Forex Trader Software
Forex trading software is an automated bot trading robot designed to seek out favorable trading opportunities of a short term nature in the forex market. It could manage you account for a full day if you require. It does not sleep and is not affected by emotions or fatigue.
Making use of advanced mathematic algorithms, they are designed by master traders who are experienced in managing investments. There are some free versions on the internet while the one for sale usually range between $100 and $300. A major advantage of trading robots is that they remove the human factors of greed, fatigue and wrong calculation and interpretation. Many of these programs actually do work although it is necessary to test out the parameters and be sure you are comfortable with the program before investing large sums. Forex currency trading involves a lot of forecasting of expected or predicted trends in the market. Nothing is 100 percent absolute but experience shows that with proper study and measurement of past and present market trends, it is possible to forecast with a measure of accuracy the way the market would or could turn.
There are a lot of techniques and methods used to predict the rise and fall of currency prices. Charts, indicators and flow diagrams all come into play. It is usual for currency traders to incline towards one or two methods which he fully understands to use when trading. Trading software are used by traders either to help them accurately measure all the variables before entering a trade, or to help them conclude an already entered trade even when none is not around.
There are a number of different types of trading software with their unique features which makes them either attractive or the opposite to traders. This software promise or assure you a certain level of accuracy and success, but you can be sure that no software or trading robot as they are called, can guarantee you 100 percent success rate all the time. So before you use trading software it is imperative to understand all the features good and bad and it doesn’t hurt to have a sound money management policy, in case it gives less than expected return rate.
Some forex trading software is useful to help conclude opened trades; you set the stop loss point and other parameters and it simply decides when to exit the trade. Others can be preset to continually monitor and measure the indicators of the market such as oscillators, market relative strength, the average directional index and a lot more. The forex trader software is programmed to enter and open trades when it perceives that the market is promising. When set to run for a period it could open and close as many trades as it deems profitable. Let us now take some time to look at some popular forex trader software or robots with an analysis of their unique and shared features.
Griffin EA 2.0 is a very popular trading tool and is even considered by many as one of the best. It was tested and confirmed based on actual market trends between 1999 and 2007 and proved profitable. Some of its features include a success profit ratio of 89%. That means it offers 89% success rate. It has incorporated money management features such as stop loss (a preset option of percentage loss the system would allow for a trade before stopping the trade). A 2-4% risk per each trade which is quite low. The robot has a full transparent feature that allows a third party login. Griffin EA 2.0 has given a 48.16 rate of return since inception in September 2007
Double play is designed to trade automatically on EUR/USD (Euro against dollar) trade pair. This rot is fully automatic and highly rated. You have options to set your TakeProfit (preset percentage profit which once achieved trade would be stopped), StopLoss point and other parameters. The new version 4.0 decides your lot size based on your account balance. So the lots you get are based on your account size. So it makes your profit work more for you as it has a new risk control feature which allows you determine and set the level of risk you are willing to take. When you get the software, you receive set up instructions and support via mail. You can also set free demo to test in a practice account before actually running it. The new Double Play 4.0 does not rely totally on TakeProfit or Stoploss that is preset. It has an inbuilt 50 pip StopLoss. Users can adjust the risk per trade. The DoublePlay trades just an average of 2-4 times a week. The inbuilt stop loss guards against the risk of losing all of one’s investment in one bad trade.
The Condor trading robot, version .01 is seen as a high performance trading software. It works on currency pairs. It requires no setting at all. It is a News trading software. It allows you to take advantage of large spikes generated after or during news time. It has adjustable TakeProfit, StopLoss, Break Even and trailing Stop variables. Just before news time, a click would activate the charts. They would open their pending orders in the next tic. All you do is drop it on the market charts and watch the robot trade for you and take advantage of the change in the market and charts during the new. When you get this software you would get the software in files, a user manual, a file with latest info and suggested settings you can use and also emails containing technical support or via Skype.
