Best Automated Forex Trading Software

Best Automated Forex Trading Software

As a Forex trader, you will know how exhausting trading can be, especially if something goes wrong. There are traders who dream of a partner who is intelligent, not exposed to emotions, logical, always looking for profitable trades and who can execute trades almost immediately.

If this is something you're looking, then we should tell you that these qualities above describe Forex automated trading software.

A wide variety of such programs are easily accessible. Their primary task is to function without the presence of the Forex trader by scanning the market for beneficial currency trades, utilising either pre-established parameters, or parameters designed and then programmed into the system by the user.

In a nutshell, with automated software you can turn on your PC, activate the program and then walk away while the software trades instead of you. This is the basic principle. The purpose of our article is to tell you more about the aspects of automated software, so that you will be able to choose the best automated Forex trading software in accordance to your needs.


Who can use automated software and how does it work in 2018?
Hypothetically, newbies, experienced or veteran Forex traders might benefit from using automation software to make their trading decisions. In fact, the software comes in a wide range of prices, as well as levels of sophistication to meet different needs.

Online customer reviews of such FX programs will reveal their virtues and flaws. Most often, programs offer a free demo period along with other incentives to buy. Other sellers may provide a free demo model in order to get the user acquainted with the program.

One of the positive aspects of Forex auto trading software is that themarketing incentives to buy specific packages might provide extra tools for trading. Nonetheless, those programs are far from infallible – and the trader should be aware that the use of automated software does not 100% guarantee an infinite amount of successful trades.

Let's look at how this type of software actually works. Automated Forex trading software is a PC program that analyses currency price charts, as well as other market activity. It determines the signals, encompassing spread discrepancies, trends in price and news that may affect the market, in order to locate potentially beneficial currency pair trades.

For instance, a software program will utilise criteria the user sets, determine a currency pair trade that satisfies the predefined parameters for profitability, and it will broadcast a purchase or sell alert. On this alert, the software can be programmed to automatically carry out the trade.

The advantages of automated software in Forex
Although we do not recommend any automated Forex software, it is still important to outline the upsides of it. A key advantage is the removal of emotional and psychological influences when identifying what to trade. Automated software makes your trading decisions consistent and completely unemotional, exploiting parameters you have pre-defined, or the default setting you have previously installed.

Novice and even experienced traders might sometimes make a trade based on some psychological trigger that disobeys the logic of market conditions. With automated trading, different human lapses of judgement just do not happen.

Furthermore, for currency speculators who do not make trades based on interest rates but rather on particular currency spreads, auto Forex trading software can be effective enough. This is because price discrepancies are instantaneously apparent, the information is immediately read by the trading system and consequently a trade is executed.

In addition, other market elements might trigger buy or sell alerts, such as moving average crossovers, chart configurations (like triple bottoms or tops, or other indicators of support or resistance levels). Additionally, automated software programs also enable traders to manage multiple accounts at the same time, a real plus not easily available to manual trades on a single PC.

For serious Forex traders who have other interests, occupations or obligations, automated software or an automated Forex trading robot saves a considerable amount of time that they could otherwise have devoted to studying the markets, analysing different charts, or watching for various events that somehow influence currency prices.

Automated FX trading systems allow the trader to free themselves from the computer monitor, whilst the program scans the market looking for trading opportunities – and therefore, makes the trades when the conditions are right. This implies that day or night, the program is constantly at work and needs no human supervision.

The best way to learn automated trading systems is to watch our free live webinars. There are a lot of practical tips and insights in there, suitable for both beginners and traders looking for something more in-depth.

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Choosing your automated FX trading program
Although not all programs on the Internet operate well, there's a good chance you'll find something useful, perhaps even the best Forex auto trading software.

However, some firms advertise to have a very high percentage of winning trades. You should be cautious. Such advertising claims must be verified. In fact, the best software publishers will undoubtedly provide authenticated trading history results in order to show the effectiveness of the programs they are offering. The golden rule is to understand that the past performance is not a warranty of positive future results.

