Forex Trading Programs

Online trading software is software that is downloaded onto your computer and makes available numerous trading tools through the internet. It is via the software that you can track the market and perform trades. In most trading platforms you will find the following basic functions: Trading Currency rates Open Positions Position Closing Entry Orders Account Account history

Features and Functions - Don't Trade at a Broker Without Them!

The most basic function you can expect to find in trading software is the trade function. This will most likely be some sort of window in which you can bid for (sell) or ask for (buy) currency. You enter the amount of lots you wish to trade, and with the click of a button, youre trading.

The next basic feature is the currency rates display window. This will either be a table or a chart. The currencies are listed by pair and there will be a buy price, sell price, day high, and day low. Ideally, you should look for software that has a live feed; with a live feed, you know that you are trading with the most up-to-date information. In the display window, you will have options for how to view the charts (whether you prefer Candlestick, line, or bar). Additionally, another important feature is the automatic calculation of important market indicators that will help you predict trends and stay one step ahead of the game.

The positions window will display all of your open positions. (Open positions are buy-orders that havent been sold, futures contracts, or other risk holdings). Many programs will automatically calculate your position on a given currency accounting for the net total of all of your holdings. For example, if you are holding on to USD/JPY and USD/EUR that are waiting to be sold, the program will automatically offset the price of the yen and the Euro to give you the current net worth of your USD position. Some software will allow you to preset a price at which you want to close your position, and will the subsequently automatically perform the trade when the said price becomes available.

Entry orders will allow you to preset a price at which you want the software to buy or sell. For example, an entry limit order will set a low limit at which the program should purchase or set a high limit at which the program should sell. An entry stop order means the reverse, i.e., to liquidate if the price drops.

Another standard function is a display of the status of your account.

This will include:

Total account balance Equity (balance offset by positions) Used margin (open positions) Usable margin (available equity) Total gain and loss in all open positions

The software should also offer your account history. That includes all trades, open and closed positions, contracts bought and sold, etc You should look for software that offers analytic reports of you account history; this will allow you to look back and learn lessons from your prior trading history.

Online trading software is the best way to take advantage of the modern world of forex. The software makes available all the necessary tools for profitable trading. It is highly recommended to open a demo account and try out the software for yourself. Many online brokers will allow you to open free accounts with no real monetary commitment in order to experience the easy use of the software. In the modern forex market, have online trading software is like having a little computerized broker at your fingertips.

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