Forex trading is a dynamic, round-the-clock, free-entry market that allows users to trade the currency. While it can be lucrative, traders without “insider” knowledge or trading tricks can incur heavy losses. Luckily, the forex trading world has not been left behind when it comes to technology. Tech has been simplifying the trading process for aspiring and experienced traders alike. The following are some of the best trading technologies in the market that have come out recently.
DailyFX News Notifier
One way to stay ahead in currency trading is to know what is going on in the world of forex. This means news in finance – such as GDP, inflation rates, interest rates, employment hikes or unemployment rates, increase or decrease in various currency values, etc.
Usually, the market’s reaction to news announcements lasts from half an hour to two hours. The quicker you are to tap into the market after a news release, the better your chances of making a profit. With the DailyFX News Notifier, traders can stay on top of any developments.
Forex on the Go
This app is one of the most popular iPhone apps for forex trading. It features precise charts and fixed spreads. Fixed spreads offer a better alternative for trade planning since they let you know your bottom line regardless of market sentiment or price changes. With fixed spreads, traders always know whether or not to execute a trade or to enter or exit the market. This is vital for traders who use the scalping strategy to reap many small profits throughout the day.
With Forex on the GO, a trader can set a Stop Loss or Take Profit orders. The Stop Loss feature lets traders close a trade position to prevent a loss. The Take Profit allows traders to take advantage of gains by selling a currency after its value has appreciated to a desirable level.
Automatic Trade Lines
This is an app that allows forex investors to make trade analyses faster and quicker than they would have manually. It shows support and resistance trend lines for all currencies in the market at any given time. A trader should go with the broken lines in the overall trend movement – it’s best to avoid going against the trend.
The software also features alternative labels as well as an alert signal triggered when the price comes to a stipulated distance from both resistance and support trend lines. It has a basic programming capability that allows users to set the thickness, color, and depth of both lines. It also displays historical peaks and valleys, which enable a trader to see trade history.
This is a trading platform that lets traders analyze the uptrends and downtrends of the forex market for currencies. Traders specializing in automated trading will find it to be remarkable. When a particular currency is trading at a fast rate, it alerts the trader, who will then decide whether to make a move on the price or not. With this tool, a trader can avoid or mitigate risk while turning profits during opportune times.
The Volatility Factor is great for mitigating risks in Bear markets when chances of loss-making are high. It is also a great tool during bull markets when a trader can capitalize on the bullish trends.
Alpari Direct Pro
This platform is suited for more experienced traders, companies, and portfolio managers. It lets users gain access to extra capital to place more trades. It also allows them to access foreign markets, including the Indian and Russian markets.
It is designed for trading in high volumes but with fast execution speeds that ensure you don’t miss out on the next position openings. Other features include deep liquidity capabilities, a full view of all the open buy and sell options for various currencies, and the ability to trade directly with interbank rates.
Being able to predict market movements or capitalize on price changes is crucial. Having the ability to manage risks and analyze the market are also vital qualities of a good forex trader. The above trading software programs can help you get the best out of your trades. To succeed, it is important to pick the right program for the job.