The best forex trading software displays colse to real-time exchange rates that change along with the market as it ticks up and down over time. Naturally, the best type of real time exchange rate is one you can deal on. This way, when you go to enter a trade or an order using your forex trading platform software, you do not get surprised about where the market really is trading.
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System gone haywire – Even the best automated day trading software can trigger false trends. As price reacts to unfolding developments a false trend can spiral out of control. This was demonstrated in August 2012 by Knight Capital group; who lost over $440 million in just half an hour when their trading software went rogue in response to market conditions.
Aside from cost and sign-up bonuses, the technical elements offered by each software must be considered thoroughly. For instance, what technical indicators are built into the software? If you are a technical trader, meaning you use price-derived formulas to make actionable decisions, then having a modest set of technical indicators will play an important role in your ability to consistently follow trading rules over the long term. Most Forex trading software like MT4 and FXCM’s proprietary platform have built-in standard and custom indicators like Bollinger Bands, Moving Averages, and Stochastics. Advanced traders can even upload custom indicators they’ve made or sourced from the online community.
In most cases, this software is useful for Forex traders when their trading platform does not provide sufficient charting capabilities, analytical tools or other features a trader might find useful. There are many Forex brokers out there that can supply you with a platform, but often they will have very limited functionality - where you can just open the orders, modify them and preview the pricing. This is where charting software comes handy, as it allows the traders to use more advanced software for their analysis.
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By default, retail FOREX traders fall under Section 988, which covers short-term foreign exchange contracts like spot FOREX trades. Section 988 taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners. An advantage of Section 988 treatment is that any amount of ordinary income can be deducted as a loss, where only $3,000 in capital gains losses can be deducted. Section 988 gains or losses are reported on Form 6781.