A Comprehensive Guide to the Forex Trading Software for New Forex Traders
Forex trading platformscan benefit you whether you are new to forex trading or not. You just need to know and understand their real essence, and how they work so you can use them to your advantage. Read on to learn how these platforms can help you make money and reach success in forex trading.
Forex Trading Software – What Are They?
These platforms are software programs that are widely accepted in the forex market. You can use them to make a trade and to observe and check the recent trades. The forex market does not have a physical location because it is a decentralized market. For this reason, every trade occurs between two forex traders. A trade begins when you use one of these platforms to connect yourself to another forex trader. With many features and tools to offer, these platforms will help you learn the easiest and most lucrative way to make a trade.
What are the Two Types of Forex Trading Software?
Forex trading software are either exclusive or not. Many brokers prefer creating their own trading platforms. Hence, their platforms are exclusively available on their website. Other brokers purchase their trading platforms from 3rd party software developers.
Those trading platforms from 3rd party companies typically have customizable features and tools. Brokers can make these platforms suitable for their services by adding a few more features. Therefore, these trading platforms are quite helpful to expert traders, but novices find them overwhelming.
However, those trading platforms that brokers created for themselves generally have fewer features and tools. These platforms are not customizable, which may frustrate some traders.
As you can see, these two forms of forex trading software have their own advantages and disadvantages. Some platforms may work for you while others may not. Hence, you must look for the platform that will help you meet the best trading results.
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Useful Tools Available in the Forex Trading Software
Good forex trading software can simplify the entire trading process for your benefit. This is true especially for platforms with several user-friendly and valuable features and tools. Below are the common tools available in all leading forex trading software:
Trading Signals – You can use trading signals to detect trades that are probably more profitable. Forex signal providers may send you trading signals through your preferred trading platform, emails, or text messages with or without a charge. A human or software conducts a technical analysis, which serves as the basis for creating trading signals.
Trading Accounts – You can use forex trading software only if you have trading accounts. Many brokers can offer you several accounts depending on your budget. Trading accounts typically have demo accounts that you can use to learn how to make a trade. You can make a trade using virtual money using your demo accounts. Thus, your demo accounts are giving you the risk-free way to learn how to become a good forex trader.
Trading Robots – Trading robots can trade automatically depending on the pre-set necessities and signals. They work in 24 hours, allowing you to make a trade at any time. Some trading robots can scan different charts in a unique way because the developers created them using the parameters for making good trade decisions. Trading robots can check the perfect time to trade by using the trading signals implanted in them.
Trading Networks – Trading networks are online communities, and you can get access to them using forex trading software. You can join these communities to discuss your strategies and share your tricks with other traders.
Copy Trading – By using this tool, you can copy the strategies or signals of another trader to make lucrative trades too. Copy trading offers you the easiest way to make money as a forex trader. It will partially connect your own portfolio with the portfolio of another forex trader. Once the copying process begins, the system will copy all of his opened trades and paste them into your account. Also, all of his future actions will appear on your account too.
Analytic Charts and Tools – You can use analytic charts or tools in analyzing the market to spot those lucrative trade opportunities. These tools may appear extremely different, and brokers mostly provide several charts for various trading styles and strategies.
There could be more features and tools aside from the ones included in this list. Their availability may depend on the platform you choose. In fact, some traders say only a few trading platforms offer unlimited features.
Always make sure to pick a platform that suits you and your devices.
Forex Trading Software on Various Platforms
Further, the forex trading software is mostly available in several versions. Some versions are web-based, which means you can get access to them directly by using a web browser. Other versions require software downloading and installation to gain access to the platform.
However, your choices are not limited to desktop and web-based versions. The mobile industry is thriving continuously, which means most forex trading software already have their mobile versions. In fact, more forex traders choose the mobile versions of their favorite trading platforms because they are convenient to use.
Despite everything, you are free to choose the right version for your device. Most brokers these days offer these three versions of forex trading software:
Desktop Version – Trading platforms started to exist in their desktop versions. They occupy a big space on your device, so make sure your laptop has enough free space for the software. You need to download and install the platform first before you can use it. In the past, forex trading software was available only in their desktop versions. But, with the advanced browser technologies, forex trading software is now available in their web and mobile versions.
Web-based Version – The web-based version of any trading platforms is better than the desktop versions. You can get access to the browser version of any forex trading software by using your favorite browser. Unlike the desktop version, you can use the web-based version anywhere you go. However, you need to keep your device connected to the internet when using this version.
A mobile trading platform – This version is specifically for tablets and smartphones. A mobile trading platform is popular but is not as efficient and functional as the web-based version. Oftentimes, this version is best for making easy trades, catching signals and the hottest news, and checking the current trades.
Today, most trading platforms are customizable and flexible, which means you can modify, rearrange, and even create your own trading tools. However, only those forex traders with adequate trading experience can take advantage of this opportunity. If you are a novice, you must begin with the main tools like trading signals or robots. You may go deeper, and start customizing the trading platforms you use when you feel it is the right time.
What is the Popular Forex Trading Platform on the Market?
Choosing a forex trading platform is difficult especially if you are a novice forex trader. What you need to keep in mind is to always choose the most preferred, trusted, and recommended forex broker. The forex market will offer you a long list of suggested brokers, but many traders agreed that MetaTrader 4 is a great choice.
MetaTrader 4 or MT4 for short is one of the popular forex trading software so far. This platform is a good choice whether you are a novice or seasonal forex trader. While retail Forex is a new industry, it did not have a 3rd party software program until MetaTrader 4 came along.
MT4 is a trusted forex trading platform with awesome features including:
More expert advisors
1-click trading
More than 50 indicators
Limit orders
Pending orders
9 time frames
Multi charting
MetaTrader 4 can give you more benefits apart from these. Stability is among its strongest selling points, which means you can truly hope for the best when you use this forex trading platform. Aside from that, MetaTrader 4 has a set of powerful mobile applications for all operating systems like Android, iOS, BlackBerry, and Windows.
Additionally, the MT4 platform provides improved security features, so you can open or close all forex positions without a reason to worry about the platform’s stability. The entire indicators are pre-installed, and you get the 9 time frames with 3 chart times. These major features of MetaTrader 4 will enable you to keep track of the entire market with accuracy. Therefore, you can enter and leave the Forex market with specific timing.
With its features and stability, most of the best brokers offering other forex trading platforms give quick access to MetaTrader 4. Even some brokers that created their own software consider, and offer MetaTrader 4 as the best alternative forex trading platform. It has a desktop version, a web version, and a trading app for tablets and smartphones. Likewise, this platform is available in different languages, allowing you to make trades using your native language. To see how MetaTrader 4 works, sign up to open a demo account for free.
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