In February 2015 released an update to its TradeStation Platform – a real time volume indicator. Forex Bonus Lab feels that it was probably one of the last updates the development team got to release. This update was neither a major one or a useful one, as the indication of the volume is only shown for FXCM’s accounts. In other words, the indicated volume vs real volume is just a mouse compared to an elephant.
As a forex trader, you have a choice of two very different tax treatments: Section 988 or Section 1256. With the latter, you report gains on Form 6781 and can split your gains: 60 percent at the long-term rate (15 percent as of 2013) and 40 percent at the short-term rate (your own marginal income tax rate) -- no matter how long you held your position. Under Section 988, you report gains and losses as interest income or loss, with any gain added to your ordinary income from other sources. You can opt out of Section 988 and select the Section 1256 treatment, but you must do so before you start currency trading.
The Forex software plots the exchange rates against some technical indicators to give the trader a chart which can be studied to obtain vital information that will lead to a very good conclusion while trading. The technical indicators provided by the Forex charting software should be carefully considered before choosing the best Forex charting software for trading.
Saxo Bank took second place with its SaxoTrader GO mobile app. SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists. In addition, the broker’s native integration of trading signals and pattern recognition, powered by Auto Chartist, are also automatically synced with its web-platform.
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.
Last but most definitely not least, anyone thinking of using auto trading software must understand the risks involved. There is a good reason why most robots return a very high win to loss rate (often above 80%, sometimes even 90%). That reason is that simply having such a high win rate means that when you do suffer a loss, that loss is substantial. You must be able to psychologically absorb the occasional such loss in the face of a streak of much smaller wins. It is simple mathematical probability that an automated system that wins 90% of the time has wins that are much smaller than its losses.
Although some firms advertise "over 95% winning trades," consumers should verify the validity of all advertising claims. In some cases, software providers will provide authenticated trading history results to demonstrate the efficacy of the programs they're selling. However, it's important to be cognizant of the oft-used disclaimer – past performance is no guarantee of future results.
When testing a new software system, run the tutorial or training function to see if it's adequate and answers all of your questions. You may have to call the support desk for answers to complex questions about programming such as setting the buy-sell criteria and using the system in general. If a "Help" link is offered, determine ease of navigation and usefulness. Some of your questions may not be answered through information in the help section, and knowledgeable support from the system provider may be required.
As the title suggests, I’m looking for recommendations/your opinions on the best charting package to use. I’ve been demo trading on Oanda’s Tradingview ‘Advanced’ charts for the past 6 months, but I find it restrictive when it comes to actual trading. I have been trying out Ninjatrader with a separate demo account and I like it; but I’m not sure if it’s worth the $800 price tag for a lifetime license (and also that only a few brokers support them). Would it be worth me learning MT4? I know it’s the industry standard for retail traders. I don’t care about future proofing necessarily – I just want to starting learning and getting used to a good charting package that I will use when I go live within the next couple of months that won’t have the same limitations as Tradingview. Thanks in advance for any advice!
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One of my friends has developed an EA which is able to plot support/resistance lines on the charts. It doesn’t take any positions at all. So it is not an auto-trading robot. It just plots the lines. He wants to share it on LuckScout for free. It is a while that I am checking it to see if it is good enough to be shared on the site, and I have come to this conclusion that it can help novice traders learn technical analysis much easier and better. So I have decided to share it on the site. This is also the example of a good “white hat” robot. So in general I agree with you that some robots can help.