Forex Software is believed to be the cure for Forex Losses
It is very confusing when searching online fore Forex Software to know what you are actually looking at. There are multiple types of software that do different things.
There is software for:
- Trading Platforms
- Signals Software
- Forex Charting Applications
Well there is a difference and there are a lot of people out there that don’t care if they confuse you are not.
First lets get things straight.
Forex Trading Platform
A trading platform is an application (software), that is used to place trades. Typically you interact with this currency software to place your orders with your stop losses, close out trades, and manage your account. Now not all Forex Trading Platforms are made the same.
Some trading platforms are desktop based meaning that they are installed and run from your computer, some are web based which means that they are run on a web server and basically you manage you trades through a website, and then some are mobile based. The mobile based platforms are installed on a pda or smart phone and are run using that technology.
Trading Platforms are usually offered to brokers by companies the the broker then receives the rights to use and provide to customers (you and me), therefore the broker is at the mercy of the company who develops and manages the software.
Some trading platforms offer integrated charts, meaning that you would have everything you needed to place and manage trades all in one place. Some over Forex News feeds that are integrated into the platform. Live support either comes with the trading platform or it does not which all depends on the developer.
Here is a list of some of the Forex Trading Platforms available.
| Name | Developer | Type | pip-spread avg (majors) | News/Charts integrated | Live Support incorporated | Other products available |
| SaxoTrader | Saxo Bank | Desktop | 3 | Yes/Yes | Yes | CFD, Futures, Forwards, Options, Stocks |
| VT Trader | CMS | Desktop | 4 | No/Yes | No | - |
| RF 2000? | Realtime Forex SA | Desktop | 2-3 | Yes/Yes | Yes | - |
| ICTS | ACT Forex | Desktop / Web | - | Yes/Yes | No | |
| Dealbook? 360 | GFT | Desktop | 3 | Yes/Yes | Yes | CFDs, Spread Betting |
| Dealbook? WEB | GFT | Web | 3 | Yes/Yes | Yes | - |
| Dealbook? Mobile | GFT | Mobile | 3 | Yes/Yes | No | - |
| FX Trading Station | FXCM | Desktop / Web | 3 | Yes/Yes | Yes | - |
| MetaTrader | MetaQuotes | Desktop / Mobile | 2-3 | Yes/Yes | No | CFD, Futures |
| Crossfire | Man Financial | Web | 2-3 | No/Yes | No | - |
| Opera FX | GFS | Desktop | 4 | Yes/Yes | Yes | Gold, Silver |
| Hotspot FX | Hotspot FX | Desktop | 1-3 | No/No | No | - |
| Dukascopy | Dukascopy | Desktop | 2-3 | Yes/Yes | No | - |
| ACM Trading Console | AC-Markets | Web | 2-3 | No/Yes | Yes | - |
| GTS | FX Solutions | Desktop / Web | 3-4 | Yes/Yes | Yes | - |
| MarketMaker | CMC | Desktop | 3 | Yes/Yes | Yes | CFD, Futures, Forwards, Options, Stocks |
| Trading Platform | Easy-Forex | Web | 5 | No/No | Yes | Gold, Silver |
| Rumus2 | Forex Club | Desktop/ Web / Mobile | 0 ($.6 per lot) | Yes/Yes | Yes | - |
| Delta Trading | Delta Trading | Desktop / Web / Mobile | 3-4 | Yes/Yes | Yes | - |
Forex Signals Software
There is also forex trading software that is designed developed to do one thing only and that is to give buy and sell signals. While this sounds like the ultimate solution for everyone, when using signals for forex trading it does nothing to actually teach you how to trade. When market conditions do not become optimal for trading the signals tend to become false signals and traders do not realize that during those conditions they should not be taking any signals. However when you have not learned how to trade the forex a trader is not capable of identifying those times and ends up losing any previous profits.
| Name | Developer | Cost | Free trial | Type | Provides | Level |
| Tradecision | AlyudaResearch | $1,198-$1,598 | Decision-making, Basic Strategy Development | A series of tools to help the investor make trading decisions or create his own system. | Advanced / Expert | |
| Pronet Analytics | IIR Group, PLC | ?800/mo | 14 days | Decision-making | Investment Advice for decision-making from a FSA regulated company. | Advanced / Expert |
| Compass Reading FX | NostradamusSystems, LTD | $100/mo | 14 days | Decision-making | Neural Network based predictions in ay chosen market for the next 2-8hrs. | Beginner / Advanced |
| DashBoard FX? | FX Universal | $199 | Decision-making | Real-time trading alerts. | Beginner / Advanced | |
| TAPSEP | CompuTrade, LLC | $169-$295 (setup fee + monthly fee) | Decision-making | Buy & sell alerts. | Beginner / Advanced | |
| DIMONX6 | Forex-MHV | $188 (one-time fee) | 30 days | Decision-making | Buy & sell alerts. | Advanced |
| ASCTrend | AbleSys | $128-$188 | Decision-making | A range of trading tools from decision-making to auto order execution. | Advanced / Expert | |
| Money Map | TraderHouseGlobal, LTD | n/a | Demo Version Available | Decision-making | A Fibonacci Grid to spot trading opportunities. | Advanced |
| Pro Charts Desktop | FX-Strategy | n/a | n/a | Decision-making | Incorporated trading systems with buy & sell signals. | Advanced / Expert |
| Forex Tester Professional | Forex Tester Software | $135 | Yes | Decision-making, Basic Strategy Development | Software simulator of the Forex Market. It allows you to gain and improve trading skills without risking your money. | Beginner / Advanced |
| PremiereTradeAI | PremiereTradeSoftware | $199.95-$254.95/month | 30 days | Decision-making | Advanced charting, decision-assistance tools, daily live trainings, demo and live trading for Forex, Stocks, Mutual Funds and Options. | Beginner / Advanced |
Forex Charting Application
Currency Charting Applications are just what it sounds like, the main intention of charting application software is to just deliver charting data for the purpose of technical analysis. Currently some of the charting options below also have the ability of placing trades much like a forex trading platform above, namely TradeStation. To date, TradeStation is my favorite option for forex trading.
| Name | Type | Cost/month | Indicators | Provides | Programmable? | Level |
| TradeStation | Desktop | $199.95 | Yes | Real-time data for all major exchanges + a set of advanced options for the sophisticated investor. | Yes | Advanced / Expert |
| eSignal | Desktop | $125 | Yes | A complete package of trading solutions (like market center, advanced GET, etc.) for the sophisticated investor. | Yes | Advanced / Expert |
| FXtrek | Web / Desktop | $50-$100 | Yes | Advanced charting with the possibility to add your own indicators. | Yes | Beginner / Advanced |
| NetDania | Web / Desktop | n/a | Yes | Real-time and EOD data & charts. | No | Beginner / Advanced |
| Visual Chart | Web / Desktop | ?35 | Yes | Advanced charting with the possibility to add your own indicators & systems in a very robust and user-friendly environment. | Yes | Beginner / Advanced |
| J-Chart | Desktop | $49 setup fee + $90 – 149/mo | Own | A revoluationary new way of Technical Analysis. | No | Advanced |
| ProRealTime | Web | ?49 | Yes | Real-time and EOD data & charts. | No | Advanced / Expert |
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