Foreign Exchange Trading: Making Money With Cash

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Foreign Currency Trading Software: Shop Around For Best Results

There is a wide choice of foreign currency trading software for the forex market. When you are just getting started with forex trading you will need to shop around to find the platform that will suit you best. But what types of program are available and what features should you look for?

Online brokerage accounts are always run through forex software. Your broker may either give you access to a platform that runs on their server or you may have something that runs on your own computer.

Brokers may have their own custom forex trading platform or they may use a generic platform which they can have tailored to their company. This should provide you with many features including a wide variety of charts, tools and analytical capabilities that can indicate changing patterns and trends in the price movements. There may also be a forex alert feature or a running commentary on the financial news.

In some cases you can customize your desktop view of the software. This is more useful than you may realize at first. It can save a lot of time to have your preferred settings or combination of tools and charts load automatically when you log in.

If you choose to use automated foreign currency trading software, otherwise known as a forex robot, this will need to connect to your brokerage account to make the trades. Most robots use the platform Metatrader 4.

If you are running a program yourself, be aware that this usually means that your computer must be switched on and connected to the internet at all times while you have open trades, stop losses or orders to open a trade at a certain point. If your internet connection is often broken by storms or other factors, or if your internet provider automatically cuts the connection any time there is no activity from your machine for more than a certain time, you will not be able to trade effectively unless your instructions have already been passed to your brokerage account and are stored there.

The software should be simple to access and use. Clear instructions plus an FAQ page or manual that you can go to for reference are essential. Beyond that there should be some kind of support, either live or by email, when you need more detailed help or cannot find the answer to your question in the documentation.

Forex trading is risky and you can make losses as well as gains. In this very fast moving market it is vital to have all of the information that you need at your fingertips, plus the power to make your selected trades fast. Automated foreign currency trading software can help you massively and you need the best that you can get your hands on.

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Tuesday, June 30th, 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

Metatrader 4 Expert Advisor: What You Need To Know

The Metatrader 4 expert advisor range is the most popular range of forex autopilot software. There is a wide choice of expert advisors designed to run on this free downloadable platform or framework that sets a structure for EAs to be built on. Whichever expert advisor (EA) you choose will act as a robot on the forex market, trading for you according to the boundaries that you set.

Clearly this has many advantages over making all of the moves in a trade yourself. The EA does not need breaks for eating, sleeping and human contact. Neither does it suffer from human weaknesses such as fear and over optimism which can distract us from our systems and lead us to exit a trade too soon or not soon enough. Once you have set it up it will obey your system to the letter all the time that it is online.

An EA will often protect your interests when you could not do it yourself. The opportunity to set a trailing stop is one example. A trailing stop automatically moves up with rising prices but stays in place if the market falls. This means that on a successful trade it protects a part of your profits without exiting too soon. On an unsuccessful trade it protects you from heavy losses just as a standard stop would do.

Some of the functions of an expert advisor depend on having it constantly connected to the internet. This because MT4 and the EA run on your own computer or server, not on your broker’s servers. For example if you have set a trailing stop, MT4 sends a message to your broker account to move the stop each time and it has to be connected to the internet to do that.

This means that to make the most of the potential of a Metatrader 4 expert advisor on a home computer you have to leave your computer online 24 hours Sunday night thru Friday unless you happen to have exited all of your trades before you stop work on any particular day.

Any break in the connection will mean that no more messages are sent to your brokerage so the trailing stop will be left where it was last set. It will still protect you from a large loss but it will not move up any more so you will have lost some of the advantage of having a system that works while you sleep.

However, some EAs can be hosted remotely. This means that you can set them up on an internet server instead of your own computer. This could be your own or a facility offered by the EA company. They may offer this option as an upgrade after you order their Metatrader 4 expert advisor.

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Thursday, June 18th, 2009 fx trading software No Comments

FX Trading Software – Does it make a difference?

FX trading software programs include the automated systems or robots that help you to trade online from the comfort of your own home. They are very popular but are they necessary? What do they really do?

Many people are unwilling to trust their trading decisions to a computer program, especially at first. It is true that it is wise to be cautious in the beginning, because there is always the chance that you will misunderstand something. But you can almost always use the software in demo mode until you are familiar with all of its settings and features.

The main point to remember is that you are controlling the program, not the other way around. You tell it what to do by setting it up in a way that follows your preferred system.

An automated forex trading system can do many things that you cannot. For example, it can trade 24 hours a day. As the currency markets are international and operate in almost every time zone, they are never closed for business from Monday morning in Australia to Friday afternoon in New York. FX trading software can exploit these very long hours and watch the markets all day and all night, never missing a possible trade.

If you join a retail forex trading company online, you will almost certainly be offered software so that you can operate your account from your own computer. This takes the pressure off the company’s website. You can use this type of software to check the currency values and operate your account. This is different than a robot, because you are making the trading decisions and simply using the software to put them into effect.

Automated forex robots, by contrast, are not linked in to one particular broker or company. They run on a trading platform and offer historical market analysis and trend data as well as real time currency values. This data can be extremely valuable for identifying patterns. You can look back to see how currency values fluctuated around the time of certain major events such as an epidemic or an election. Even something like an international sports event can affect national confidence and so cause a change in currency values.

As you become more skilled in interpreting the market trends, you will use all of this data to help improve the success of your trades. Of course there is no guarantee that the currency markets will always behave as they did in the past but any expert will tell you that you cannot ignore the historical data. To put it simply, getting information like this from your FX trading software can help you to make more money from your forex trading.

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Sunday, May 17th, 2009 fx trading software No Comments