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Define your needs
Since automated trading systems vary in swiftness, performance, programmability and complexity of use, what is good for one trader, might not be good for another. Some Forex traders will want to have a program that generates reports, or imposes stops, trailing stops and other particular market orders.

An essential item in any automated system or automated Forex trading robot is the real-time monitoring. Other traders, such as beginners, or those who are less experienced, may want a simpler program with a set-and-forget feature.

Moreover, remote access capability is vital if you travel often, or intend to be away from your PC for a long time. Therefore, your program should allow access and functionality from any current location through Wi-Fi or any other internet access. A web-based program can be the most useful and practical method of serving the trader and his needs.

It is important to outline that virtual private server hosting, or VPS, is a service worth considering for the prudent Forex trader. The service, sold by different companies, provides immensely fast access, isolates the Forex automated software for security purposes and also offers technical support.

Furthermore, some firms tend to charge extra fees and trading commissions. In turn, other companies claim not charge any fees or commissions. Commissions and fees can draw down your profitability, so you should carefully check your user contract.

In addition, the top firms offer programs with different return guarantees. After buying and during a fixed period of time, if the user decides the program is not good enough, then premier firms will permit you to return their automatic Forex trading software for a refund.


How to test the software
Some firms provide video content of software programs functioning in the market, purchasing and selling currency pairs. If there are screenshots of account action with trade prices for buy and sell transactions, time of profit posting and execution – then you should check them out before committing to anything.

While testing new Forex automatic trading software, run the tutorial or any other training function in order to see if it is appropriate and answers all of your questions. Additionally, you may have to call the support desk for answers to complex questions about programming, like the buy-sell criteria, and exploiting the system in general.

If a help link is offered to you, then check how easy is it is to navigate and whether it's of any use. Some of your questions might not be answered through information in the help section and knowledge base.

Most often, the majority of the leading firms will also offer a free, non-obligatory test of their automated Forex trading robots, so that the potential customer can see if the program is a good fit. In such a situation, test to see if the program can be installed easily, and ensure that you do not have any difficulties with understanding and using it. Moreover, ensure that the software is programmable and flexible so that you can change any pre-installed default settings.

Main points to consider while choosing automated software
The majority of the most popular auto Forex trading software will actually trade the leading currency pairs with the highest volume and most liquidity. These will include USD/EUR, USD/GBP, USD/CHF and USD/JPY.

Trading methods will vary from conservative – with programs designed for scalping a few points in a trade – to a more adventurous trading strategy with risks. The user decides which approach to use, and the strategy may be adjusted in each direction. You should read customer product reviews that are posted online before purchasing, as they are a good source of information about the automated currency trading software.

Price competition currently favours the consumer, so shop around for the best deal, but do not sacrifice quality for price. Prices for trading packages can range anywhere from hundreds of dollars to thousands.

Lastly, look for a high level of service and technical support. This is crucial for Forex traders at any level of experience, but is especially significant for novices and newbies.

Final thoughts
It does not matter what level of expertise you have in Forex trading. Whether you are a beginner, experienced or veteran trader, Forex trading automated software can help you. There are always potential dangers when trading in any market – and it's the same with software. There are a lot of scams on the internet. Fraudulent software can be avoided by conducting due diligence on any company.

It is vital to understand, that no Forex automated software can guarantee a 100% rate of winning trades. It's also important to remember that past performance does not guarantee success in the future.

Before you dive deeper, it is in your best interest to learn in safe, risk-free environment. Speaking of which, take a look at our free demo accounts – the easiest way to learn the basics of Forex trading and polish your skills as a trader.

