The most profitable stock traders often act on inside information, or information about the market that the average investor does not know or even have access to. This is not true of the forex trading market. All the information needed to analyze the market and make well-researched trades is available to anyone. The problem is having the time to gather enough information, analyze that information and turn it into profitable trades.
That's where forex trading software comes in. It is designed to follow trends in the market and recognize when a favorable position is likely to occur.
That does not sound so hard. And, in fact, it is not. You can learn which trends to watch for and gather all the information yourself. The trouble with doing it manually is that the amount of data needed to track trends of every currency pair is voluminous! You can cut it down some, spend full time at it and still miss some important profitable trends. Having software do it for you is a huge assist.
Another good reason to use these forex trading analysis tools is to learn how the forex market works. Charts and analyzes will lay out the trends the software is tracking. When it makes a recommendation, you'll see what happened in the market to make the software foresee a significant jump coming. In this way, you'll gradually increase your knowledge and learn how to make a greater percentage of wise trades.
Here are two good forex trading software packages at different price ranges. Choosing either one will be of great benefit. Of course, the more expensive one is superior by far, but your budget may dictate where you start.
Trading Solutions is one of the most comprehensive forex trading tools on the market. It is very customizable and the incredible in-depth analysis given is second to none. Here are some of its features:
– Flexible charting tools – Easy-to-use interface – Customizable spreadsheets – Step-by-step wizards – Advanced technical analysis – Comprehensive signal analysis
It's pricey at $ 995, but it's worth it, if you can afford it. Plus, you get a free trial. Give it a try and see if your trading success improves during the trial period. Perhaps you'll find a way to dig up that purchase price!
At $ 79, Lazy Trading is a much less robust tool for forex trading. But it could be the right tool if you're a beginner and just can not afford a more complete software analysis package.
It's a simplified version in most ways. It still does all the hard work by retrieving the forex data and analyzing and finding the trends. However, it will not present the detailed charts and in-depth analysis that Trading Solutions does. Instead it just displays a simple text recommendation saying if you should trade and if so, what you should trade. If you still find all the graphs and stats confusing, this will work for you as you learn. If you're experienced at forex trading, this one will surely be missing the detail you'll want.
No matter which forex trading software package you choose, you should see a substantial increase in favorite trades in your account by using it.