There are two distinctions that will be made in this article. The first regards forex trading software that enables the retail forex trader to access data feeds and charts that show the current market action of major currency pairs and crosses in the forex markets.
The second regards forex trading software that either assists the trader in some way as an adjunct to their trading or claims to identify trading signals whereby the trader can enter the market using the software perhaps as a stand alone or in conjunction with their technical analysis charts.
The forex trading software that is probably most relevance to the forex trader, who participate in online forex currency trading through a forex broker, is that of a charting package which may well be provided by the broker. Many forex brokers, contrary to popular belief, provide excellent information for their clients, in order to help them.
In addition they will provide a kind of forex trading software, that incorporates a datafeed which transmits the latest market prices as given by the broker with a package that enables the trader to use charts of different timeframes, different currency pairs and a selection of technical analysis indicators, which can be used to create a technical training strategy.
A good charting package will be reliable 24 hours per day in providing up-to-date quotes and potting market action on a candlestick or bar graph. The amount of options will vary from broker to broker, from charting package to charting package.
Most will include the bid ask prices across a variety of pairs as well as the option to display one chart or multiple charts and to put on those charts indicators such as: moving averages; RSI; Fibonacci retracement levels and an ability to change the change the color scheme to the desired choice. Such a software made it to trader the opportunity to execute trades as well. Features such as one click order execution and closure are desirable. Speed of execution obviously is a major advantage for intraday trading.
The other type of forex trading software that has been popular to the retail investor, is the forex software that claims to identify signals and entry points for trades usually for a monthly fee. Unfortunately the reviews online for such softwares, purportedly from past users, are frequently very negative.
It is not the purpose of this article the judge, just a present appear to be the facts. The other hand, some companies offer a forex trading software, which rather than identifying the signals, provide either a template or a chart set up along with training which may or may not be proprietary, that can help the trader improve their style dramatically.
Of course, there are other types of forex trading software. There is the type of software that allows the trader to practise trading through a simulation of historical forex market data, so that the trader can practice their trading, even at times for the markets closed, i.e. at weekends.
One other thing to be remembered is that even if you're forex broker does not provide you the software that you find is the most useful of the most helpful in terms of your looking at charts in order to trade, is that your computer may well be able to run both your brokers software and the particular charting package software that you like, at the same time, enabling you to place trade with your broker whilst monitoring the market using a charting software from either another broker or datafeed provider.
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