Real-time virtual forex program

Examine the choices used with the software application. Many provide a minimal test duration as well as if you do not like it, you can return it as well as obtain your cash back.

Actual forex bonuses

Forex Trading Software; Your Virtual Assistant, real-time virtual forex program.

Even better, some provide you a totally free test duration without setting up any type of cash in advance, yet the moment you’re permitted to make use of the software program is significantly much shorter. When you obtain home, your to-do checklist has no end in view. Currently you’ve listened to regarding spending in money with something called forex.

Forex trading software – your virtual assistant

When you obtain home, your to-do checklist has no end in view. Currently you’ve listened to regarding spending in money with something called forex.

Yeah, you might most definitely obtain on board with that, yet after that you understand you do not have time to obtain done the points you have actually to obtain done., a software program developed to function with you, reduced with the dross as well as expose the silver cellular lining you’ve been looking for in this land of chance.

What can forex trading software program do to streamline your life when you make the moment for forex? Foreign exchange trading software application hands you the expertise you require (as opposed to you needing to mine it by yourself) as well as it offers you with the money market value in what’s called actual time.

You can discover forex trading software program by yourself or you can utilize what a broker can supply. Whichever means you pick to get your forex trading software application, there are some typical strings in any kind of software program you must have.

The forex trading software application ought to have attributes such as: updates on the marketplace that remain in live, graphes, existing rates and also quit loss schedule. These are simply a few of the attributes you’ll desire in your forex trading software application.

Not all forex trading software application is produced equivalent. Of training course, you’ll desire the finest forex trading software application that you can manage, however that does not imply you have to obtain a 2nd home loan simply to acquire the software application.

Examine the choices used with the software application. Many provide a minimal test duration as well as if you do not like it, you can return it as well as obtain your cash back. Even better, some provide you a totally free test duration without setting up any type of cash in advance, yet the moment you’re permitted to make use of the software program is significantly much shorter.

Whatever forex trading software application you select ultimately, the software application can be your online aide as well as do every little thing other than bring you coffee or leave mints on your cushion in the evening.

Foreign exchange trading software program hands you the understanding you require (instead than you having to dig for it on your very own) and also it supplies you with the money market rates in what’s called genuine time.

Not all forex trading software application is produced equivalent. Of training course, you’ll desire the finest forex trading software program that you can pay for, yet that does not indicate you have to obtain a 2nd home loan simply to acquire the software application. Much better yet, some use you a complimentary test duration without placing up any kind of cash up front, yet the time you’re permitted to utilize the software application is substantially much shorter.

Forex trading tools

Jay hawk

Contributor, benzinga

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.Com

When you start trading forex, you’ll find out quickly that the best forex trading tools can be indispensable for analyzing markets and setting parameters for selecting trades. Top-of-the-line trading tools can also impact your strategy and profits.

Today’s online brokers like FOREX.Com provide traders with some of the most sophisticated trading platforms on the planet. The metatrader 4 and metatrader 5 trading platforms represent some of the best examples of trading tools and offer customization, news feeds, charts and automated trading.

Most online brokers either allow you to use the metatrader platforms or offer them as an alternative to their own proprietary platforms. Advanced traders can also use powerful features and tools available on other platforms.

Best forex trading tools:

Metatrader 4 and metatrader 5

Trade journal

Calculators: currency pip, volatility, margin, profit and currency converter

Correlation matrix

Time zone converter

Financial newswire

Economic calendar

Best for

Overall rating

Best for

1 minute review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.

Best for

New forex traders who are still learning the ropes

Traders who prefer a simple, clean interface

Forex traders who trade primarily on a tablet

Easy-to-navigate platform is easy for beginners to master

Mobile and tablet platforms offer full functionality of the desktop version

Margin rates are easy to understand and affordable

Access to over 80 currency pairs

U.S. Traders can currently only trade forex

Customer service options are lacking

No 2-factor authentication on mobile

Account minimum

Pairs offered

Account minimum

Pairs offered

1 minute review

FOREX.Com is a one-stop shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.Com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.Com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.Com is impressive, remember that it isn’t a standard broker.

Best for

Impressive, easy-to-navigate platform

Wide range of education and research tools

Access to over 80 currencies to buy and sell

Leverage available up to 50:1

Account minimum

Pairs offered

Account minimum

Pairs offered

1 minute review

Though australian and british traders might know etoro for its easy stock and mobile trading, the broker is now expanding into the united states with cryptocurrency trading. U.S. Traders can begin buying and selling both major cryptocurrencies (like bitcoin and ethereum) as well as smaller names (like tron coin and stellar lumens).

Etoro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though etoro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best for

International forex/CFD traders

New cryptocurrency traders looking for an easy-to-use platform

Traders who want to buy and sell cryptocurrencies on-the-go

Simple platform that is easy to master

Copytrader feature that allows new traders to copy the same strategies used by professionals

Virtual dummy account that gives you $100,000 to practice trades

U.S. Traders currently limited to cryptocurrencies

Only 15 major coins available to trade

Account minimum

Pairs offered

Account minimum

Pairs offered

1 minute review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the united states, it can be a great choice for residents of the other 140 countries where it offers service.

Best for

Investors who want a customizable fee schedule

Traders comfortable using the metatrader platform

Islamic traders who need swap-free accounts that don’t build interest

Wide range of currency pairs available

Excellent selection of educational tools

$0 deposit and withdrawal fees

Account minimum

Pairs offered

Account minimum

Pairs offered

1 minute review

A fully regulated broker with a presence in europe, south africa, the middle east, british virgin islands, australia and japan, avatrade deals with mainly forex and cfds on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in dublin, ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best for

Beginners

Advanced traders

Traders looking for a well-diversified portfolio

Controlled by regulatory agencies of multiple countries

Choice offered in terms of trading platforms

Support available in 14 languages and trading platforms in 20 languages

Practice/demo account available for trying out

Breadth of trading assets

Does not accept customers from the U.S. As it isn’t regulated in the U.S.

Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

How to choose the right tools for you

The right tools depend largely on your trading style and money management methods. For example, you might use short term technical indicators and chart patterns to buy and sell if you’re a day trader, while a trend trader often uses longer-term charts and moving averages to establish their positions.

Strategy-based tools that fit your particular trading style are often included in most trading platforms, such as metatrader 4 and 5. In addition to technical analysis software, today’s free trading platforms now provide news feeds and market analysis tools that used to cost thousands of dollars a month just a few decades ago.

Charting software

Charts give a visual representation of market performance and are one of the most-watched tools among forex traders. You can examine historical performance and analyze the market in real-time. You can often place trades directly from charts and they can be customized to trade automatically.

Good charting software typically features a number of other indicators and trading signals and you can backtest your strategies to determine how they might perform in real time. Also, the charting style itself is often used as a tool, such as the japanese candlestick charts that show continuation and reversal patterns based on the open, high, low and closing prices.

Trading platforms

A trading platform generally incorporates technical analysis software with order entry abilities and a real-time market feed. Most platforms have their market data feed with real-time prices directly displayed on their charting interface with a trade window that lets you trade right off the charts.

A high-quality financial news feed is another key component of a good trading platform. Today’s sophisticated trading software also lets you customize and automate trades according to the parameters you specify. Most advanced platforms also come in a forex mobile app version for android and ios devices.

Brokers are another good source of trading platforms. For example, FOREX.Com provides its traders with an advanced desktop platform that features integrated trading strategies, advanced charting and professional analytics tools. The platform’s dashboard is fully customizable to create watchlists and set your trade preferences.

Calculators

Online calculators save you time when performing basic calculations. Some of the most common online calculators used by traders include pip, margin, volatility and profit calculators. Currency converters are another popular type of tool that could also be considered a calculator.

Copy trading services

One of the most interesting trading innovations of the past decade has been social or copy trading. Copy trading uses technology to duplicate the trades of successful traders you follow (who are also known as forex signal providers).

Every time they trade on their account, you can automatically copy their trades scaled for your risk preferences directly into your account. Keep in mind that most markets experience exceptional conditions from time to time and that should be taken into consideration when you take positions based on a signal.

What to look for in a forex tool

Look for several key characteristics in just about any forex tool you plan to use regularly.

Reliability. Most forex tools included on a trading platform or broker website can be considered reliable, but you’ll probably want to test them to make sure.

Copy trading consistency will give you greater confidence in the reliability of a particular trader. As you trade on your own signals, your interpretation of them and how disciplined you are at following them should also be consistent for best results.

Functionality. This means that a tool performs its intended purpose and works well under normal market conditions. Knowing what forex tools are available, when to use them and how they work is an important part of developing a successful trading system.

In addition to being consistent, a good forex tool should function repeatedly in a similar fashion for its specific purpose. Even if you use the best forex broker and tools, if your trading signals fail to suggest profitable trades, you can still lose money.

Affordability. Most basic forex tools are included at no additional charge in advanced trading platforms like metatrader 4/5 or on broker websites. You can also subscribe to copy trading or signal generating services that charge fees.

Some advanced automated trading systems and signal generators are available as third-party software, such as expert advisors for the metatrader platforms and these often come at a price.

Our picks for the best forex trading tools

Many top brokers like FOREX.Com offer various trading and research tools you can use to enhance your forex trading experience. Among the many tools available to forex traders, those listed below are those we like best and find most useful.

1. Metatrader 4 and metatrader 5

source: metatrader 4

The metatrader 4 and metatrader 5 trading platforms feature a wide variety of tools and you can use and develop expert advisor (EA) software to automate your trading and generate trading signals. You can find metatrader 4 at FOREX.Com, along with the broker’s own proprietary platform.

Metatrader offers real-time trading functionality and an impressive set of technical analysis and charting tools. It also has a highly customizable interface and an extensive user community that has devised many useful add-ons for the platform.

2. Trade journal

source: edgewonk

Keeping accurate records of your trades could give you valuable insight into your trading. When making entries in a journal, you will generally want to include an explanation of why a trade was initiated, the signals used to make the trade and whether the trade was profitable or not.

Entering trades in a journal lets you examine your mistakes and help to avoid repeating them on future trades. You can use a paper journal, a spreadsheet or a trade journal service like edgewonk to keep track of your trades and your reasons for taking them.

3. Calculators

Benzinga’s top picks for the best calculators include a currency pip, volatility, margin and profit calculators. You can usually find these on your broker’s platform.

Currency pip calculator

A pip represents the smallest whole unit of movement in a currency pair’s exchange rate. A pip calculator can help you determine the amount a pip is worth based on the position size in the local currency.

A pip calculator usually displays the pip value of a specific currency pair based on a micro-lot of 1,000 currency units, a mini-lot of 10,000 currency units and a standard lot of 100,000 currency units. You can also sometimes enter your desired position amount.

Volatility calculator

A volatility calculator uses a currency pair’s historical exchange rate information to determine the historical volatility for each currency pair in real time for several time frames from one week to one year. Some calculators can compute the implied volatility from option prices. Traders can reduce their position sizes in times of higher volatility to manage their risk as part of a money management strategy.

