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Finding The Best FX Trading Platform

Finding the best FX trading platform can be a challenge for both brokers and traders. Brokers will want software that is reliable, adaptable to their needs and easy for their clients to use. Traders are also looking for ease of use with good technical information.

Forex Platforms For Brokers

Many forex brokers, especially the larger organizations, will have a trading platform custom built for them. This is big business and a brokerage company will usually sneak a look at all of the platforms that competitors are using and then try to build something better. The cost of this is sure to be high. It can take a long time too. Software development, like construction, is something that always seems to take longer than expected.

Smaller brokers cannot usually afford to have all of the software designed for them from scratch. Instead, they may buy an FX trading platform that they can use out of the box. However, experienced traders will recognize this and may avoid such brokers. It is hard for traders to have confidence in a company that does not appear to be investing any resources in its trading software.

A compromise that works well for many brokers is to take a pre designed package and then have somebody customize it for you. The look of the program can be altered to include your logo, company colors and other factors. Better still, you could add more charts and offer any the technical analysis that traders are looking for but cannot get elsewhere. This way you can give the appearance of offering a unique trading platform without the cost of full scale software development.

Forex Platforms For Traders

Individual traders will generally use whatever software their broker provides. The platform is an important consideration when looking for a broker. For some traders, it is more important than cost. They may accept a bigger spread for the sake of the exact charts or information that they need to operate a system that they know is profitable.

In addition, traders who use automated systems or robots to trade the foreign exchange market will need a software platform on which their robot can operate. Experienced traders who have developed a profitable system of their own sometimes design a robot to automate their system for their own use. Most of the popular robots or expert advisors run on the Metatrader 4 platform. You need to download this for free in order to use most of the forex robots that you can buy today.

Automated trading software has many advantages, including the ability to automatically open and close trades when the market favors your system. Many forex traders are now moving into the world of robots and Metatrader 4 is probably the best FX trading platform for those traders.

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Saturday, June 27th, 2009 fx trading software No Comments

FX Trading: Who, Why And How?

Forex or FX trading is a way of making money from currency price movements. Forex traders buy and sell world currencies according to whether a currency seems likely to rise or fall.

Who Can Do FX Trading?

When you first hear about currency trading you might think that you need to know a lot about economics, politics or finance. You might think that all forex traders would be employed on Wall Street or other financial centers of the world. But this is not true at all.

In the past, it was certainly the case that the foreign exchange markets used to be almost entirely dominated by banks and investment companies. These days, however, all of that has changed. There are two main reasons for this.

The first is the internet, which allows anybody with a high speed connection to have access to up to the minute prices, charts and other data. People can trade from home, connecting to their broker and controlling their account online in real time. Brokers have seen the opportunity and reduced the amount of money you need to get started, encouraging people to start trading with only a few hundred dollars.

The second big development in fx trading has been the appearance of forex robots. These are automated trading programs that you can set to run on your own computer. They will connect up with your broker’s website and make trades for you. This means that you do not even need to know a lot about finance to get involved.

Why Would You Become A Forex Trader?

Why? Well, to make money, of course. At least that is most people’s reason for getting involved in the forex markets. It could be that there are some people out there who just enjoy the challenge and treat it as a game, but unless you are just using a demo account it is better to take it seriously.

Forex is a risky business with the possibility of making losses as well as gains. Money can come and go very fast. When you make a deposit into your brokerage account it is best to think of that as money spent. Any income that comes back from it is a bonus. Do not trade with the rent money!

How Do You Get Involved?

To begin forex trading you will need an account with a broker. If you want to use a forex robot you should get that right away and start using its demo settings so that you understand how it works and can see it making profits before you let it control your real money fx trading account.

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Thursday, June 18th, 2009 Introduction No Comments