There are many different types of Forex trading software available. The best one for you will be the one that helps you maximise your profit from Forex trading. Each trader has different levels of experience, time constraints and risk profile, this means that the best software for one Forex trader may not be the best for another. In answering this quora question I will explain the different types of Forex trading software and provide information on what I believe is the best software available for each type. For me personally, the best overall Forex trading software is

There are basically three different categories of Forex trading software; indicators, fully automatic trading robots and semi automatic trading robots. I will take each of these in turn and explain what they are, the benefits and drawbacks of using them and what is the best software for each category.

Many of you will be familiar with simple indicators like RSI and MACD that will be freely provided by your trading platform. These can be helpful but they are usually of limited use and this is why many traders have developed custom indicators that provide more complex analysis. You can develop these yourself if you know how to code but most people usually purchase these indicators from professional traders. An advanced indicator usually performs complex analysis on price data and then displays some kind of graphic on the charts that a trader can then use in their trading decisions. Indicators do not provide buy / sell signals but usually provide some analysis that the trader can then add to their existing analysis. For this reason indicators are usually more suited to advanced traders who already have a trading strategy and are looking to get additional analysis to help with their trading. Beginners can often get a bit muddled using indicators to trade so the other types of trading software are more suitable.

Some beginners like to use fully automated trading software as this is a quick and easy way to get started in Forex trading. A fully automated trading robot is a piece of software that runs on your trading platform and will analyse price movements just like a Forex indicator. The key difference is that a fully automated trading robot will automatically enter trades on your trading account. Beginners can find this attractive because they system will do all the analysis for them and will trade 24 hours a day. However, there are some significant risks that need to be considered before using a fully automated trading system. In using this kind of system you are handing over complete control of your money to the software. There are many horror stories on the internet of bad trading systems losing huge amounts of money and wiping out trading accounts. You can try to reduce these risks but checking reviews of trading systems first from places likeandProfitFbut even if you use a system with good reviews there are still risks that the system will perform poorly in certain market conditions and causes large losses. If there is an error in the code or an interface problem between the software and the broker this could also results in multiple losing trades being opened very quickly that could destroy your account in a very short period of time. I have tested many different trading robots over the years and sadly almost all of them have resulted in losses. However, I have been testingCabex Robotfor a couple of months and have had some small gains so this might be one you consider using.

A semi automated trading system combines all the benefits of a fully automated system but eradicates the risk of many losing trades being automatically opened. For me this is the preferred way to use Forex trading software. A semi automated system can perform extremely detailed analysis of price movement but rather than automatically open trades on your account, the system will provide you with Buy / Sell signals that you can choose to follow. This type of system is very good for beginners because the signals provide all the information they need for a trade, e.g. entry price, stop loss , take profit etc. So it is very simple to use and get started trading Forex. Because a semi-automated system does not automatically enter trades, this means that there is no risk of your trading account being wiped out by rogue trades being automatically opened. I have been using a semi-automated system called1000pip Climberfor a couple of years and have had good results. I run the system on my PC and get buy / sell signals sent to my mobile phone. I usually then enter trades on my phone with my broker app. For me, semi-automated trading systems really offer the best combination of detailed analysis, convenience and risk management.

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