Margin calculator

Margin is the percentage or accounting currency amount required to open and maintain a position in a trading account. A margin calculator usually computes the required margin, the margin percentage and the currency amount required to hold a forex position based on the entered contract size, the currency pair traded and your accounting currency.

Profit calculator

A profit calculator is a simple tool lets you determine a trading position’s profit or loss at different exchange rate levels.

Currency converter

A currency converter computes the value of one currency relative to another currency at the prevailing exchange rate. This tool generally takes an entered amount of one currency and converts it into another currency at the prevailing exchange rate. This tool can be extremely useful for traders who need to calculate equivalent currency values for position sizing and money management purposes.

4. Correlation matrix

How exchange rate changes in one currency pair relate to those seen in another pair is called correlation, and a set of currency pair correlations makes up a correlation matrix. Some currency pairs correlate strongly because they have a common counter or base currency or if an official peg is in place, while other pairs are not well correlated.

Since some currency pairs perform in a similar fashion, reviewing a correlation matrix helps you avoid establishing offsetting positions in currency pairs that closely correlate because it can unnecessarily tie up margin money that could be used to trade other opportunities.

A correlation matrix provides a visual representation of the existence of historical interconnectedness between the exchange rate movements of different trading pairs. The correlation is usually expressed in terms of a correlation coefficient, which is an indicator that shows the degree of correlation among different currency pairs.

The correlation coefficient has values that range from -1 to +1. A value of -1 shows a perfect negative correlation between two currency pairs, a 0 value shows no correlation, while +1 shows a perfect positive correlation.

Furthermore, 0 reflects no correlation, a weak correlation would be from +/- 0 to 0.2, a low correlation would be from +/1 0.2 to 0.4 and a moderate correlation would be from +/- 0.4 to 0.6. A strong correlation would be from +/- 0.6 up to the maximum value of +/- 1.0 that reflects a perfect correlation.

5. Time zone converter

source: forex.Timeconverter.Com

Time zones can make a big difference to forex traders. The leading forex trading centers are london, new york, tokyo and sydney, and some of those centers’ trading sessions overlap during certain periods during the day. Such overlaps tend to be the most liquid markets for certain currency pairs.

Furthermore, because the currency market is open 24 hours a day from sunday afternoon to friday afternoon EST, knowing what trading sessions are open and what times are best to trade can affect market conditions like liquidity, volatility and trading volume. Since those are important elements to consider when trading forex, the time zones you chose to trade in can potentially affect your profitability.

6. Financial news wire

financial news wire. Source: metatrader 4

Economic numbers and interest rates play an important role in the valuation of currencies. This explains why many successful traders keenly watch news events while they trade. Some analysts consider interest rates to be the most influential element that affects the valuation of a country’s currency and many economic indicators have implications for the benchmark interest rates set by central banks.

Furthermore, most central banks release those benchmark interest rates every month, along with associated official speeches and rate statements at press conferences. These announcements can have a strong effect on currency pairs that involve that nation’s currency, especially if they differ from what the market expects.

Other news items that affect currencies are geopolitical events, national elections and major economic releases, such as employment numbers and GDP. Traders who keep an eye on the news can react immediately after an important release or news item.

Even if you’re a technical trader, you still need to aware of economic release times since the assumptions technical analysis are based on can break down during subsequent sharp market reactions.

7. Economic calendar

economic calendar. Source: forexfactory.Com

Forex traders who plan their trading week typically examine an economic news calendar. An economic calendar lists all major economic releases, central bank interest rates and policy statements, national elections and speeches by central bank officials that could affect the valuation of all of the major currencies.

An economic calendar generally includes the expected number and the previous number. Any deviation from the expected number, either higher or lower, could significantly increase the volatility of the currency involved, as can revisions to the previous result.

Furthermore, a good economic calendar not only lists the actual event but also lets the trader know how much of an impact on the currency it can have. For example, a high-impact or red event could be a speech by a central bank governor, while moderate-impact or orange event might consist of the core PCE price index, while a low-impact or yellow event might be the release of personal income.

Best forex trading simulator - virtual money

In this article, we will cover the best forex simulator software of 2019. You’ll find step by step instructions for how to choose the best simulator software, how to use simulators for day trading, and also how to test your forex trading strategy.

Using simulators will help you get rid of the bad habits and become a better trader. Simulated forex trading can be one of the most efficient ways to practice trading risk-free. Throughout this guide, you’ll learn how to gain live-market experience and discover the benefits of using a forex trading simulator software.

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To determine whether or not forex trading is for you, you need to engage in the markets and to do your due diligence before committing any real money into the game. Using real-time historical data you can reduce your learning curve and quickly determine if forex trading is right for you.

Simulated forex trading does present some issues. Often times, positive results on a demo account can translate into negative results in a live trading environment. This can make people question the validity of simulated trading.

However, the real cause behind this discrepancy is due to the lack of emotional involvement you get when real money is at stake.

Moving forward, you will learn what simulated forex trading is and how you can benefit from sim trading.

What is simulated forex trading?

A forex trading simulator is a piece of software that allows you to test your strategy offline using the historical data from the markets. If you have new trading ideas, trading simulator software can help you test them. This allows you to find what works and what doesn't, and eliminate any losing strategies.

While you might be working with a demo account, the market conditions resemble the live trading environment. You can open and close trades and modify orders the same way you would do in a live trading session.

The main advantages of using a free forex trading simulator are as follows:

Acts as a live trading environment.

Ability to backtest and forward test your trading strategy.

Implement new trading ideas to see if they work.

Risk-free account trading with all the functionalities and trading features of live trading.

