23rd of May 2013
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Beware of the Dog It’s easy to get sucked into the forex trading market with slick software pitches that promise you the moon and the stars. Don’t fall for the hype, like I did. I learned the hard way that profitable forex currency trading doesn’t happen overnight. It takes years of training, skill, and endurance to penetrate the forex market. All of my professional forex trading associates will agree when I tell you that a forex software package is not the silver bullet to your trading success. The longer you work in the forex market, the better you become at making intelligent forex decisions and identifying the scores of software scams thinly veiled as legitimate forex trading tools.
Forex Justice is your electronic software patrol. My passion to stamp out the scammers combined with personal, behind-the-scenes forex experience is the force that powers these pages. Follow my advice below before you checkout any forex software. You’ll be surprised how quickly you can determine the appropriateness of a forex software system under consideration.
Forex Software – A Buyer’s Guide
- Take off your blinders. Don’t believe everything you read. Websites and advertisements are worded a certain, compelling way for a good reason – to make a sale. You’re kidding yourself if you think these software sellers have one iota of a conscience. They don’t and will sleep perfectly fine at night regardless of the number of people they’ve financially burned in any given day.
- Research, research, research! Before turning over your money, become an expert. This means you have to do some work. There are plenty of review sites and forums out there that offer so-called “unbiased” opinions. But, remember point one – don’t repeat my early mistakes; scrutinize everything you read. To be an expert means you must study reviews, ask questions in forums, and download free trials prior to making your final decision. When it comes to purchasing forex software, there is no such thing as doing too much homework.
- Know Good from Evil. There are three types of forex software and they range in both price and options. If I were you, I would consider both your budget and level of experience before purchasing. One type of forex software gives you more information and data but may be too overwhelming for beginners, while a second type of forex software allows visibility of trading activity and helps you make smarter decisions. A third type of forex software is designed for the most advanced forex trader and may not be appropriate for your level or frequency of trading. My goal is to help you understand the difference and make the most cost-effective forex software investment decision.
Types of Forex Software
With forex software, the most important point I can emphasize is that your needs will change as your level of expertise grows. For example, I still use one of the original types of forex software I purchased years ago, but now I understand the complex tools and can take full advantage of the features. Additionally, I have more than one type of forex software in my collection because they all offer something unique.
- Trading Platform – Often inherent in your broker’s Forex system, this software is an all-in-one solution. It gives the trader a wealth of information and basic tools, without a lot of guidance. Great for those who can trade without advice; a beginner might not know what to do with all of the information. With trading platform software, guesswork and luck may help the novice.
- Signal Software – Inviting more involvement from the forex investor, signal software requires a certain degree of experience on your part. Signal software permits you to witness spread changes and make decisions based on those variances. I would not recommend this type of forex software for the beginner as it is better suited for the more advanced forex trader.
- Charting Applications – Useful for trend analyses and predictions, forex-charting software is appropriate for the more experienced forex investor. Data streams and features generate alerts on buy and sell recommendations. Forex charting application software can be set up for automated transactions, hence, eliminating the need for human intervention. Newcomers beware - this type of forex software requires a great deal of foresight to be used properly.
- Forex Trading Robot or Forex Robots - These computer based software programs use various levels of algorithms to predict or trigger buy and sell currency trading orders. Many currency traders prefer using forex robots because these programs are designed to eliminate psychological obstacles when trading currencies. It is important to note that there is no proven software that is designed to work without fault when currency trading. It is believed that large financial institutions have proprietary and advanced trading algorithms or 'black box' forex trading programs which they use for forex trading and keep these secret from their clients.
Forex software is available in many forms: CDs, downloads, and interactive, Web-based programs. Whichever forex software you choose, make sure its credentials support its claims. Forex software needs to be more than functional. It must ultimately deliver the expected results you are anticipating!
Remember to read forex reviews and learn what others are saying about forex software before you buy.