What You Absolutely Must Know...

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.

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