Using a free forex trading simulator can help you learn the ropes to succeed in trading. If you apply the 10,000-hour rule of mastery to your trading, you definitely need a forex sim to practice your skills.

Before you start evaluating your current trading strategy, you need to make sure you use the right setup.

In the next section, we'll show you what to look for when comparing the key features of the best forex trading simulator software.

Best forex trading simulator

There are several important factors that every forex trading sim needs to be equipped with. At a bare minimum, it’s important for your simulator to satisfy the following requirements:

1. Live pricing feed

It’s necessary to ensure your simulator has a real market environment that streams live pricing data. Without live pricing data, you’ll miss the opportunity to examine your trading strategy effectively.

A live pricing feed mimics the spreads. This means when you run your strategy through a simulator, it will use the actual spreads found in the market.

This feature is more important than anything else.

Having real-time price data will ensure that your backtested results are accurate. This helps you determine whether you can rely on the simulated historical data found in the software.

This brings us to the next important feature that any sim trading software should have.

2. Forex trading simulator historical data

forex trading simulator historical price data

Secondly, you need to have accurate historical forex data that goes several months back. Not having enough historical price data to simulate the performance of your trading strategy will lead to unrealistic backtested results.

The best online forex simulators will provide you with historical prices. It will also provide you with the ability to browse historical quote data for your preferred currency pair. Aside from the end-of-day quote data, the database should also cover intraday quotes. No matter your trading style, be it day trading or swing trading, the best forex trading simulator will be able to help.

The historical price data needs to be in a clear format where you get the high, low, open and closing prices for the selected currency pair and selected time frame. In some instances, you can also get the tick volume information. If your trading strategy is based on volume, it’s vital to have access to the volume data.

Let’s move forward and see what other features your free forex trading simulator needs to have.

3. Flexible virtual money account

In our experience, traders fail to see the importance of using a virtual account balance. It's recommended to start with a balance close to the amount you wish to use in your live trades. If you can only fund your live trading account with $5,000, there's no point to use a $100,000 demo balance.

This has the potential to set unrealistic expectations that will lead to bad habits once you start live trading.

Simply put, ensure that the virtual money account you’re using to backtest your trading strategy is the amount you will fund your trading account with. This will also allow you to implement a more realistic risk management strategy.

This way you will have no issues when you transition to live trades.

When you start trading with a demo account, you don’t need to invest any real money. Make sure you pick a free forex trading simulator that has the minimum of trading features and tools to get you started.

Starting out with the world’s most popular forex trading platform aka metatrader4 might save you time in the long run.

Below you’ll find a step-by-step guide to use MT4 strategy tester

Best forex trading simulator – MT4 strategy tester

In this section, you’re going to learn how to backtest a strategy using the MT4 strategy tester. For this reason, we’re going to use a default strategy that can be found in the MT4 strategy library.

The first step is to open the strategy tester window by simply pressing CTRL+R or by clicking the respective icon found in the top toolbar.

Make sure you’ve selected the preferred time frame window and the appropriate settings. For the purpose of this example, we have chosen the following settings:

Expert advisor = moving average.Ex4 (the name of the strategy we backtest)

Symbol = EUR/USD (the instrument we run our strategy on)

Model = every tick which is the most precise method

Period = 1H (the preferred time frame to run our strategy)

Spread = current

We recommend playing with these settings over and over again until you discover the winning settings.

Once finished with selecting the settings, click on the start button so that the simulation can begin. You can check the results of the backtesting strategy under the report tab.

In the proposed example, we can notice that the default moving average trading strategy has produced a net loss of approximately -$400 during the tested period. This means that we’re not yet ready to jump into live trading.

We need to work more on our strategy and fine-tune the strategy parameters until you discover a profitable trading strategy that you’re comfortable to go live with.

Check out our guide how to backtest a trading strategy for more trading tips and tricks.

Conclusion – forex trading simulator

The goal of simulated forex trading is to filter out bad trading strategies and to optimize your trades to get bigger profits out of your trading system. The key to successful trading is to make the transition to live trading as soon as the simulation provides evidence that you have an edge on the market.

Find a forex trading simulator that's popular among other traders, and practice your trading strategy without the risk before you start trading in real time. Get the experience first, start live trading when you develop your strategy.

Sim trading is part of the process of becoming a profitable trader, and it’s the perfect environment to learn the skills of forex trading without losing money in the process. Also, check out our zero to $1 million forex strategy.

Feel free to leave any comments or advice below, we always respond!

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Forex automation software for hands-free trading

If I told you there was a foreign exchange (forex) trader who is smart, unemotional, logical, ever-vigilant for profitable trades and who executes trades almost instantly when the opportunity arises and then posts the profit to your account, wouldn't you want to hire this person right away?

Well, with automated forex trading software, you can have all of those qualities and more. Also known as algorithmic trading, black-box trading, robo or robot trading, automated forex trading programs offer many advantages. It is designed to function without the presence of the trader by scanning the market for profitable currency trades, using either pre-set parameters or parameters programmed into the system by the user.

In other words, with automated software, you can turn on your computer, activate the program and walk away while the software does the trading for you.

How does automated forex trading software work?

Automated forex trading software runs on a program that analyzes currency price charts and other market activity over multiple timeframes. The software identifies the signals – including spread discrepancies, price trends, and news that may impact the market – to locate potentially profitable currency pair trades.

For example, if a software program using criteria the user sets identifies a currency pair trade that satisfies the predetermined parameters for profitability, it broadcasts a buy or sell alert and automatically makes the trade.

