Success in trading Forex online is all about timing, knowing when to enter the trade and when to get out, can make the difference between excellent profits or serious losses. There are many Forex companies offering their services as trading signal providers, and for a modest monthly fee they’ll send you real-time signals (even via your cell phone) letting you know when to buy or sell a currency pair.
Ideally you’d like to be able to identify trends by yourself without having to rely on a signal provider, but this will take time to master. By all means begin your education in recognizing trends and in-depth technical analysis, but in the meantime you can make use of some personal Forex trading software to aid you in your Forex trades.
Finding a reputable trading signal provider can be a tricky task and can cost several hundred dollars per month. Fortunately there’s an alternative – Forex trading software that you can download and run on your home computer.
There are two new software programs available right now, that are quite popular and offer excellent Forex signal notification, so no matter if you’re a short term trader, swing trader, or long term trader, one of these Forex software programs should be part of your daily trading arsenal.
Forex Killer is trading software program designed to run on Windows and can take data from any Forex broker that can export historical data in a .csv format. Once imported into the program, Forex Killer allows the user to select a time frame and currency pair. Enter your desired stop loss and take-profit level and start the calculation. Forex Killer generates two sets of signals, short term and long term, and let you know whether you should buy or sell based on current market prices. This particular Forex software program supports most of the common currency pairs, as well as gold, stocks, and futures.
The next Forex software program to consider is called Prophet1 Expert Advisor for the Metatrader 4.0 trading platform. This program bases its signals on two popular indicators, moving averages and MACD’s. This allows the user to make use of this software for day trading purposes, but it’s certainly not limited to that time frame. Based on back-testing this Forex software program boasts an admirable 90% success rate, and this is using its default settings. As with Forex Killer, alerts can be sent via email or to your cell phone.
No matter what software you end up using, don’t rely on it solely to make you money. It can be a powerful tool to help you succeed in Forex trading, but it’s very important that you take the time to educate yourself on all aspects of trading with of Forex technical analysis. It can seem daunting at first, but once you understand how signals are generated you’ll be in a much better position to adapt to the ever-changing world that is the Forex marketplace.