To make money with forex trading it is necessary for a trader to understand forex spread. This is the main cost that most traders will have, so it is important to understand how it is calculated and how much difference it can make to your profits.
Spread is the difference between the bid and ask prices of a currency pair, or the difference between the price given by a market maker if a trader wants to sell the currency pair (the bid price) and the price the trader must pay if he wants to buy the pair (the ask price).
This is how most brokers make their money. To see how it works, let us take a simple example.
Imagine that a trader is working with the currency pair EUR/USD. The ask price might be 1.4323 and the bid price 1.4320. If the trader wants to buy the pair, he will pay 1.4323. If he buys at that price and then sells with no change in the market, he will get 1.4320, 3 pips less. So the broker will have made 3 pips on the transaction.
Obviously this is a very important consideration for a trader because in order to begin making money on any trade, he has to first cover the cost of the spread. Spreads can be anything up to about 5 pips depending on the broker and the currency pair. This is a factor that needs to be taken into consideration when deciding on a trading system. The spread must always be allowed for when working out any system, especially if you are backtesting a system. It is easy then to forget it, but the spread can make a huge difference to the accumulated profits over time.
Not surprisingly, brokers will try to compete on spread and therefore the rates for the more popular currency pairs can be relatively advantageous. However, spread is not the only factor to consider when choosing a broker or analyzing your costs. Some brokers that have very low spreads have other ways of making money that must be taken into consideration.
In some cases there may be a fee per trade. This can be fine if you tend to make a low number of very profitable trades, but it is not so good if you make many small trades. In that case you would probably be better off with a broker who charged a slightly higher forex spread but no fee per trade.
Sunday, February 21, 2010
Thursday, February 18, 2010
Expert Advisor Review : Advice
My advice is to look at expert advisor review websites when you are considering buying one of these automated forex trading systems. If you are successful in finding and installing a good expert advisor then you are on your way to making some serious money with forex trading.
However, if you do not set it up right, or if you pick a bad one or just hit a bad point in the market, it can simply lose money for you. Of course you can avoid that to a large extent by using a demo account until you are sure that the robot is profitable. Most expert advisors come with a 2 month guarantee so you can test it out in demo for that time and get a refund if it does not prove profitable for you. However, you could waste a lot of time if you did that with one EA after another. So reviews can help you pick your way through the huge choice of EAs that you will find from a brief search.
One difficulty with expert advisor review websites is that some reviews do not tell you anything about the product that is not already on the developer's website. In other words, instead of doing their own review, these site owners have just taken some facts and copied out. They will probably say nothing negative about the robot and the page may read more like a sales letter than a genuine review.
A real expert advisor review should give you some indication of how suitable the robot is for beginners, how easy it is to install, and perhaps some hints and tips on getting the most out of it. This type of information can be very helpful. Sometimes, even if there were things that the reviewer did not like about the robot, you might want to go ahead because those negative points would not apply to you. Other times this kind of article can help you choose between several robots that might be reviewed side by side.
Another point to look for in an expert advisor review is the trading style. Some robots use a scalping system that will make many small trades in a short time. Others will open fewer trades, but leave them running longer. Both methods can be equally profitable but some people are more comfortable with one than the other.
For example, many people will complain about robots that do not trade often enough, as if more trades automatically meant more profits (it doesn't). However it is true that if you only have a very small balance in your account, you cannot risk much per trade and you may find it frustrating if your robot only makes one or two trades per week.
You may have to read between the lines a little bit to work out some of these points. However, you will be in a much better position to assess which is the best EA for you if you keep these tips in mind any time that you are reading an expert advisor review.
However, if you do not set it up right, or if you pick a bad one or just hit a bad point in the market, it can simply lose money for you. Of course you can avoid that to a large extent by using a demo account until you are sure that the robot is profitable. Most expert advisors come with a 2 month guarantee so you can test it out in demo for that time and get a refund if it does not prove profitable for you. However, you could waste a lot of time if you did that with one EA after another. So reviews can help you pick your way through the huge choice of EAs that you will find from a brief search.