The upsides of automated forex trading software

A major advantage of automated forex trading software is the elimination of emotional and psychological influences determining your trading decisions in favor of a cold, logical approach to the market. Beginner and even experienced traders may sometimes make a trade based on some psychological trigger that defies the logic of market conditions. With automated trading, such all-too-human lapses of judgment just don't occur.

That's because automated software is intended to make your trading decisions unemotional and consistent, using the parameters you've pre-established or the settings you've pre-installed.

For currency speculators who do not make trades based on interest rates but rather on currency spreads, automated software can be very effective because price discrepancies are immediately apparent, the information is instantly read by the trading system and a trade is executed.

Other market elements may also automatically trigger buy or sell alerts, such as moving average crossovers, chart configurations such as triple tops or bottoms, other indicators of resistance or support levels or potential topside or bottom breakthroughs that indicate a trade signal.

An automated software program also allows traders to manage multiple accounts simultaneously, an advantage not easily available to manual traders on a single computer.

Serious traders can also benefit from automated software, as their other interests, obligations or occupations may not afford them the time they need to study markets, analyze charts or watch for events that affect currency prices. That means that night or day, around the clock, the program is at work and needs no human, hands-on supervisor.

Selecting an automated forex trading program

There is no one-size-fits-all approach to forex trading, and the same goes for your automated software – every program has a number of trade-offs.

Of the numerous automated forex trading programs offered on the market, many are excellent, even more, are good but are not comprehensive in their features and benefits, and a few are less than adequate.

Although some firms advertise "over 95% winning trades," consumers should verify the validity of all advertising claims. In some cases, software providers will provide authenticated trading history results to demonstrate the efficacy of the programs they're selling. However, it's important to be cognizant of the oft-used disclaimer – past performance is no guarantee of future results.

Below, we've outlined a few of the key selection criteria for traders considering automated programs.

1. Fit automated forex trading software to your needs

Automated trading systems vary in speed, performance, programmability, and ease of use. Therefore, what serves one trader well may not be acceptable to another.

For instance, some traders will want a program that generates reports or imposes stops, trailing stops, and other specific market orders. Real-time monitoring is also a "must-have" item in an automated system. Other traders, especially beginners and the less experienced, may want a simpler "plug and play" type of program with a set-and-forget feature.

Remote access is also essential if you're a frequent traveler or intend to be away from your computer for an extended period. A web-based program may be the most useful and practical means of serving the needs of a roaming trader, as they're guaranteed to function with a basic wifi signal.

In lieu of generic wifi, virtual private server (VPS) hosting is a service worth considering for the serious forex trader. The service provides extremely fast access, isolates the system for security purposes and offers tech support.

2. Fees and guarantees

Fee transparency is a key quality to look for in providers, as some firms charge trading commissions and additional fees, which can draw down your profitability, so check the fine print in your user contract.

Firms may also offer programs with return guarantees after purchase and during a specified period of time. Therefore, if the user decides the program is unsatisfactory, those firms will allow you to return it for a refund.

It's also worthwhile to check out online customer reviews of many of these programs for an additional viewpoint on their virtues and flaws. Some programs offer a free trial period or other incentives to buy, while other vendors provide a free demonstration to familiarize the user with the program.

3. Take it for a test-drive

Since automated programs can be a costly investment, make sure firms can provide videos of their software programs functioning in the market, buying and selling currency pairs. Additionally, it might be helpful to request screenshots or video walkthroughs of account action with trade prices for buy and sell transactions, time of execution and profit posting.

When testing a new software system, run the tutorial or training function to see if it's adequate and answers all of your questions. You may have to call the support desk for answers to complex questions about programming, such as setting the buy-sell criteria and using the system in general. If a "help" link is offered, determine ease of navigation and usefulness. Some of your questions may not be answered through information in the help section, and knowledgeable support from the system provider will go a long way to making a seamless trading experience.

Firms may also offer a free, no-obligation test of their software so that the potential buyer can determine if the program is a good fit. If this is the case, test the program's installation and user experience functionality. Also, make sure the software is programmable and flexible in the case you may want to change any pre-installed default settings.

Automated forex trading software purchase checklist

Below we've summarized of a few of the key points in the form of a checklist to consider as you go through the automated forex trading software purchasing process:

The most popular automated software systems will trade the leading currency pairs with the highest volume and most liquidity, including USD/EUR, USD/CHF, USD/GBP, and USD/JPY.

Trading approaches will vary in risk, with programs geared to scalping a few points in a trade to taking larger bets. The user should be able to dictate which approach to use, and the strategy may be adjusted in either direction.

Customer product reviews that are posted online are a good source of information about the software. It's highly advisable to read these before buying.

Price competition currently favors the consumer, so shop around for the best deal, but don't sacrifice quality for the price. Prices for trading packages run the gamut from hundreds of dollars to thousands.

Look for a high level of technical and service support. This is essential for traders at any level of expertise but is especially important for beginners and new-comers.

Beware of automated forex trading software scams

Scams are an unfortunate reality in the automated forex software market, but they may be avoided by conducting due diligence on any firm. Check the websites of both the commodity futures trading commission (CFTC) and the national futures association (NFA) for consumer alerts.

On the CFTC site, this information is available by clicking the link under consumer protection. The NFA site has a database of registered member firms.

The bottom line

Whatever your level of expertise is in forex trading – beginner, experienced or veteran – automation software can help you be successful.

Despite the evident benefits of using automated forex trading platforms, these programs are far from infallible and the user must be aware that this software does not guarantee an endless run of successful trades.

Yes, there are always potential risks when trading in any market, but automation software may help you avoid serious losses. Most importantly, keep a checklist of the most important features you're looking for in a program, the level of customer support, and of course, that no trading system can guarantee 100% winning trades and that past performance is no guarantee of future results.