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Forex Indicator the BANKS profit with in Forex. Free D/L in description

Forex Indicator the BANKS profit with in Forex. Free D/L in description

Now, when most retail traders look at the forex market, they look at it in terms of forex pairs. Say the euro-dollar, or the euro-yen, or the pound-dollar. But have you ever thought for a moment, which currency is the strongest or the weakest around the world? Well, this is how the bank's view the forex markets. And I've got the perfect indicator that show you one way that the bank's identified the strongest versus the weakest currencies in order to trade. Now, you can download this indicator from the description tab below. However, before you do, let me show you exactly how and why you can use this powerful indicator that could revolutionize the way you trade the forex market. Think about this for a moment. How great would it be to have the top forex trader from one of the major banks in the city, sitting beside you all day long, as you trade the forex market? Sitting on your shoulder telling you what you should be buying and what you should be selling? Pretty awesome! Yeah? Well, the chances are that's not gonna happen, and I for one certainly can't magic that for you.

However, what I can do is tell you and show you exactly what the top forex bank traders are doing, that's way,way different than most in this business and certainly more than average Joe is doing from his laptop in his home office. Now, first thing when people come into the forex market is they look at the Forex pairs. As I said in my short introduction, the euro-dollar, the pound-aussie. With the top bank trader, he's not looking at the pairs. He's looking at the strength of weakness of individual currencies. And he's pitching that against the strength of weakness of other currencies.

Now think about it for a moment. Generally speaking, we trade eight major currencies in the forex market. If you cross match these eight major currencies against each, there's 28 different possible currency pairs to trade. It makes total logical sense, doesn't it? To be buying the current currencies that are strong and selling the currencies that are weak. If the pound, for example, is strong and the US dollar is strong. Why do you want to be trading the pound against the US dollar? That both strong currencies. Surely it makes total sense to buy one of these stronger currencies and find a weaker currency. Could be the Swiss franc or the yen, and sell that against one of the stronger currencies. That's what the big bank traders are doing and that's why they've got an edge on most retail traders. Now, with this indicator that you're downloading today. It's gonna show you how you can identify which currencies are strong and which currencies are weak. Exactly the same way that the big bank traders are doing it.

Alright! Come and join me on the screens now and I'll show you the power behind this indicator and show you why it's gonna revolutionize the way you trade the forex market. Come on! Okay! So, here we are on the screens. Now, this is the indicator that is gonna help you look at the markets in a way that's very very different, then chances are you've looked at it before. It's a way that the banks are looking at the market. Now, to the untrained eye, it's gonna look like a load of old squiggly lines. But I'm gonna show you once you understand what you're looking at. These squiggly lines can show you some really really powerful information. Now, let's first explain what they mean. The each individual line represents an individual currency in a standalone format. And the color coding is down at the left of the screen here. So, for example, the green line the USD, that's the United States Dollar.

The Euro is the blue line. The British Pound is the GBP, the white line here, this is this one down here. And then you've got the Canadian dollar at the bottom, and that's the purple line, that's this line in here. Now, when you look at these lines in comparison to the other lines, it will tell you if that particular currency is strong or weak in relation to those other currencies. So quite clearly here, you can see the British Pound this at the moment is a strong currency. This is being bought. It means it's going up in value. The weakest currency in the basket of eight currencies down here is this red currency. Going back to the key here, you'll see the red currency is the Swiss Franc.

That means, the strongest currency at the moment is the British Pound and the weakest currency is the Swiss franc. So you ought to be buying the British Pound and you want to be selling the Swiss franc to put the edge on your side. Now, this is on this particular time frame. It's a 15-minute time frame. If you look at this summary chart here, it will show you if the currency is strong or weak on all the different time frames from the 5-minute, all the way out to that one day time period. Blue box would indicate the currency is strong in that time period, and a red box would indicate that currency is weak in that time period. So, currency that's blue across the board will be a strong currency across all time frames. The currency that's red across the board will mean that's a weak across all time frames, giving you even more of an edge. So, let's have a look now at that price action charge.

