2. If we are honest, it’s also a bit of an ego-boost. We want people to remember that we were the first people to create an automated Forex Robot that actually works in such a profitable way and over delivers. We are really tired of all those mumbo-jumbo promises of quick riches popping up on the net every other day and we want to be the beacon of light for the average person trying to make a decent living.
As it continues to grow, NinjaTrader has gained substantial accolades. Last year, it was awarded Best Trading Software by Stocks and Commodities 2017 Readers’ Choice Awards. While it cannot compete with MT4 and MT5 in terms of size – which together control roughly half of the retail-user market share – there are several traders that have made the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features, as well as increased access to multiple data feeds.
OANDA doesn’t provide any products to American investors besides forex. In some ways, the clarity and concentration of a forex focus is ideal for all types of forex investors. The inexperienced can set their sights on mastering one corner of the market. The seasoned can take advantage of a trading platform that’s designed to manage nothing but forex. That said, if being able to diversify your interests while staying within the same brokerage is important to you, check out thinkorswim or Ally Invest.
In the early 2000s, a fine line used to exist: brokers were most often concentrated on offering just one asset, for example forex, to their customers. However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers. That said, the range of products and markets you can trade still varies considerably across firms.
Rounding out the top five were FXCM, ADS Securities, and XTB. FXCM’s support had the longest average wait time of our top seven; however, reps were always professional and never had trouble answering our questions. XTB also consistently delivered on its around-the-clock service, and ADS Securities provided tailored support for us as a dedicated customer service representative is assigned to each customer for calls made during regular market hours.
Other types of software make use of specific algorithms and unique methods designed to increase the profit ratio. They take the basic autobot to a different level. This type of software monitors the market and trades on the traders behalf, thus saving the trader time. It collects the data and information from the Forex market and mines the data to make the trades based on concrete facts. It makes the trading simpler and the trader does not have to monitor the market around the clock.
Back-testing – Always look for a Forex trading robot that has been back-tested on various currency pairs, and in a variety of market conditions. Failure to do so will potentially mean you’re flushing all your hard earned cash down the pan. Back-testing will show you how the program would have functioned in different market conditions such as high and low volatility, announcements, and important news. It will also indicate possible losses, wins, maximum drawdown, and the risk and reward that are possible. A genuine robot merchant shouldn’t mind if you choose to do the back-testing yourself. But if they do then this is a sure fire sign that the robot is really pretty worthless.
Many of the best firms will also offer a free, no-obligation test of their software so that the potential buyer may determine if the program is a good fit. If this is the case, test to see if the program is easy to install, understand and use. Also, make sure the software is programmable and flexible so that you may change any pre-installed default settings.
It is difficult to determine which software is the best as there are several different types available, each with their own features and targeted appeal. Once the trader opens a trading account, it is advisable to review the brokers software and search for reviews, if possible. Not only does each Forex trading software have guidelines for traders, but they also help in terms of saving time and money. Trading software has evened the playing field so that even the newest trader can start making money without having to learn about trading the hard way. In this article we will discuss the functioning of currency trading software.
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.
ZuluTrade, founded in 2007, was created in order to enable traders to share their knowledge with people interested in their strategies. In the strictest sense, ZuluTrade is considered a Forex autotrading platform, as it allows traders to automatically copy the trades of others into their own trading platform. Many also consider it a social trading platform, however, because traders can leave comments and feedback and see live feeds of other traders' activities.
Disclaimer: In the interest of full disclosure we can not say that these results are representative of all users. We simply share the results we personally achieved on our accounts during our forex trading. Our results are not indicative of future performance or success. We are not implying that these results can be generally expected or achieved by anyone. There is a substantial risk of loss associated with trading Forex. Past performances do not necessarily indicate future results!
Yes, there are always potential risks when trading in any market, but automation software may help you avoid serious losses. Most importantly, keep a checklist of the most important features you're looking for in a program, the level of customer support, and of course, that no trading system can guarantee 100% winning trades and that past performance is no guarantee of future results.