Forex trading software – your virtual assistant

When you obtain home, your to-do checklist has no end in view. Currently you’ve listened to regarding spending in money with something called forex.

Software

Day trading software is the general name for any software that helps you analyse, decide on, and make a trade. It may grant you access to all the technical analysis and indicator tools and resources you need. The best software may also identify trades and even automate or execute them in line with your strategy.

Whether you’re after trading software for beginners, or as an advanced trader, with more options than ever before, doing your research has never been so important.

What you need to know

Firstly, you’ll find out precisely how these software packages work.

This page will then highlight what to look for from your broker’s software offering, whilst breaking down forex software, stocks software, and others in detail.

It will also touch upon software demo accounts, equipment and the regional differences to be aware of.

Best trading software 2021

How trading software works

Online day trading software can be broken down into four categories:

Data – before you start trading for the day you need to know the prices of the stocks, futures and/or currencies you want to trade. For stocks and futures, those prices will usually come from the exchange where they are traded. Forex, however, doesn’t have a central exchange.

Charting – smart traders will usually chart prices in charting software. Many vendors will also offer data feeds. These charting packages usually offer basic technical analysis indicators. Opt for a more advanced package and you can benefit from more indicators and the ability to backtest your strategies.

Trade execution – with your data to hand and after analysing it on a chart, at some point you’ll want to enter a trade. For that, you’ll need some sort of trade execution software, an electronic trading platform. A lot of software today will also allow you to develop your own trading strategies with an application programming interface (API). They may also offer you automated trading capabilities specifically for day trading.

Broker vs independent vendor – A lot of brokers will offer software directly linked to their in-house systems, but you can also use third-party applications through independent software vendors with brokers that support such integration. The benefit of third-party solutions is that they often have more advanced features and enable you to trade with several different brokers with one single interface.

Tools

Mac or windows?

When choosing your software you need something that works seamlessly with your desktop or laptop. Any crashes or technical issues could cost you serious profit.

Fortunately, the day trader is no longer constrained to windows computers, recent years have seen a surge in the popularity of day trading software for mac.

Metatrader4, for example, is the worlds most popular trading platform. It’s user-friendly, so combined with an easy to navigate mac, it’s ideal for both beginners and veterans.

But whether you’re looking for the best trading software for mac or windows, check reviews to ensure the technical tools, data feeds, portfolio trackers, backtesting capabilities and any other features you require won’t run into compatibility hurdles.

In addition, make sure the initial trading software download is free. Reputable brokers shouldn’t charge you for the installation privilege.

Mobile day trading software

You can also get extremely useful mobile trading software, normally in the form of an app on ios and android. These aren’t designed to replace desktop applications as they lack in the capabilities area.

They are best used to supplement your normal trading software.

A key point…

Make sure when choosing your software that the mobile app comes free.

A good app will provide succinct market updates, trends and the usual stock price tickers. If the app overloads you with information that pushes you towards impulsive decisions, stay clear.

What to look for

Brokers will often offer standard software, but if you want additional features that may be essential for your strategies then you may have to pay significantly more.

So conduct a thorough software comparison before you start trading with your hard earned capital.

Cost & need

Does it meet your needs? – there is no one size fits all. Different trading software will suit different people. Are you following a simple stocks strategy such as moving average tracking? Alternatively, do you want to employ a more complicated multi-conditional strategy? Will you need a direct forex feed? To make sure it caters for your needs get a free software download trial and practice day trading on it first.

Cost – how much does day trading software cost? It’s all too easy to opt for the cheapest trading software. Whilst this may save you money in the short term, you may be sacrificing essential features your strategy requires. Adding these features later may cost you even more than if you’d invested in a comprehensive software to start with. Also, check to see if the software is available as part of the standard brokerage account, or does it come at an additional cost?

Technology

Execution speed – time is money and nowhere is that truer than in the day trading world. Ensure your software will allow you to enter and exit trades swiftly. Check reviews for any trade execution red flags. A few seconds could be the difference finishing being in the red or black at the end of the day.

Accessibility – is it a web based software offering? If so, you’ll need just an internet connection to get online, plus you’ll have zero installation, update and maintenance costs. Web based trading software is the best option for beginners. However, if you employ extremely complex algorithms, you may need a computer based installable software. Bear in mind this will be a far more expensive route to go down.

Features – day traders rely on short term price movements to turn a profit. What does your strategy need to monitor these price fluctuations? Will you need charts, particular data feeds, news sources, specific market access? If so, check whether these will be included as standard.

Analytics – does your strategy depend on technical indicators and pattern recognition? Will the software recognise arbitrage opportunities? A comprehensive analysis software will provide you with all the analytical features you need in one user-friendly bundle.

Forex trading software

Which is the best forex trading software available on today’s market? With hundreds to choose from, finding the right software for your needs isn’t a straightforward decision.

The first question to ask would be ‘what information, resources and tools do you need to enhance your forex strategy?’

Below are some of the most popular currency trading software available:

Trading platforms – these enable you to manually manage and execute forex trades.

Trading signal generators – these will provide you with recommended levels for which to enter and exit positions.

Technical analysis software – these will offer you charts of historical exchanges rates, plus a wide range of technical indicators.

Automated forex trading software – once you’ve pre-programmed your rules and strategy, these programmes will automatically execute trades on your behalf.

Stocks trading software

With today’s volatile market trends, picking the right stock trading software is essential. It is often said that there are very few stocks worth trading each day.

That means identifying them before they make their big move will be what separates the profitable traders and the rest.

Before you purchase, always check the trading software reviews first.

