subject: Currency Trading Software - It Makes Everything Possible [print this page] Currency trading is used to be something reserved for the elites or professionals, which means in order to do it you need to have enough capital and skills required to analyze the currency pairs. Those rules have broken and now anybody can takes part in currency trading due to: leverage system and currency trading software.
The leverage system makes the first requirement of large capital doesn't applied anymore. Today, with 100:1 and 10,000 units for 1 standard lot, you only need $100 to start trading. There are brokers that even accept USD25 deposit; it is hard to generate large profits from such small account, but it is a good start.
The forex trading software dispose the second requirement: technical analysis skills. Rapid development in currency trading software makes a trader require less and less analysis skills to be able to gain profits from currency trading. These are some software that has made trading a lot easier:
1. Trading Platform These software are usually free feature from online broker for their clients. Every trading platform offer different features and benefits. Usually, the basic features available are live price feed for allowed currency pairs, charting, and order execution.
Many of the current trading platforms have become really sophisticated currency trading software. It has many functions such as charting, trailing stop, various indicators and oscillators, etc. It also provide positon, settled orders, and account details. The idea is it can facilitate all that you need to trades.
2. Technical Analysis Program Technical analysis application have many features to help your market analysis. It also has all of the historical market data to facilitate your backtest when you testing various strategies.
In order to use it, you need to input the basic rules of your strategy and select a specific time period to test it against market movement at that time. Most of the good trading strategies are 'graduate' smoothly during eight years backtest or longer. Of course backtesting isn't good enough; the next thing to do is test the strategies against current market movement by utilizing demo account.
3. Trading Signals Software This forex trading software is the beginning of the automated trading era. This program function is send you signals every time there is potential profit occur at the market. The standard format is currency pair, price, and the order to bid or ask. You can decide to execute the signal or not; the final decision is still in your hands.
If by chance you want to enter the order, it will gives you take profit and stop loss order to minimize the risk. The system is need no analysis skill at all and can be done by anyone. The brain behind the signals is either a group of professional traders or software with Artificial Intelligence (AI).
4. Trading Robot Currently, trading robot is the pinnacle of currency trading software. It doesn't need any maintenance and can do all the works on autopilot. You only need to put it in a Virtual Private Server (VPS) and it will run 24/5 analyzing market and trades for you without you even have to turn on your computer. Basically it is a put and waits for the money to roll in system.
The development process is not that easy though. Currency trading market is very unstable and it is not an easy task to create a system that can adapt to various conditions that may happen in that market.
The early generations of trading robots fails miserably when the market condition change and have caused their user to loss a lot of money. Even now, only some robots can survive and continue to generate winning trades for their owner.
Conclusion These days, using proper currency trading program, anyone without knowledge in currency trading can earn profits from it; this is something impossible in the past. If you have any interest towards currency trading, either to learn or just for the money, now is the right time to get in.
