There are literally millions of people forex trading online in the currency markets on any given day. This wasn't the case 10 years ago but the growth in this investment vehicle has been exponential. One of the reasons has been that so many people have been successful at it. Success breeds copy cats and competition. The most successful currency traders are using software to help them make their trades. Not only to process the transaction but to choose which currency pair and when and what stops.When choosing a forex trading platform you need to test drive it before you ever buy it. This is the norm in today's market. There are several companies that are more than happy to let you download a demo and setup a dummy account and run their software. This is important because every software looks different and has different features. Some are horrible to look at and some look like you wrote it yourself, almost perfect.But testing it in real time with real data is THE MOST IMPORTANT feature of any software that you end up choosing. You need to test it to see if it gets your orders in time and gets out of the markets where you set your stops. Not all softwares are equal in this most important of aspects, and it can cost you big time if the software blows through your stops.As I said earlier you should be comfortable with the way the software looks and the location of the buttons you need to click on. It should be laid out in a logical manner so that if things happen quickly you can easily get out or get into a currency market. You don't want to have to click on 3 different screens to place a trade or to get out of one, especially in the forex markets where things move faster than stocks.After seeing that the software works and looks alright check out the different strategies that are built into the software. There are a number of normal charting strategies that all platforms have, but if you have purchased a piece of software it should be programmed with its own specialty. This is the deal maker. Does the software's technique make money. This can be easily tested since you will be running a demo. Run the demo a minimum of 2 weeks but try for a month.Some software companies let you use real data from the past to test your own new strategies and this can be worth the software price in and of itself. Especially if you are creative and are coming up with new ideas. If you study the forex markets you will find out that there are several popular strategies but there has to be a BEST STRATEGY. Do you think you can discover it? You might as well try if you bought the software anyway.Finally, after you have chosen the forex trading online software you must find out what the company offers in terms of safety of data encryption and what do you do if your computer crashes. Who do you call? Do you call a specific person? This is really very important, you don't want to be in the middle of a transaction and the power goes out and you are only part way in and have no stop or target to get out. So find out who and what you must do in emergency situations.There is another software option that I haven't covered here. It is called Forex Robots. They make trades without you having to be there, so they can trade 24 hours a day. I will leave that for another article but it is something else you should look into.Bob Perry is a freelance writer specializing in the financial markets. He has experience with currency markets and stocks. Check out his blog at ForexTradingOnlineBlog.com for more informative articles and tips on making money.article source :http://ezinearticles.com/?id=1516912
الثلاثاء، 10 نوفمبر 2009
Picking a Forex Trading Online Software
There are literally millions of people forex trading online in the currency markets on any given day. This wasn't the case 10 years ago but the growth in this investment vehicle has been exponential. One of the reasons has been that so many people have been successful at it. Success breeds copy cats and competition. The most successful currency traders are using software to help them make their trades. Not only to process the transaction but to choose which currency pair and when and what stops.When choosing a forex trading platform you need to test drive it before you ever buy it. This is the norm in today's market. There are several companies that are more than happy to let you download a demo and setup a dummy account and run their software. This is important because every software looks different and has different features. Some are horrible to look at and some look like you wrote it yourself, almost perfect.But testing it in real time with real data is THE MOST IMPORTANT feature of any software that you end up choosing. You need to test it to see if it gets your orders in time and gets out of the markets where you set your stops. Not all softwares are equal in this most important of aspects, and it can cost you big time if the software blows through your stops.As I said earlier you should be comfortable with the way the software looks and the location of the buttons you need to click on. It should be laid out in a logical manner so that if things happen quickly you can easily get out or get into a currency market. You don't want to have to click on 3 different screens to place a trade or to get out of one, especially in the forex markets where things move faster than stocks.After seeing that the software works and looks alright check out the different strategies that are built into the software. There are a number of normal charting strategies that all platforms have, but if you have purchased a piece of software it should be programmed with its own specialty. This is the deal maker. Does the software's technique make money. This can be easily tested since you will be running a demo. Run the demo a minimum of 2 weeks but try for a month.Some software companies let you use real data from the past to test your own new strategies and this can be worth the software price in and of itself. Especially if you are creative and are coming up with new ideas. If you study the forex markets you will find out that there are several popular strategies but there has to be a BEST STRATEGY. Do you think you can discover it? You might as well try if you bought the software anyway.Finally, after you have chosen the forex trading online software you must find out what the company offers in terms of safety of data encryption and what do you do if your computer crashes. Who do you call? Do you call a specific person? This is really very important, you don't want to be in the middle of a transaction and the power goes out and you are only part way in and have no stop or target to get out. So find out who and what you must do in emergency situations.There is another software option that I haven't covered here. It is called Forex Robots. They make trades without you having to be there, so they can trade 24 hours a day. I will leave that for another article but it is something else you should look into.Bob Perry is a freelance writer specializing in the financial markets. He has experience with currency markets and stocks. Check out his blog at ForexTradingOnlineBlog.com for more informative articles and tips on making money.article source :http://ezinearticles.com/?id=1516912
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