Forex Trading Software

Intellichart has a robust charting and data feed system.

When you click the "buy" or "sell" button, that's your money whizzing through cyberspace. Your trading software should set a gold standard for reliability. It's a powerful tool that you should confidently trust with a $5 trade or a $150,000 order. Forex trading software can range in price from free platforms available through a broker to trading stations that cost over a thousand dollars. If you're making the move from dabbling in Forex to trading two or three days per week, it's time to crank up your software applications.

Features to Consider

Connect to your broker at the fastest connection speed you can afford.

Ideally, you should have a fast, lightweight client that doesn't eat up disk space and has a graphical interface that's easy on the eyes. The layout should be roomy enough for your charts, orders and the real-time quotes to fit on the screen together. Strategy testing, automated trading and the ability to set up alerts to email you or generate an alarm sound based on price movement will help you with work flow. Read the user's manual and check the system requirements for compatibility with your operating system before you install.

Free Trading Platforms

Demo accounts can be used to test-run a client and sharpen your skills. Meta Trader has become an industry standard and many retail brokers offer it as an alternative to their proprietary systems. If you have a knack for programming you can write your own scripts or choose from the hundreds available in the database. Learning how to use trading software can take weeks -- really. Understanding how to place orders, how to configure technical indicators and customization takes time. Practicing on a paper account will give you a reference point to compare other software applications. Download a free stand-alone copy at metatrader.com.

Independent Trading Software: Ninja Trader

Choose software with responsive technical support and customer service.

Ninja Trader acts like a hub. If you don't like the charting package or trading platform that comes with your broker account, you can use this independent trading platform. The ability to execute trades directly from the chart, add third-party applications and back-test your strategies using historic data in real time simulation set this trading client apart. You can lease the software for $50 each month or purchase a full license for $1,000. Download the free version at ninjatrader.com.

Web-Based Platforms

If you want to access a trading account on the go, you can use a web-based platform. These can't take the place of the software installed on your desktop or laptop. But for grabbing quick quotes or checking the status of a trade try the DealBook WEB platform. MB Trading has a web-based version of its award-winning Navigator application as well.

References

• Meta Trader 4
• Ninja Trader

Resources

• GFT: Dealbook WEB
• MB Trading: MBT Web