Thursday March 21, 2013 - 17:03:10 GMT
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Article by ForexFraud.com - www.forexfraud.com
Choose the Forex Software: What to do to Avoid Undoing Yourself
The forex trading software is analogous to the hands and eyes of a forex trader. Without access to a solid and capable platform, neither credible analysis, nor successful execution is possible, and since making wrong choices at the beginning is costly in time and effort, here is a discussion of the various factors that should influence your choice of a live forex account, along with safety issues.
Technical capabilities are almost always the first measure of a platform’s worth. A useful forex software (click here for more information on software) should provide the major indicators including the RSI, MACD, and the various moving averages, perhapsin addition to a number of custom indicators, bringing the total to 15-20 in all but the weakest platforms. Although use of fundamental analysis may reduce the necessity of the most intricate technical trading systems, a basic package should still include the above as a bare minimum, so as to enable the placement of entry/exit points for trades. If these basic necessities are met, the ability to customize strategies, and availability of various automated trading options become desirable for more advanced traders.
The usefulness of a platform for a fundamentals-based trading approach will depend on access to daily news flow, preferably with options-related expiry data, and commentary from at least one major bank on daily and weekly market movements. Well-established news agencies have their own teams providing currency market related analysis, and the more of these the better. In particular, access to information about central bank interventions, gold sales or purchases, and concerted action towards the appreciation of any particular currency is indispensable to a fundamentals-based strategy. Although much of this can be gathered by the trader from online resources, the ability to access them one at a time is a great benefit on occasions that demand quick and timely decisions in order to avoid undue risk. Finally, details on trader positioning of both small and large scale actors in the forex market can sometimes be helpful to forex traders who otherwise pursue a more news flow-focused strategy. While the CFTC provides some data on big speculators, information about retail traders can only be acquired from the broker itself, and is usually available with a demo account. Learn more about forex demo accounts by visiting ForexFraud.com.
Although a forex software review will be helpful in giving a basic overview, a forex demo account is the most effective way of assessing a platform’s value, second only to real-time trading with one’s funds. Risk will never be eliminated by any choice of forex trading software, but it can be reduced by, for instance, using a platform with a simple, less colorful interface that stimulates calmer and thoughtful trading in place of compulsive, ceaseless clicking of order buttons. Over time, traders who enjoy a friendly, easy to use, yet simple platform will possibly see their trading careers grow as new strategies become possible with patient and productive practice.
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