In addition, look for the following capabilities from your software:

Market scanning – the programme should scan the market for potential opportunities and swiftly draw your attention to stocks of interest.

Charting software – these will help you decipher market conditions, so look for software that keeps their charts user friendly, or even offers customisability options.

Portfolio tracking – this will help you keep a close track of all previous trades, helping you to identify mistakes and hone your strategy.

Backtesting– the software should enable you to backtest your trading systems against historical data, giving you an idea of whether and how successful your strategy will be, before you risk real capital.

Other instruments & markets

On top of the software for the instruments above, you can also get your hands on the following:

Commodity trading software – there’s a rich supply of international trading software for the commodities markets. Plus, you can get your hands on some of the best free online trading and charting software around.

Bitcoin day trading software – as the market is still growing, there are new options popping up every month. You’ll also find some of the best trading simulator software, that’s probably free.

Emini trading software – emini options continue to grow, so you can choose between generic systems, or specialist emini software. You’ll also find lots of good scalping software options, with plenty of reviews on software forums.

Penny stocks software – there is healthy competition, so if you’re looking at where to buy the best trading software for penny stocks, a quick google will answer all your prayers in abundance. You can also find easy to use buy and sell signal software for penny stocks.

Software for NSE – you can find free trading software for indian markets, or you can choose from the ever growing options.

Software for cryptocurrency – you can choose between robot, prediction software, or you can find plenty of manual options. You can also now get your hands on useful virtual money management software to keep your online wallet heavy.

Journal software

Day trading journal software allows you to keep online log books. Why would you want that? Because they keep a detailed account of all your previous trades.

They record the instrument, date, price, entry, and exit points. This allows you to not only fill in your tax returns with ease, but also to analyse your recent trade performance.

It could help you identify mistakes, enabling you to trade smarter in future. This makes it some of the most important intraday trading software available.

Popular software

Make sure when you compare software, you check the reviews first. Even the ones that proclaim to be one of the ‘top 10 day trading software’, can have some serious drawbacks.

Also bear in mind, the easiest trading software won’t necessarily be the best. If it’s easy because it falls short of the essentials outlined above, your bottom line may suffer.

Having said that, consider the popular and well regarded options below:

Metatrader – market leading multi-functional trading platform. Integrated with many leading brokers.

Tradingview – the leading charting package with a wealth of technical analysis tools and the ability to build and back test strategies. Can also automate trades, and copy trade.

Linux software – considered some of the fastest real time trading software around.

JSE software – considered one of the best futures day trading software available.

MCX analysis software – one of tim sykes highly recommended trading software systems.

TD ameritrade – some of the best live and virtual day trading software available, scoring particularly high in US reviews.

Etrade software – nifty trading software, that’s fast, reliable and used by traders of all levels.

Consors software – this german software offers some of the best trading simulation software for free.

Algotrader – this is ideal if you’re looking for customisable, open source software to implement automated strategies.

Ninjatrader – allows developers to build their own integrated indicators.

Zulutrade – automate trades or copy trading signals or traders. Popular in the US.

Etoro – leading social trading network. Copy profitable traders – or become a ‘leader’ and earn when other traders follow your trades.

Software strategies

Choosing the right software is a hugely important decision, but part of that decision comes with ensuring that it works harmoniously with your day trading strategies.

If you’re trading forex using a simple price action strategy, then you may have everything you need with your broker’s standard program software.

Tools such as tradingview can also help you build and back test strategies, including using your own code if desired.

However, if you have a complex strategy you may need software that has all the indicators and technical tools at a few clicks notice, to ensure you make fast and accurate decisions.

Your strategy needs are likely to be greater and you may require optional advanced features that are often expensive.

Demo accounts

If you want to test a specific software before committing to it, the best way to do it is a “demo account”.

What’s the story?…

A demo account is a form of practice account where you trade for free with “play money” using the real software and its features.

It’s a great way to trial softwares, strategies and your own skills and is something we highly recommend. We list all trading demo accounts here.

Regional impact

Tailored for specific markets

The best trading software for australia and canada, may fall short of the mark in indian and south african markets.

This is simply because the software in india can be extremely different to australian softwares.

Spider software, for example, provides technical analysis software specifically for indian markets.

But if you want to trade stocks in the west, you may find that software from far afield won’t give you all the access to data feeds and news resources you need to successfully trade.

There’s also the question of cost. You can get plenty of free charting software for indian markets, but the same powerful and comprehensive software in the UK, europe, and the US can often come with a hefty price tag.

So, make sure your software comparison takes into account location and price.

Tax considerations

The same principle applies to day trading tax software. The accounting software needs to be able to accurately calculate how much tax is payable to your country’s specific body, the IRS for example.

Apart from wasting your time, any tax errors will fall on your lap, as will any fines.

Final word on location

If you’re british, do your homework and find out what the best trading software specifically for the UK is. If you’re canadian, check you won’t encounter any tax problems if you invest in accounting software from south africa. Location is important.

Take home points

It’s worth bearing in mind that your choice of broker can restrict the tools available to you.

Free day trading software may seem like a no brainer to start with, but if it comes with the sacrifice of technical tools that could enhance trade decisions then it may cost you in the long run.

Remember the best day trading software for forex may not cut the mustard when you use it for stocks, so do your research and consider all the factors outlined above.

Most importantly, you wouldn’t buy a car without test driving it first, and your day trading software shouldn’t be any different.

Forex trading software – your virtual assistant

You’ve worked hard all day. When you get home, your to-do list has no end in sight. Now you’ve heard about investing in currency through something called forex. What you hear perks your interest and you think what a great idea.

