as to when your favorite pairs are moving.

Forex Trading : Parallel And Inverse Analysis

Very few spot forex traders conduct any form of parallel and inverse analysis of the major pairs and exotics to determine the best way to trade the forex on a day-to-day basis. Even though it would be nearly impossible to trade the forex successfully not knowing where the overall strength and weakness was in the spot forex across multiple pairs.
Lets look at some examples. Many people like to trade the GBP/USD and they spend countless hours losing sleep waiting to trade this pair even when no trend or parallel/inverse confirmation is available. Losses occur. They could increase their odds dramatically by setting up some entry rules and examples like the ones shown below.Only buy the GBP/USD if the GBP/CHF and GBP/JPY are strengthening as well. This would be parallel confirmation on the GBP strengthening across the board.Only buy the GBP/USD if the EUR/USD is strengthening and the USD/CHF is weakening. This would be confirming the entry with two other pairs and across the board weakness in the USD. In either situation you have confirmed the entry with at least two other pairs. Both of these entry rules would include a stop order, and you can enhance the rules further by examining the EUR/GBP for weakness. This is inverse confirmation.But this is not what traders do. They want to trade the GBP/USD so badly that they “manufacture” a trade, or the they want to use “indicators”, or trade the news. This is a mistake and is equivalent to betting or gambling. There is no logic to support the entry, the forex works in a logical way.Lets look at some other examples. Lets say you prefer to hold carry trades and prefer to trade the GBP/JPY, you could set up rules for entry as follows:Only buy the GBP/JPY if the GBP is strong across the board based on parallel and inverse pairs, or only enter the GBP/JPY if the GBP/USD and USD/JPY are both strengthening somewhat or alot. In the second scenario the GBP/JPY will slingshot upward at a very fast pace. Or another scenario is to only buy the GBP/JPY if the EUR/JPY, CHF/JPY and AUD/JPY are all strengthening as well, in this case the USD is not in the picture because of across the board weakness in the JPY. Either way you have confirmed the entry with other pairs.Another example would be to buy the USD/CAD only if the EUR/CAD and AUD/CAD are also strengthening. Similar rules can be applied to any major or exotic pair and easily monitored upon entry. In the case of the three CAD pairs, if you also do a careful analysis of support and resistance, you can trade the pair with the most potential rather than just trading the USD/CAD.But this is not what traders do, they get stuck trading the same pair and wind up justifying a trade when a trade is not there. These trade entries are not based on logic they are based on emotional needs. This leads to losses. The forex works in a very logical process and you must let the logic work for you. Stop looking at indicators and start looking at other pairs to support your entries, these are the best indicators available.Across the board strength and weakness in groups of pairs occurs weekly in the forex. But if you search the internet far and wide you will see that it is rarely and in fact never discussed by traders, analysts, and trade planning services charging hefty monthly fees. People are too busy looking at “indicators” and absolutely no discussion of the market forces governing the spot forex ever occurs.It is very rare if nearly non-existent for one forex pair to move strong without other pairs to confirm the move. This is true for any major or exotic pair. If you are “stuck” trading the same pairs while other pairs and exotics are making strong moves its time to look at all of the pairs every night then pick the best opportunities based on parallel and inverse analysis.In order to trade the spot forex daily and weekly, you must analyze 15-20 pairs every day to determine the current market forces, this will lead to less entries, more logical entries, and better confirmation of entries when the movement starts. Parallel and inverse analysis is the logic behind the spot forex.

Forex Trading : Multiple Timeframe Analysis For The Spot Forex

Multiple time frame analysis (MTFA) is the inspection of trend indicators, starting with the largest trends and timeframes, and working backwards down through successively smaller timeframes to see how the smaller timeframes and trends feed the larger ones. When the smaller timeframes are in agreement with the larger trends you can enter a spot forex trade. If no trend exists the smaller timeframes and trends will, at some point, build a larger trends.

MTFA has been around for nearly 25 years. The MTFA method is applicable to stock and commodities trading, equity options and currency options. The method is applicable to any currency pair. We are respectful of the strong technical work of Kathy Lien and Brian Shannon outlining MTFA and their technical papers are available on the Forexearlywarning website. MTFA works, it is that simple. Pips can be made and the method is effective, especially when larger timeframes and trends are traded for larger pip totals. Money management ratios also improve when you are entering a larger trend.By applying MTFA to multiple forex pairs your odds increase again, this is because you can choose to trade the best and largest trend available in the spot forex and ride the trends longer.In order to conduct and accomplish a multiple timeframe analysis on the spot forex you need the proper platform and a set of trend analysis tools and indicators to facilitate the process. Some tools are very expensive some are free. You must be able to analyze 10 to 20 timeframes per pair prior to conduct a complete MTFA on a currency pair. You also must analyze the top 15-20 traded currency pairs to seek out the best opportunity.The first step when conducting a MTFA on a currency pair is to inspect the largest 3 or 4 trends. See what pairs have established larger trends, whether the trending pairs are at the beginning, middle or deep into the trend, which pairs are not trending (oscillating) and which pairs could be developing a brand new trend. If there is a pair that interests you check the next support and resistance area and set a price alarm. When the price alarm hits check the smaller timeframes to see if they are in agreement with the larger trends, and if so enter the trade. You can use off the shelf trend indicators to conduct multiple timeframe analysis. Simple indicators like exponential moving averages are fine. Just apply them across multiple timeframes.Is it possible to make multiple time frame analysis better?? I believe the answer is yes. Incorporating parallel and inverse analysis into the analysis as well as support and resistance to set price alarms for notification of momentum or possible entry point can all help.Scalpers may find the method to be to their liking because you will never trade against the larger trends and potentially hang onto trades much longer. One of the biggest reasons people scalp is that they have no idea which direction the trend is on the pair they want to trade. Or they only look at one timeframe. Traders scalp the foreign exchange but statistics show that people who hang on longer and ride longer trends make the most pips. Why do traders not use multiple timeframe analysis? Mostly because analyzing alot of pairs and timeframes takes time and people basically are lazy. Most scalpers only look at one timeframe and could possibly be trading against a larger trend, or a scalper may be at the beginning of a very large move and exit way too early. If you are near the end of a trend you may also enter a trade after a long move and be entering near the end of the trend. This is bad money management under any scenario. Scalpers need MTFA but people who would like to stay in their trades longer would, by nature require knowledge of MTFA.MTFA analysis of the spot forex is here to stay. Traders worldwide are accepting and learning to understand the method. MTFA is a rigorous method or analyzing the forex. But it is not difficult to learn. When combined with parallel and inverse analysis is quite powerful. It can be applied to any pair using free tools available on the internet from many spot forex brokers.