One difficulty with expert advisor review websites is that some reviews do not tell you anything about the product that is not already on the developer's website. In other words, instead of doing their own review, these site owners have just taken some facts and copied out. They will probably say nothing negative about the robot and the page may read more like a sales letter than a genuine review.
A real expert advisor review should give you some indication of how suitable the robot is for beginners, how easy it is to install, and perhaps some hints and tips on getting the most out of it. This type of information can be very helpful. Sometimes, even if there were things that the reviewer did not like about the robot, you might want to go ahead because those negative points would not apply to you. Other times this kind of article can help you choose between several robots that might be reviewed side by side.
Another point to look for in an expert advisor review is the trading style. Some robots use a scalping system that will make many small trades in a short time. Others will open fewer trades, but leave them running longer. Both methods can be equally profitable but some people are more comfortable with one than the other.
For example, many people will complain about robots that do not trade often enough, as if more trades automatically meant more profits (it doesn't). However it is true that if you only have a very small balance in your account, you cannot risk much per trade and you may find it frustrating if your robot only makes one or two trades per week.
You may have to read between the lines a little bit to work out some of these points. However, you will be in a much better position to assess which is the best EA for you if you keep these tips in mind any time that you are reading an expert advisor review.
Wednesday, February 17, 2010
Free Forex Expert Advisor? : Think About It!
Many forex trading beginners start out looking for a free forex expert advisor that will, they think, make money for them on autopilot without any problem at all. But people who think this way are likely to find their dreams have no substance in reality. The reality of the forex market is that nothing is that easy and anybody trying to cut corners to that extent is likely to come down to earth with a crash.
Sure, you can find a free forex expert advisor: that is, a forex robot developed on the Metatrader 4 platform. Free EAs do exist. But they cost time and money to develop, so it is unlikely that most developers would release a good one for free.
Think about it. There are probably four reasons why a person might develop an expert advisor:
1. The person has a great trading system and they want to automate it so they can make millions. In this case, they are likely to want to keep the resulting EA to themselves.
2. The person has a good trading system, they want to automate it and make money from selling it. This is an EA that you would have to pay for.
3. The person is more interested than developing software than trading. They might create an EA and give it away for free, but it might not be based on a good trading system. This one could lose you a ton of money.
4. The person has something to sell in the forex world. This might be a training course or a upgrade to their free EA. They give you the free EA to draw you in to their sales funnel so that they can keep on emailing you about their services.
So which is likely to be the best? Probably number 4 if you are not able to pay anything at all for your EA. However, this EA will probably not be built from the developer's best system, because he is hoping to sell that to you later.
Another thing to consider is how much support you will get. Forex EAs are notoriously difficult to set up. Somebody who is giving away their software is unlikely to have the time to provide support for it.
Expert advisors are so variable that it may well be true that a good free robot is better than a bad paid robot. But then as you probably know, it is better not to trade at all than to use a bad robot. Clearly, the free forex robots that are available online will probably not be as effective as the best of the robots that you pay for. Since most of these come with a money back guarantee and you can use them in demo mode while you try them out, there is no risk, so why not just go buy one? Anybody who is serious about making money with forex trading would probably not choose a free forex expert advisor.
Sure, you can find a free forex expert advisor: that is, a forex robot developed on the Metatrader 4 platform. Free EAs do exist. But they cost time and money to develop, so it is unlikely that most developers would release a good one for free.
Think about it. There are probably four reasons why a person might develop an expert advisor:
1. The person has a great trading system and they want to automate it so they can make millions. In this case, they are likely to want to keep the resulting EA to themselves.
2. The person has a good trading system, they want to automate it and make money from selling it. This is an EA that you would have to pay for.
3. The person is more interested than developing software than trading. They might create an EA and give it away for free, but it might not be based on a good trading system. This one could lose you a ton of money.
4. The person has something to sell in the forex world. This might be a training course or a upgrade to their free EA. They give you the free EA to draw you in to their sales funnel so that they can keep on emailing you about their services.
So which is likely to be the best? Probably number 4 if you are not able to pay anything at all for your EA. However, this EA will probably not be built from the developer's best system, because he is hoping to sell that to you later.