Invest a little, make a lot? Yeah, you could definitely get on board with that, but then you realize you don’t have time to get done the things you have to get done. Where would you find the time to get involved with forex?

Roll out the welcome mat for forex trading software, a software designed to work with you, cut through the dross and reveal the silver lining you’ve been looking for in this land of opportunity.

What can forex trading software do to simplify your life when you make the time for forex? Forex trading software hands you the knowledge you need (rather than you having to dig for it on your own) and it provides you with the currency market prices in what’s called real time.

You can find forex trading software on your own or you can use what a broker can provide. Whichever way you choose to obtain your forex trading software, there are some common threads in any software you should have.

The forex trading software should have features such as: updates on the market that are in real time, charts, current prices and stop loss availability. These are just a few of the features you’ll want in your forex trading software.

Not all forex trading software is created equal. Some are better, some are worse and some are average. Of course, you’ll want the best forex trading software that you can afford, but that doesn’t mean you have to get a second mortgage just to buy the software. Buy the best software that you can afford where you stand financially right now.

Check the options offered with the software. Most offer a limited trial period and if you don’t like it, you can return it and get your money back. Better yet, some offer you a free trial period without putting up any money up front, but the time you’re allowed to use the software is considerably shorter.

No matter what forex trading software you decide on in the end, the software can be your virtual assistant and do everything except bring you coffee or leave mints on your pillow at night.

Practicing day-trading risk-free with a simulator

Making a profit through day-trading requires practice as much as it does knowledge. A day-trading simulator, or a demo account, might not mimic all of the pressures and risks that come with having real money on the line, but it can still be valuable for learning and honing trading strategies.

Using a day-trading simulator is a way to develop confidence in your trading decisions; you can trade without fearing mistakes. Simulators enable you to monitor market conditions and explore different charting tools and indicators. you can also familiarize yourself with the steps involved in entering, reviewing, and executing your trades as well as practice using stop-loss and limit orders as part of your risk-management strategy.

Whether you day-trade the foreign exchange market (forex), stocks, or futures, there are free demo accounts available for you to try. Each company that offers a simulator uses a different type of software called a trading platform. Taking the time to explore how each platform functions will give you the chance to see which one of them best suits your trading style.

Futures demo account: ninjatrader

Ninjatrader is a low-cost futures and forex trading platform with upgrade options. to start, you can download the software for free for trade simulation, advanced charting, strategy backtesting, and other features.

The free software lets users simulate live day-trading of futures and currencies at their leisure. There is also an option to download data from prior days so you can practice trading with the market activity from that period.

If you want to use ninjatrader to conduct actual transactions, the company provides that service through ninjatrader brokerage or another brokerage it has partnered with. Commissions are 29 cents per micro contract through ninjatrader for otherwise-free accounts.

Paying customers can lease the platform and receive premium trader + features such as automatic stop loss and profit target orders, one cancels the other (OCO) orders, and order entry hotkeys. those who choose to buy lifetime access to the platform receive trader + and order flow + features, the latter of which includes a market depth map, a volume profile drawing tool, and the ability to chart volume-weighted average prices with standard deviations.

Leasing costs $720 a year in a single payment, $850 total in two semiannual payments of $425, or $900 total in four quarterly payments of $225. Purchasing the platform outright costs $1,099 in a single payment or $1,316 in four monthly payments of $329.

Commissions for those who are leasing the platform are 19 cents per micro contract; for those who purchased the platform, they're 9 cents.

Forex demo account: OANDA

There are several forex demo account providers to choose from, but for U.S. Residents, OANDA offers a lot of flexibility and competitive spreads.

OANDA's demo accounts do not expire, so you can practice for as long as you want. this can be done through OANDA's desktop trading platform, mobile app, or application programming interface.

OANDA does not charge a commission on trades once you begin live trading. Rather, the company makes money by charging a slightly higher bid/ask spread—the difference between the buyer's and the seller's prices—to enter or exit a trade.

The desktop platform includes trade functions such as placing a stop loss and target price at the same time a trade is taken. It also provides advanced charting capabilities.

Stock demo account: tradingview

Tradingview is a platform that provides free real-time demo trading and is also widely known for its free stock charts. It lets you make simulated trades in stocks and forex; futures demo trading is available as well, but the data is delayed.

Tradingview offers many different kinds of charts, including the renko chart (which shows price movements using rising and falling bricks and has no fixed time scale) and a spread chart (which shows the difference between two stock prices).

Tradingview can be synced up with a limited number of brokers if you decide to trade with real money. if you do not want to use the brokers they offer, you will need to turn to a different platform for live trading.

Practice trading in real-time conditions

Start today – get our REAL-TIME simulator for FREE.

Practice trading with live futures markets like the E-mini S&P.

Use the same pro software we use, ninjatrader, with advanced charting tools and level II data.

Improve your abilities by placing simulated trades, then move on to the real thing.

Avoid those expensive beginner mistakes. Complete the form and we'll get you set up. In addition, you will receive our free get started trading guide and an introductory video.

CFTC rule 4.41: hypothetical or simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Risk disclosure: futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones' financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical performance disclosure: hypothetical performance results have many inherent limitations, some of which are described herein. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

Trade results disclosure: all trades presented are not traded in a live account and should be considered hypothetical.

Trade/training room disclosure: presentations are for educational purposes only and the opinions expressed are those of the presenter only. All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account.

Testimonial disclosure: testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

See additional risk and disclosure information.

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So, let's see, what we have: forex trading software – your virtual assistant when you obtain home, your to-do checklist has no end in view. Currently you’ve listened to regarding spending in money with something called at real-time virtual forex program