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Reviews 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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