Another thing to consider is how much support you will get. Forex EAs are notoriously difficult to set up. Somebody who is giving away their software is unlikely to have the time to provide support for it.
Expert advisors are so variable that it may well be true that a good free robot is better than a bad paid robot. But then as you probably know, it is better not to trade at all than to use a bad robot. Clearly, the free forex robots that are available online will probably not be as effective as the best of the robots that you pay for. Since most of these come with a money back guarantee and you can use them in demo mode while you try them out, there is no risk, so why not just go buy one? Anybody who is serious about making money with forex trading would probably not choose a free forex expert advisor.
Tuesday, February 16, 2010
Make Money Online From Home : Forex Trading
One of the most popular ways to make money online from home is forex trading. Since the world of finance opened up to the average person with the rise of the internet, there are more and more people getting involved.
So what is forex trading? Forex, FX or 4X are all short forms of 'foreign exchange', which means the buying and selling of currencies. Of course, if you want to get some foreign currency you have to exchange your own or another currency for it.
If you have ever done this for the purpose of foreign travel, you will know that the exchange rate is constantly changing depending on the relative values of the two currencies - the one that you are buying and the one that you are selling. If you change money back after your trip, you may end up making a profit on it, if the exchange rate went your way.
So from there you can easily understand how forex trading works. You buy (or commit to buy) a currency that you think will rise in value, then sit back and relax until it is time to trade out with a good profit. That is the idea, anyway. Of course it is not that easy. You cannot just make a guess. The prices can go the wrong way and then you lose.
So how can you know whether a certain currency will go up or down in value? Of course, this is the million dollar question. Nobody can predict the fluctuations in currency prices with 100% accuracy. The market is just too huge and volatile, with too many contributing factors.
The forces that drive changes in currency prices are economic ones. Anything like a rise in interest rates, an improvement in the GDP, higher retail sales or employment rates is a sign that a country has a strong economy. The big investment houses will want to invest in that country, so its currency will be in demand and the chances are good that its currency will strengthen.
However, these economic factors are hard to predict unless you have a deep interest in international economics and political finance. Fortunately, there are other ways. Most traders do not even try to analyze the market in economic terms (this is called fundamental analysis). Instead they rely mainly on technical analysis.
Technical analysis is based on charts that show whether a certain currency pair has been moving up or down lately, with all the fluctuations over many different time periods from one minute to one day. These are provided by most forex brokers. On top of this, your broker will normally offer mathematical indicators which plot other factors that may help you to assess trends, such as moving averages.
This may sound complex but most of the work is done for you. The skill lies in learning or constructing a system to use with the charts and applying it with consistency and discipline. If you are a visual-oriented person who is comfortable with figures and can generally stick to what you resolve to do, then you have a good chance of learning to make money online from home with forex trading.
So what is forex trading? Forex, FX or 4X are all short forms of 'foreign exchange', which means the buying and selling of currencies. Of course, if you want to get some foreign currency you have to exchange your own or another currency for it.
If you have ever done this for the purpose of foreign travel, you will know that the exchange rate is constantly changing depending on the relative values of the two currencies - the one that you are buying and the one that you are selling. If you change money back after your trip, you may end up making a profit on it, if the exchange rate went your way.
So from there you can easily understand how forex trading works. You buy (or commit to buy) a currency that you think will rise in value, then sit back and relax until it is time to trade out with a good profit. That is the idea, anyway. Of course it is not that easy. You cannot just make a guess. The prices can go the wrong way and then you lose.
So how can you know whether a certain currency will go up or down in value? Of course, this is the million dollar question. Nobody can predict the fluctuations in currency prices with 100% accuracy. The market is just too huge and volatile, with too many contributing factors.
The forces that drive changes in currency prices are economic ones. Anything like a rise in interest rates, an improvement in the GDP, higher retail sales or employment rates is a sign that a country has a strong economy. The big investment houses will want to invest in that country, so its currency will be in demand and the chances are good that its currency will strengthen.