So, we're looking at the British power in the white line against the red line, the Swiss franc. If you pull up the price action chart, here is the British Pound against the Swiss franc. You can see there's big big buying momentum going on in this currency at the moment. If you want to get the edge on your side, you potentially wanna be buying this currency. Buying the Pound and selling the Swiss Franc against, it makes total sense to be buying something that's strong and selling something that's weak. Why do you want to be buying a currency that's strong and selling another strong currency against? It doesn't make sense. Why would you want to be selling the Swiss Franc and selling another currency that's also weak, as well? It doesn't make sense. You want to be buying a currency that's weak, yeah, that's strong and you want to be selling one that's weak, currencies that are diverging away from each other.

Another way to use the momentum meter, here is by looking for ranging markets. Here, you'll see in the middle of the chart, you'll see the the orange line, that is the Australian Dollar. The brown line is the Japanese yen. These are both hugging each other. They're both stuck in around the center line that both not doing very much. So, if you pull up a chart in the Aussie Yen, you'll see that this currency pair is not trading very much at the moment. It's trading in a very tight range and a range trader will typically be buying down here and they'll be selling up here. And using the momentum meter here, will indicate or show you currency pairs that are currently range trading.

So, another very powerful way of using the momentum meter. Now, the other thing I want to mention here is the market commentary box. I trade throughout the trading day. I streamed several times a day in the forexsignals.com Trading Room. And I'm trading a strategy called the propulsion strategy. And I'm using this indicator to give me heads-up on what currency pairs I should be trading with my strategy. And I'm populating this market commentary throughout the trading day looking for setups telling you what trades, I'm getting into on what I'm saying in the markets. And you can access this all through the forexsignals.com Trading Room. Okay. So, I hope the light bulbs gone off for you. You're now gonna see the market in a completely different light. It really does give you an edge the market that most retail traders doesn't don't even know is outlet.

This is the way that big banks are looking at the market. I hope you enjoyed the video! Give me a thumbs up if you enjoyed the video. Give me a thumbs down if you didn't enjoy the video. Leave me a comment. I love to hear if this makes sense to you. If it's still unclear, let me know. I'll possibly explain it even further. Okay. So it's result time. Now, you'll remember from a couple of weeks back, I offered you the opportunity to enter a competition to win an annual pass to our live Trading Room here at forexsignals.com .The response has been overwhelming.

So, thank you all for taking part, and thank you all also for the wonderful comments that you have also left. We're giving away three annual passes, and the winners have been randomly selected over the 20,000 or so that have entered the competition. And here are the winners...The names will appear on the screen as well. It's Scott Mariani Gene Hudson and Muhammad Aliyu I don't know where you are in the world that doesn't give us that information on the... on the YouTube. But please do send us an email if you're one of those winners. Would love to hear from you. We'll get you set up in the live trading room without delays. A really cool place to hang out. Lots of stuff going on in their live streams throughout the trading day.

As well as some education content and a very vibrant chat as well. So, I'm sure you're going to enjoy that over the next coming weeks and months. Thanks, -- for taking part. Until the next video. Happy trading! .

Download link: http://bit.ly/MomentumMeterDownload Ever asked yourself how the banks profit in Forex? Rather than focus on individual currency pairs in Forex, I use an indicator to identify the strongest and weakest currencies. This indicator is called the "Momentum Meter" and you can download it for free here: You'll need to register for a free account. Remember your username and password as you'll be asked for this when you install the indicator in the property settings. It's compatible with MetaTrader 4 and there is install instructions on how you can get started using it.


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3 common MISTAKES Forex traders make! And how to avoid them?!

3 common MISTAKES Forex traders make! And how to avoid them?!

Hi guys! It's Andrew Lockwood here again. Now, what I found over the years is that there's a consistency in the reasons why many struggle to make it as a trader. And I'm not really talking about the common mistake is a common reason that we've all heard about. About the excessive use of leverage, not using stops or indeed not having a trading plan. But I want to talk to you today more specifically about the actual buying and selling. Way on a chart, you should be buying where you should be selling. We want to show you where to put the high-poverty trades only take those trades that are offer the best chance of success.

