Using the right software can speed up your learning process, streamline your trading workflow and increase your efficiency. All of which can improve your trading returns. Back in the day, Forex software was pretty glitchy, so I would always keep my eye out for the next best thing. Whenever a new product came out, I would do my best to give it a try. But software has become much more stable over the years and I find myself sticking with the same products because they work well.
Here are my picks for the best Forex trading software products available today. Forex Tester 4 Backtesting Software. Soft4FX Backtesting Software. TradingView Charting and Trading Platform. Forex Tester 4 Backtesting Software This software has helped create more successful traders than any software I know of.
Speed up your education by practicing trading with historical data. Experience that you would otherwise take you months or years to acquire can be gained in as little as a weekend. The discount can vary by month because they sometimes run specials, which are added on top of my discount. So to find out the best price on Forex Tester right now, go to this page. You will also see a couple of case studies on that page where successful traders have used the software to go from amateur to pro.
But overall, it does the job. But if you are on a budget, this solution might work for you. Learn more about Soft4FX here. It is becoming harder and harder to justify using downloadable software like MT5 and NinjaTrader, especially after you have used TradingView, even just a few minutes.
The bottom line is that I used to spend way too much time setting up MetaTrader, backing it up and solving issues. FX, forex, foreign-exchange market, currency trading — whatever you choose to call it, this high-potential market is unique in more ways than 1. As currency values constantly change, traders usually needed to watch these variations in order to hone in on a good trade. That is, until automated forex trading software came along.
While major institutional investors were the 1st to implement and carry out algorithmic trading, the influx of automated forex trading software intended for the personal forex traders is now a rapidly growing market. And yet, when it comes to forex trading, an expert advisor EA or a robot — as algorithmic trading is often referred to — does not beat out the human mind in all cases.
However, it does offer several benefits that can make you a better trader. The top reasons for implementing AI into your trading scheme through automated software:.
MetaTrader 4 specializes in the forex market and the implementation of automated trading and supports literally thousands of trading robots and technical indicators. Its parent company, MetaQuotes, was a pioneer in the development of forex trading and charting platforms. While it is not itself an actual automated trading software, it boasts the widest selection of trading applications in the world, up to 1, different trading robots.
Not sure which is right for you? Several EAs supported on MT4 are offered for rent as well as purchase, so you can try products out for as little as 1 month and up to 1 year. This trading platform is rich in resources for traders focused on both futures and forex. The platform has a special community of resources available where you can explore indicators and strategies built by 3rd party developers.
These range from automated strategies for order executions, education and training as well as hundreds of indicators, signals and strategies to personalize your platform. If you are just starting out, NinjaTrader also provides unlimited free access to real-time and historical forex market data without a brokerage account. This makes it an ideal platform for new traders ready to use advanced charts and a free simulator until they are ready to enter the live market.
While it cannot yet compete with MT4 and MT5 in terms of size, many traders continue to make the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features , as well as increased access to multiple data feeds. A market replay feature also allows traders to download historical data and simulate trades for further practice.
NinjaTrader does have a wide range of useful educational materials available, including daily training webinars designed to educate new users, hundreds of on-demand training videos, help guides and an informative YouTube channel. NinjaTrader always offers free advanced charting, strategy backtesting and trade simulation. In terms of services for payment, NinjaTrader provides several options.
Through NinjaTrader Brokerage, you can use a free version of the trading platform, which is included with your account. The thinkorswim platform operates under the parent company TD Ameritrade , an American veteran in the finance industry, and thinkorswim sits among the top brokers for currency pairs. If you are interested in trading stocks, options, futures and forex, you can comfortably keep all your trades together under 1 concise account.
If its robot can help you accrue lofty profits, it will probably be a small price to pay. Several things make this forex charting platform truly useful. First of all, the quality of the feed. The prices offered with this service are some of the best available. In addition to this, it has a wide range of available indicators and tools, making it one of the best options for manual Forex analysis software.
The main beauty of this forex charting platform is that it is vivid. There are thousands of traders and analysts that are frequently publishing their forecasts and ideas, providing comments, and assessing the content. You are not just provided with powerful forex graphs, forex charting tools and great analytics - you are also supplied with a chance to discuss a certain topic or a certain trading idea with another trader.
This forex chart website is such a powerful forex charting tool for illustrating graphs that you can generally substitute your trading platform with it, but only for charting purposes, as it is not possible to trade using TradingView. Nevertheless, you can use the trading charts across multiple devices, with all of your settings saved in the cloud, and you can simply execute the trading orders on your mobile platform. These qualities certainly make this application a solid choice for mac users searching for mac forex charting software or those not trading with Admirals.
This service works on a freemium model, meaning you can sign up and use quite a large share of the services without paying a single penny. However, you would need to get a paid membership if you want to extend the scope of the possible services. Many people are curious about using a certain forex charting software on their mobile. Unfortunately, even though the FX Industry is one of the most developed technically speaking, it still doesn't have great forex charting software for smartphones.
As we do not want to recommend you a software that is not considered to be one of the best Forex charting softwares, we will only suggest that you consider going for the MT4 and MT5 mobile phone apps from MetaQuotes. These applications are available for Android and iOS , so you can make good use of them. You are supplied with an interface that is similar to your desktop trading charts, and there are also some indicators available.
Currently, mobile apps from MetaQuotes appear to be one of the best choices for Forex traders aiming to get one of the best forex charting softwares for free on their mobiles.
It is also important to state that some desktop trading platforms can now be easily substituted with a mobile app, as it is quite easy to execute a trade by clicking just a few buttons. When it comes to forex graphs, trading charts and analysis, it is vital to understand that charting and analysis should be still be performed on a desktop. As we mentioned above, If you are ready to start live trading on the markets, a trading platform with built-in forex charting software like in MetaTrader 4 and MetaTrader 5 will serve most of your charting needs and allow you to trade on live markets.
Gain access to real-time market data, technical analysis, insight from experienced trading experts, and thousands of trading instruments to trade and invest with. Start your trading journey the right way, click the banner below to get started! Traders choose futures trading for several reasons.
The futures market is highly liquid and futures can be a good choice for diversifying a portfolio and hedging. What is the best charting software for futures trading? While it's not possible to say which trading platform is best for futures, we can give a forex charting software review of a popular trading charting software for futures trading.
Why would you want to trade CFD futures instead of directly on the futures market? Here is a comparison of CFD trading and futures trading:. While there are some advantages to trading futures directly on the futures market, including full price transparency and cost-effectiveness for advanced traders, there are many advantages to trading CFDs. Such benefits make them a popular trading instrument among many futures traders.
Perhaps you already knew that Admirals offers the ability to trade Forex, Stocks, and more, but did you know that Admirals also offers the opportunity to trade CFDs on futures? That's right! You can set up your live account and start trading CFDs on futures by clicking the banner below:. What is the best charting software for day trading?
As with the other forex charting software reviews in this article, we can't say which is the best charting software for day trading. Finding the best charting software for trading is a matter of personal trading style and preference and differs from trader to trader.
What software do expert traders use?
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