However, these economic factors are hard to predict unless you have a deep interest in international economics and political finance. Fortunately, there are other ways. Most traders do not even try to analyze the market in economic terms (this is called fundamental analysis). Instead they rely mainly on technical analysis.
Technical analysis is based on charts that show whether a certain currency pair has been moving up or down lately, with all the fluctuations over many different time periods from one minute to one day. These are provided by most forex brokers. On top of this, your broker will normally offer mathematical indicators which plot other factors that may help you to assess trends, such as moving averages.
This may sound complex but most of the work is done for you. The skill lies in learning or constructing a system to use with the charts and applying it with consistency and discipline. If you are a visual-oriented person who is comfortable with figures and can generally stick to what you resolve to do, then you have a good chance of learning to make money online from home with forex trading.
Monday, February 15, 2010
Forex Rebellion : Product Review
This Forex Rebellion review takes a look at the new system introduced by Russ Horn in late 2009. Russ Horn is a former T shirt printer who says that even a beginner can learn his system in 25 minutes. So, what is Forex Rebellion and does it really work? Are users actually making money with Forex Rebellion?
What's In The Box?
So what is Forex Rebellion? Let's be clear from the start, this is NOT another robot but it does have an automated component. Let me explain:
This is a manual trading system that identifies trades with a high probability of success. But you also get a piece of software called a 'trading assistant' which will alert you when conditions are favourable for a trade according to the system. You then decide whether to go ahead and trade or not.
This means you are in complete control of your trades, but at the same time, you do not have to waste your life scanning the markets 24 hours a day. It's the best of both worlds. It also means that you can cover more than one currency pair.
As well as the trading assistant, you get over 40 videos showing how the system works. This includes footage of Russ trading the system live on the real market. It also includes different kinds of situations that may arise in the market and how to deal with them.
You also get special chart indicators that have been developed specifically for the Forex Rebellion system. You will not find these indicators anywhere else but they come free with this system. Other systems leave you to tweak standard indicators as best you can - Forex Rebellion serves them up to you on a plate.
Plus of course, you get a manual. This is great for referring back to, after you watched the videos. Or if you are the kind of person who prefers to learn from the written word, you will find the system very well explained in the manual. (But it is best to watch the videos at least once, especially the bonus videos. There's information and strategies there that are not in the manual.)
The System
This is a short term trading system (day trading) which will suit anybody whose time on the computer is limited. It can be used in any time zone and on any currency pair. Since forex is a 24 hour market, people with a regular job can use this in the evenings or early mornings, while a stay at home parent could trade while the kids are at school. It's very flexible.
Another advantage of this kind of flexibility is that the market will not be saturated with traders using the same system at the same time. Forex Rebellion traders will be dispersed through different time zones and different currency pairs.
However, when you are starting out with the system it is best to stick with one currency pair. EUR/USD will be easiest to begin with, because of the high volume of trades. You also have a choice of time frames and we recommend starting with one hour.
How To Use The Videos
40 videos is a lot! And as for the claim that you can learn this system in 25 minutes - well, you would be missing a lot if you only spent 25 minutes on this. But it is a simple system that is quick to learn.
While some people will happily watch the whole video series right through from start to finish, for beginners that could be confusing. So instead, a great way to use this type of video training is to sign up for a broker demo account and actually follow along with what Russ Horn is doing. Using a demo account means that you do not have to risk any money.
At the same time, take brief notes of what is included in each video. This makes it way easier to find what you want if you want to come back and watch a strategy again.
User Feedback
People are raving about Forex Rebellion! You will see plenty of testimonials from users on the site, but the place to look for genuine impartial feedback is the forex forums. Comments there are extremely positive, with plenty of 5 star reviews.
We didn't really find any negatives except people recommending that you start small - start in demo to find your feet, pay attention to the training on risk management and stop losses, and don't start right out with 10 different currency pairs all at once. It's just common sense.
Some users do go live right away but this would only be appropriate for experienced traders who can see that the system is going to work from the videos. Beginners need to get accustomed to the mechanics of trading and this is best done in a demo account where a mistake will not cost you anything.
