Trading Fx Online - Computer And Forex Program Tips

If you would like to make some money from currency exchange trading

, you will need to download forex software. There is no way around it, you have to be able to use a PC in order to trade currencies these days. In the old days of stock trading it was feasible to trade stocks by calling your stockbroker, but forex has never worked this way.

This is because forex trading did not begin until the gold exchange standard was relaxed when the Bretton Woods Agreement was dissolved in the 1970s. In those days forex trading was dominated by the banks and other major financial institutions. By the time private investors were getting heavily involved, the internet had arrived and forex software came into play.

Therefore to trade foreign exchange you will need a PC and a fast reliable high speed broadband connection with which to trade the FX markets. Broadband is important because you will need to perform a forex software download which takes a lot of computer power and you will be dealing with prices that change within a second. You will not be able to afford delays, hang ups or a slow internet connection so a fast reliable broadband connection is a must in order to run your forex program effectively. Equally, your computer must be relatively new say, less than five years so that you have a relatively recent operating system and your PC or Mac needs to be running efficiently.

If your computer has many files and other software on it that you have to wait five minutes for anything to download, you should consider getting a new one exclusively to run your forex program for fx trading. Having a dedicated computer for your online trading has many advantages in any case.

For example, it will mean you do not have to share the computer with your spouse or family. It will be available whenever you want to trade. And if you need to run any fx programs that require a permanent broadband connection, such as forex robots like FAP Turbo, Forex Megadroid or Forex IvyBot you can leave your computer switched on and know that no one else will interfere with it. Foreign Exchange is a 24 hour market so there are big advantages to having automated forex software trade for you at times when you could not be online yourself.

In addition, having a second computer dedicated to your trading means that you have a backup. PCs of all brands very often develop problems, either with hardware issues such as the hard disk corrupting or with software glitches caused through viruses and malware. If a disaster suddenly happens to your main trading computer, then having another in the house means that you can continue trading. This could be very important if you have open trades with no stops. The consequences of not being able to access a PC for several hours will be almost certainly disastrous.

The main software forex trading program that you will use will be the foreign exchange trading platform supplied by your fx broker. In most cases, you access this online through their website. You do not need to download anything. Through this platform you will access many services including charts, a demo account and your actual trading account. This means that you can trade either in demo mode or for real, on the live market, through the software provided by your broker.

A few brokers use desktop forex platforms instead of internet based platforms or you can use Keith Cotterill's, The Ultimate Forex Predictor or TUFXP for short although this will only run on a Microsoft Windows computer. With a desktop platform, you download the software to your own computer. The desktop system may be faster but it has the disadvantage that you have to keep your computer on all of the time if you have an open trade with a stop loss. If the system is internet based, you can set your stop loss in your account on the broker's forex software, switch off your computer and know that the stop will still be active.

by: James Roshwood

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