And how to avoid the ones that are going to give you higher risk as well. Now this video is brought to you by our partner Broker IC Markets. Trade with IT markets and get access to super tight spreads. Fast and Easy Deposits or Withdrawals. 24/7 helpful Customer Support. Now if you open an account below using the link you also can take advantage of our Specially arranged Commission Structure. Just $per lot traded. Right! Now, let's get to the screens and let's look at these high probability areas of a chart where you should be placing your orders. And also look for the areas that you should be avoiding and staying away. Come on! Let's join me now on the charts. Now, I'm sure you've heard that expression in the past that says "Trading is simple, but just not that easy". Well, I don't think there's a true statement out there that can reflect the trading business in a more accurate way. Which is why I often wonder why many aspiring traders that are coming into the market for the first time make life so difficult for themselves? Putting the odds against them on everything that they do? Now we've all read the books.

You know we've seen the YouTube videos. We all know about the main reasons why traders fail. The excessive use of leverage. Taking on too much risk. Not using a stop loss and not sometimes even having a trading plan. So I'm gonna assume that you've at least got that inside your head. And today we're gonna talk about the three biggest actual trading reasons why many traders fail when it comes to actually reading a chart. And the first reason which I think is linked to the other three is that most traders don't look at the bigger picture. A lot of traders will get fixated on a particular time frame. Be it the one hour, the four hour, the daily weekly or whatever it is. But they're unaware of what's going on in the bigger picture. Now what I'm trading. I'm always looking at the markets with the top-down analysis approach. I'm always looking at the higher time frame. And by doing so, you're not only puts the odds in my favor, and it gives me the higher probability trade setups, but actually keeps me out of trades as well, which increases my win to lost ratio.

So, here you can see how I would typically set up my screens. I used the multi timeframe analysis. Now let's assume that I'm trading on the one hour time chart. I always want to be aware of what's going on on the four hour and indeed the daily. So we start off by plotting our key levels of support and resistance on the higher time frame. And this is example is going to be the daily down here in the bottom right. So the best way to plot support and resistance. Certainly on the daily and on the higher time frames is to use the line chart. Now the line chart reflects the closing price in that particular time period. Shows you who won the battle. It basically ignores the extremes of the weaks. So we like to use the line chart. These are very powerful levels on the daily and set me on the weekly as well.

So it's imperative as a trader. Do you know exactly where these levels are on the higher time frames. We plot these in at the key turning points, or levels that have been respected on more than one occasion. Perhaps plot one in there as well and another one goes in there. And then we toggle back to the candlestick chart and that basically shows you now but the weaks and how they weaks basically were the extremes. But the closing price is the important part. Now once you've done the daily, we drill down to the four hour and do exactly the same. And now the trick is not to place lines of every turn, but just the key levels. Otherwise you'll have more lines on the chart, and you'll end up never may never take a trade. So just kick click your lines in at the key levels the key turning points. But as I say it's imperative that you know what these levels are on the higher time periods from from what you're trading. Now of course, I'm gonna be looking at trading on the one-hour time period.

But now I've got these levels on my chart. So I know exactly where levels are of significance either whether I'm going to trade. Counter-trend off these or indeed fall to use these lines to keep me out of trades or indeed for pullbacks into previous support which often becomes resistance and previous resistance often becoming support. So when you're trading it's always worth having a cast to the right of the screen. In my case, to look at the higher time periods to make sure that you're not coming into a key level.

Now you need to update these periodically, maybe several times a week, just go back and we plot the four hours certainly, maybe do the daily once a week. I generally like to do mine on a Sunday before the trading week begins. But it's imperative that you know where these key levels are on the multi timeframes. Now another very powerful way or the the higher time frames is to look for price action. Certain candlestick pattern formations at key levels.

So for example here on the daily, you see here that we had a very nice bullish pin bar at the bottom of this downtrend indicating that a trend reversal could be potentially on the way. And indeed at the top of this trend we had this bearish pinbar coming in at this level of previous resistance, indicating that a potential trend is reversing. It came back down on herself. And at the top here we see a bearish engulfing pattern again indicating that a potential reversal of trend that we discussed . This is one of our strategies indeed that we talked about in our training room every day at forexsignals.com. So check that out if you haven't already done, so. Now I think the number two reason why many traders fail in the market when they first take up training is because they are trying to outwit the market.