Guarantee
You have a guaranteed refund here if you are not happy with this system. You have up to 60 days to test it out.
In order to make this a truly risk free 60 days, it is best to use a demo account. For newbies who do not already have a broker, there is a special link to a recommended broker in the download area. With this service (and most others) you can trade in demo mode at first until you are completely confident in the system and your trading abilities.
Summary
There is a PPS that Russ Horn has put on the site: "Fate brought you here and fate can take you to a whole new level in the Forex Trading niche. I've done all I can to help you find true success. The rest is up to you."
We could say the same about this Forex Rebellion review. Destiny ... or something ... has brought you here and you can be thankful, because you have actually come across a real money making forex system among all of the dubious forex strategies out there. This is highly recommended and I hesitate to say this but I sincerely believe if you can't make money with this, you shouldn't be trading.
Forex Rebellion Click Here!
What's In The Box?
So what is Forex Rebellion? Let's be clear from the start, this is NOT another robot but it does have an automated component. Let me explain:
This is a manual trading system that identifies trades with a high probability of success. But you also get a piece of software called a 'trading assistant' which will alert you when conditions are favourable for a trade according to the system. You then decide whether to go ahead and trade or not.
This means you are in complete control of your trades, but at the same time, you do not have to waste your life scanning the markets 24 hours a day. It's the best of both worlds. It also means that you can cover more than one currency pair.
As well as the trading assistant, you get over 40 videos showing how the system works. This includes footage of Russ trading the system live on the real market. It also includes different kinds of situations that may arise in the market and how to deal with them.
You also get special chart indicators that have been developed specifically for the Forex Rebellion system. You will not find these indicators anywhere else but they come free with this system. Other systems leave you to tweak standard indicators as best you can - Forex Rebellion serves them up to you on a plate.
Plus of course, you get a manual. This is great for referring back to, after you watched the videos. Or if you are the kind of person who prefers to learn from the written word, you will find the system very well explained in the manual. (But it is best to watch the videos at least once, especially the bonus videos. There's information and strategies there that are not in the manual.)
The System
This is a short term trading system (day trading) which will suit anybody whose time on the computer is limited. It can be used in any time zone and on any currency pair. Since forex is a 24 hour market, people with a regular job can use this in the evenings or early mornings, while a stay at home parent could trade while the kids are at school. It's very flexible.
Another advantage of this kind of flexibility is that the market will not be saturated with traders using the same system at the same time. Forex Rebellion traders will be dispersed through different time zones and different currency pairs.
However, when you are starting out with the system it is best to stick with one currency pair. EUR/USD will be easiest to begin with, because of the high volume of trades. You also have a choice of time frames and we recommend starting with one hour.
How To Use The Videos
40 videos is a lot! And as for the claim that you can learn this system in 25 minutes - well, you would be missing a lot if you only spent 25 minutes on this. But it is a simple system that is quick to learn.
While some people will happily watch the whole video series right through from start to finish, for beginners that could be confusing. So instead, a great way to use this type of video training is to sign up for a broker demo account and actually follow along with what Russ Horn is doing. Using a demo account means that you do not have to risk any money.
At the same time, take brief notes of what is included in each video. This makes it way easier to find what you want if you want to come back and watch a strategy again.
User Feedback
People are raving about Forex Rebellion! You will see plenty of testimonials from users on the site, but the place to look for genuine impartial feedback is the forex forums. Comments there are extremely positive, with plenty of 5 star reviews.
We didn't really find any negatives except people recommending that you start small - start in demo to find your feet, pay attention to the training on risk management and stop losses, and don't start right out with 10 different currency pairs all at once. It's just common sense.
Some users do go live right away but this would only be appropriate for experienced traders who can see that the system is going to work from the videos. Beginners need to get accustomed to the mechanics of trading and this is best done in a demo account where a mistake will not cost you anything.
Guarantee
You have a guaranteed refund here if you are not happy with this system. You have up to 60 days to test it out.
In order to make this a truly risk free 60 days, it is best to use a demo account. For newbies who do not already have a broker, there is a special link to a recommended broker in the download area. With this service (and most others) you can trade in demo mode at first until you are completely confident in the system and your trading abilities.
