Automated Forex software can be one of the most valuable tools any Forex trader can have. If you're still establishing your trading strategies, then using Forex software can help you to track and monitor several different currency pairings. However even more experienced foreign currency traders can benefit massively from using the features available on some of the more popular Forex software packages. If you're considering purchasing automated Forex software to assist you with your own trading strategies, here are some things you should look for in your package before you buy. Level of Experience Some Forex trading programs are best suited to guide beginning traders through the intricacies of the foreign currency exchange market. This means you have the ability to see clearly marked entry trade and exit trade signals that are calculated and pre-determined based on your chosen trading strategy. However, once your level of experience improves and you no longer require a beginner's system this could mean your software becomes obsolete. This is why it's important to find software that is easy to use for beginners and also equally valuable even when you reach a more professional level of trading experience. Some software even has a preferences setting where you can specify that you want beginner's help or more advanced help, all within the same software, so in that case, the software can grow with you as your expertise grows. Forex Charts Charting the movements of one particular currency can be a time consuming process. What's more, the foreign exchange market is a 24 hour market that doesn't sleep and can be quite volatile. This means the ideal trade signals you've been waiting for in your charting efforts may appear while you're sleeping. The automated Forex software you choose should have the ability to chart the movements of multiple currencies at once and then generate trading indicators that will help you to maximize the profitability of your trading strategy. Some people are more visually oriented. They can look at the raw data where it seems to say nothing to them, but then see the same data represented in a chart or graph format and the meaning of the data becomes almost instantly clear to them, so determine what type of learner you are. Foreign Currency Pricing Indicators Many Forex software packages are able to highlight pricing indicators based on real-time data. This information can tell you at a glance if a currency's pricing is trending up or down. Your software should then offer you the ability to set a buy and sell indicator based on this information. Automated Forex Trading Ability It is possible to automate your Forex trading strategies by inputting the parameters and indicators you want to set your software to look for. Once those market conditions arrive, your software then places your entry or exit trades based on live information. This means your automated software gives you the ability to continue to follow your trading strategies even when you're not at your computer. With both buy parameters setup as well as sell parameters (like a stop loss), you could even go on vacation for a week or two and let your computer do all the work for you! Available Currency Pairings The majority of Forex software packages focus only on the 7 major currencies, which are USD, CAD, GBP, EUR, JPY, AUD and CHF. Obviously it's a good idea for beginning traders to focus on the movements of these major currencies as there is a little less volatility surrounding the currencies of larger economies. However once your Forex trading experience level increases you may want to expand a little and look at the hundreds of currency options outside the major seven. It's important that your chosen Forex software should allow you the option to expand your currency options. This means including some of the more volatile - yet often more profitable - emerging currencies. While there are many automated Forex software packages available to help your trading strategies, you should still take a little time to investigate which package will be the right one to suit you right from the beginning of your Forex trading venture and still be equally as helpful to you as your skill and experience grow.
By Sutikno Slamet
By Sutikno Slamet