They're trying to be clever. They're trying to pick tops. They're trying to big bottoms. They're tall in the market overbought or they're calling the market oversold, trying to predict the exact turning point of a market. Which is very very difficult even for the experienced trader. What I like to do as a trader, and I've been training for over thirty years is to follow the trend. We've all heard the expression the trend is your friend and that's the way I like to attack the market on an intraday basis. Typically, I'll have my screens looking something like this, so on the daily and on the four hour I will have the fanned out moving averages. I use the 10 the 20 and the 40 on both these time periods. I wait to see the markets fanning out and pointing in a particular direction.

In this case they're all pointing up and price is above the moving averages. So I am now only going to be looking for long trades in the dollar against the yen on the hourly time period. Now I'm gonna wait for pull backs in the market. I'm not going to just buy at the top. I'm gonna wait for pull backs and areas of confluence. Look here! This markets been trending up in the one hour. There's certainly there have been opportunities to try and pick tops and bottoms of this market. You could have picked the top there and you could have got 70 pips out of it. Had you got that one right. You could have picked the top here and got another 70 pips. You could have picked the top here, and if you were to pick the bottom, you know called 40 pips.

But it requires a high degree of accuracy to pick these tops and bottoms. These swing highs and their swing lows. Isn't it far better? Far more opportunity to go with the trend once you've seen it on the higher time frames and that the market do the work for you. Rather than you predict that the turning points are gonna happen. Now a way that I like to get into the market I like to look for confirmation or confidence. So I like to look for certain price action. I'd like to see these pin bars. You see one here. You see one here. There's a bigger one here. When prices come back through these levels of moving average levels that I've got drawn in here or indeed levels of support or resistance. You've got on the higher time frames. You remember we spoke about the high time frame analysis. When you see these pin bars coming in to these levels, and the markets basically trading lower.

And then the bulls take control and push the market back up and closes higher. That's basically a hammer candle or put a bullish pin bar. That's a very positive candle. There's another one in there as well, and there's another one in there as well. There's one there as well. So plenty of opportunities to look for areas of confluence. I also like to look at a 50% pullback. It's a very common retracement level. So I plot a level of potential support to a recent swing high and then wait for the market to come back and and pull back 50% of that move.

That's another level when you see price action at that level like a pin bar or something like that then that again is a very powerful level in order to enter the market. Areas of confluence with the trend is a very powerful way. Many people make the mistake common mistake of trying to pick the swing highs and the swing lows in order to outwit the market. And lastly the third reason why I think many traders fail in this business is because they are over complicating it. They are loading up their screens with masses amounts of indicators. They're out there looking for the Holy Grails, and they've put all these things on their charts, and then all of a sudden. They can't even see the candle for the indicators. Now there's a real common reason people are thinking that they've found the magic sauce to trading by their certain indicators. That's been around for 20 years and has made no one a very rich.

The best way to trade these markets is to have completely clean charts to wipe off all these indicators. Get yourself back to just pure price action. Maybe with a couple of moving averages and maximum possibly one indicator. But that's a real common problem that a lot of trainers have and I think it needs to be wiped out. So those are the three common areas where people are failing in this business First of all they don't look at the bigger picture. They don't analyze the market with the top-down analysis. Secondly, they are not following the trend. Following the trend has it's massive advantages for the new trader.

Trying to pick tops and bottoms although it can be done, it's a very very hard task even for the experienced. And lastly over complication with a mass of indicators. Cut it out! As always I hope you found this video useful. Give me a thumbs up if you did. Give me a thumbs down if you didn't. I'd always leave a comment.

I try to get back to as many as I can. Subscribe to the channel if you haven't already done so. And don't forget to follow us on Instagram as well to keep abreast of everything that's going on here at forexsignals.com. Till the next video happy trading and good luck! .

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