Summary
There is a PPS that Russ Horn has put on the site: "Fate brought you here and fate can take you to a whole new level in the Forex Trading niche. I've done all I can to help you find true success. The rest is up to you."
We could say the same about this Forex Rebellion review. Destiny ... or something ... has brought you here and you can be thankful, because you have actually come across a real money making forex system among all of the dubious forex strategies out there. This is highly recommended and I hesitate to say this but I sincerely believe if you can't make money with this, you shouldn't be trading.
Forex Rebellion Click Here!
Sunday, February 14, 2010
Forex Seminar: What To Expect
There are forex seminar advertisements all over the internet, on TV and even in magazines. They tempt you to sign up with the hint of huge profits to be made from forex if you just know how to trade in the right way. But will you learn anything useful from a forex seminar, or are they just a big waste of time and money?
The first thing to keep in mind is that one forex seminar can be very different than another. Whatever we say here about this type of forex training course will not apply to all seminars. As with most things in the world, some are better than others.
There are also seminars for different levels of trader. Those aimed at beginners will spend a lot of time covering the basics. If you are an experienced trader you may learn very little or even nothing that is new to you. On the other hand, if you are a beginner and you go to an event that is designed for active traders, you could be completely lost. Even if the information is great, you might not understand enough to gain any benefit from it.
Sometimes you will see a free forex seminar advertised. These can be interesting, but it is important to understand that the company that runs such a seminar needs to cover the costs in one way or another. So you can expect that they will either provide only very basic information for free and then want you to sign up for some kind of paid training program, or they will be promoting books, software or brokerage services. People are often drawn in to spend more than they planned at these events, so watch out.
A good forex seminar will give you practical training in forex trading that you can actually use right away. This should include a workable forex system that you can try out for yourself in demo. They may give you hands on experience of a demo account during the course. Just be aware that if they have you actually sign up for a broker account, this might not be the best broker for your needs. Often they will be earning commission from any fees or spread that you pay the broker later.
Another question to ask is whether there is any ongoing support after the day is over. This is more likely for higher end courses, but even if they do not offer one on one support, there may be a forum for seminar graduates where you can discuss your experiences with others who have taken the same course. This can be very useful if you have trouble putting into practice what you learned.
It is important to remember that even the best trading courses are only aiming to teach you to trade forex. They will not make money for you directly. You have to put into practice what you have learned. If you understand this and allow yourself plenty of time for developing your trading skills, you may be in a good position to benefit from forex training. But if you turn up expecting to pay your entrance fee and be making thousands of dollars the next day on autopilot, you will probably be disappointed in the forex seminar.
The first thing to keep in mind is that one forex seminar can be very different than another. Whatever we say here about this type of forex training course will not apply to all seminars. As with most things in the world, some are better than others.
There are also seminars for different levels of trader. Those aimed at beginners will spend a lot of time covering the basics. If you are an experienced trader you may learn very little or even nothing that is new to you. On the other hand, if you are a beginner and you go to an event that is designed for active traders, you could be completely lost. Even if the information is great, you might not understand enough to gain any benefit from it.
Sometimes you will see a free forex seminar advertised. These can be interesting, but it is important to understand that the company that runs such a seminar needs to cover the costs in one way or another. So you can expect that they will either provide only very basic information for free and then want you to sign up for some kind of paid training program, or they will be promoting books, software or brokerage services. People are often drawn in to spend more than they planned at these events, so watch out.
A good forex seminar will give you practical training in forex trading that you can actually use right away. This should include a workable forex system that you can try out for yourself in demo. They may give you hands on experience of a demo account during the course. Just be aware that if they have you actually sign up for a broker account, this might not be the best broker for your needs. Often they will be earning commission from any fees or spread that you pay the broker later.
Another question to ask is whether there is any ongoing support after the day is over. This is more likely for higher end courses, but even if they do not offer one on one support, there may be a forum for seminar graduates where you can discuss your experiences with others who have taken the same course. This can be very useful if you have trouble putting into practice what you learned.
