Are you still struggling to decide which Forex Software you should be using? There is a lot of Forex software out there and more and more coming onto the market each week, but finding forex trading platforms one that delivers consistent accurate results that lead to profits is a different matter. Without a reliable Forex software tool most new traders are still in the trial and error loop of Forex Trading.
This article will provide you with a simple framework to help you determine which Forex software is the most consistent and reliable for delivering accurate results.
We know there is a LOT of Forex Software out there but is there anything that REALLY delivers on what they say it does? Quite simply, yes, there is. However, and you have probably guessed it, there are only a handful or so that really deliver consistent, accurate and reliable results.
So how do we determine which is the best Forex software?
Well the first thing we need to consider is what kind of job you want the software to do for you. There are two types of Forex software; one is Forex signal software and the other is Forex Trading software. Each can be highly effective in making trading decisions but each has a different job.
Forex signal software notifies you when it determines the best time to either buy or sell a currency is reached and then sends you a signal, usually by sending a brief SMS to your phone so that you know an optimum trade price has been reached or even a price that you have set to be notified of, and also sending additional details to the Forex software on your computer. If you like to make your trades yourself then receiving signals at the right time can give you a real edge over other traders if you are available to act on the signals you receive. Forex Trading software is what is generally known as expert advisor software. Forex trading software scans the Forex market for good buy and sell triggers for your specific currency pairs and can then even place your trade and close your trade orders automatically. This type of software is capable of performing your trades automatically 24 hours a day on your chosen trade days. These are often referred to as Forex Auto Pilots, Forex robots or Forex bots.
With Forex trading going on 24 hours a day almost everyday you can see the benefit of having some automation tools at your disposal to help you optimize your trades when you want them, either by receiving signals so that you can go to a computer and make the trade yourself when the price is right, or by setting up a Forex robot to make the trade for you without having to get up at three o’clock in the morning when your predetermined close is reached.
Having used a lot of software and signal services I have settled on a personal preference for using a Forex Trading robot as this allows me to trade 24 hours a day without losing all that sleep I like. I can only do this though because of the handful of fully automated Forex robots out there that can deliver consistent accurate and reliable trades. I liked using the Forex signals services when I started out as they gave me up to the moment information when I wasn’t manually checking the trades. Receiving these and then making a profitable trade because of it was truly satisfying, however as I said before, Forex trades all hours of the day and night and this can mean a lot of interrupted sleep or burnt toast, so I only recommend it if you don’t mind losing some sleep or going a little hungry.
Otherwise I would fully recommend using the automated Forex Trading software so you can trade 24 hours a day if you choose to without losing that sleep. There is also the added bonus that this software is quite user friendly and can be easily set up if you are new to Forex trading. As long as you use the consistently accurate and reliable versions of this type of software you should be making successful trades automatically in a short space of time.
Whichever is your preferred method of trading, having one of these types of tools in your trading arsenal is invaluable and will have you on your way to being a profitable trader and help to minimize your chances of making costly errors.
We all want to have the best of what there is, but sometimes we cannot afford to spare the extra money for it but when it comes to Forex Trading can you really afford not to use the best tools and software? You might save a few dollars here and there if you don’t but you could end up losing a whole lot more.