When you want to trade Forex there are three major types of Forex Software you should get yourself familiar with.
The first type of Forex Software you should care about is the Trading Platform offered by your broker.
Nowadays there is quite a variety of trading platforms available, and so you should look for a broker and a platform that best fit your needs.
Some Forex trading platforms run completely web-based, so you won’t have to download anything to your own desktop-pc or notebook. Others require you to install a client on your computer. Some need to run all the time and stay connected to your broker’s server to allow proper trading. Many platforms even offer clients for mobile phones and personal digital assistants in addition for traders “on the go”.
Another mayor type of Forex software are Charting Tools. These tools are very important to your success as a trader, because with their help you can track and monitor visually how the currency prices and your trades are evolving. You can identify patterns on the charts and levels of support and resistance, which will help you form trading strategies and decide on when to enter or exit a trade. Some Trading Platforms like Metatrader already contain powerful Charting Tools.
The last major type of Forex software can be of great help, if you want to automate your trading to a certain degree or even completley. These automation tools are commonly known as Expert Advisors and Forex Robots. Not all Trading Platforms are capable to run automation tools like Forex robots.
Future posts in the category Forex Software will discuss different Trading Platforms, Charting and Automation Tools in more detail.