It is important to remember that even the best trading courses are only aiming to teach you to trade forex. They will not make money for you directly. You have to put into practice what you have learned. If you understand this and allow yourself plenty of time for developing your trading skills, you may be in a good position to benefit from forex training. But if you turn up expecting to pay your entrance fee and be making thousands of dollars the next day on autopilot, you will probably be disappointed in the forex seminar.
Saturday, February 13, 2010
Forex Trading Platforms: How To Choose
Forex trading platforms are used by every player in the market, from brokers through professional traders to the newest of beginners. If you want to trade forex you will be working online and that means accessing the market through some kind of software. The choice is important and it is not always obvious which solution will work for any particular situation. Here are some points to keep in mind.
Forex Trading Platforms For Brokers
Brokers need reliable software that will interface with their clients and the market. The ideal solution in most companies' eyes is a custom built platform, but this does not necessarily have to be written from scratch. There are several packages these days that are very adaptable but where the basics are done for you. This can save a lot of programming time and, therefore, money.
Probably the first thing to consider when designing broker trading platforms is ease of use. Traders want something that is user friendly and intuitive. Most people hate having to read a manual; they prefer to learn by trial and error. This means you have to allow for clients to explore and try things out without having the system crash on them because they did not do everything in just the right way.
It is also important that the package is flexible, if you did not have it custom built. Your company's software must have a different look and feel to anybody else's if you want to brand yourselves as a professional concern.
Forex Trading Platforms For Traders
As a trader, you have a very wide choice of brokers and their trading platform will be one of the important factors in making a decision. It is important that it is easy to use and provides clear information in a readily accessible way.
If you are relying on the broker trading platform for your technical analysis rather than subscribing to a third party charting service, it is important to check out the charts and indicators very thoroughly. You can usually do this best by opening a demo account. Be sure that the platform provides all of the indicators that you might need, not only for your current forex trading system but for any others that you might be likely to develop or use in the future. The relationship with a broker is an important one and may continue for many years, so it is best to get it right from the start.
Many traders these days use automated forex systems or robots to trade for them on autopilot. Some are commercially available and others are custom built for an individual trader's forex system. Many of these robots (called expert advisors) are built on the Metatrader 4 platform. They then need to communicate with a broker's API or interface. Some broker platforms are compatible and some are not, so again, if you are planning to use any kind of automation either now or in the future, the question of having compatible forex trading platforms will be important.
Forex Trading Platforms For Brokers
Brokers need reliable software that will interface with their clients and the market. The ideal solution in most companies' eyes is a custom built platform, but this does not necessarily have to be written from scratch. There are several packages these days that are very adaptable but where the basics are done for you. This can save a lot of programming time and, therefore, money.
Probably the first thing to consider when designing broker trading platforms is ease of use. Traders want something that is user friendly and intuitive. Most people hate having to read a manual; they prefer to learn by trial and error. This means you have to allow for clients to explore and try things out without having the system crash on them because they did not do everything in just the right way.
It is also important that the package is flexible, if you did not have it custom built. Your company's software must have a different look and feel to anybody else's if you want to brand yourselves as a professional concern.
Forex Trading Platforms For Traders
As a trader, you have a very wide choice of brokers and their trading platform will be one of the important factors in making a decision. It is important that it is easy to use and provides clear information in a readily accessible way.
If you are relying on the broker trading platform for your technical analysis rather than subscribing to a third party charting service, it is important to check out the charts and indicators very thoroughly. You can usually do this best by opening a demo account. Be sure that the platform provides all of the indicators that you might need, not only for your current forex trading system but for any others that you might be likely to develop or use in the future. The relationship with a broker is an important one and may continue for many years, so it is best to get it right from the start.
Many traders these days use automated forex systems or robots to trade for them on autopilot. Some are commercially available and others are custom built for an individual trader's forex system. Many of these robots (called expert advisors) are built on the Metatrader 4 platform. They then need to communicate with a broker's API or interface. Some broker platforms are compatible and some are not, so again, if you are planning to use any kind of automation either now or in the future, the question of having compatible forex trading platforms will be important.
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