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of FOREX Trading Software
Success in FOREX trading is all about timing
knowing when to get in and when to get out can make the
difference between huge profits or heartbreaking losses. There
are many companies offering their services as signal providers,
and for a modest monthly fee theyll send you real-time signals
(even via your cell phone) letting you know when to buy or sell
a currency pair.
Ideally youd like to be able to identify
trends by yourself without having to rely on a signal provider,
but this will take time to master. By all means begin your
education in recognizing trends and in-depth technical
analysis, but in the meantime you can make use of some personal
FOREX trading software to aid you in your FOREX trades.
As mentioned above, there are plenty of
signal providers out there, but finding a reputable one can be
a tricky task and can cost several hundred dollars per month.
Fortunately theres an alternative FOREX trading software that
you can download and run on your home computer. There are two
pieces of software out there right now that are quite popular
and offer excellent FOREX signal notification, so no matter if
youre a short term trader, swing trader, or long term trader
one of these FOREX software programs should be part of your
trading arsenal.
FOREX Killer is a FOREX trading software
program designed to run on Windows. FOREX Killer can take data
from any FOREX broker that can export historical data in a .csv
format. Once imported into the program, FOREX Killer allows the
user to select a time frame and currency pair. Enter your
desired stop loss and take-profit level and start the
calculation. FOREX Killer generates two sets of signals, short
term and long term, and lets you know whether you should buy or
sell based on current market prices. This particular FOREX
software program supports most of the common currency pairs, as
well as gold, stocks, and futures.
The next FOREX software program to consider
is called Prophet1 Expert Advisor. This program bases its
signals on two popular indicators, moving averages and MACDs.
This allows the user to make use of this software for day
trading purposes, but its certainly not limited to that time
frame. Based on back-testing this FOREX software program boasts
an admirable 90% win rate, and this is using its default
settings. As with FOREX Killer, alerts can be sent via email or
to your cell phone.
No matter what software you end up using,
dont rely on it solely to make you money. It can be a powerful
tool to help you succeed in FOREX trading, but its very
important that you take the time to educate yourself on the
inner workings of FOREX technical analysis. It can seem
daunting at first, but once you understand how signals are
generated youll be in a much better position to adapt to the
ever-changing world that is the FOREX marketplace.
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