FX, Forex, Forex market, currency trading – no matter what you call it, this high potential market is unique in more ways than one.
Not only is it extremely liquid, but it also operates 24 hours a day, around the world, and trades larger volumes than any other market. The foreign exchange market is a competitive and open market because you only need capital to enter.
Its flexibility, combined with the success of countless traders with different levels of expertise, proves that there is more than one way to eat an elephant.
However, one of the biggest drawbacks of the foreign exchange market has always been it’s high time consumption. As currency values change constantly, traders generally needed to monitor these variations to focus on a good exchange.
That is until the automated Forex trading software arrives and today I’ll be writing about the top 3 Forex trading software.
So, don’t go anywhere, because I’m about to begin.
FOREX.com, Benzinga’s leading forex broker, is at the top of the list because of its MetaTrader4 platform, training, tools, and more. MetaTrader 4 specializes in the forex market and the implementation of automated trading. It literally supports thousands of trading robots and technical indicators.
Its parent company, MetaQuotes, has been a pioneer in the development of forex trading and forex trading platforms. Although it is not an automated trading software, it offers the largest selection of trading applications in the world, up to 1,700 different trading robots.
Do not know what’s best for you?
Several EAs supported on MT4 are available for lease and purchase. So you can try products for a month and even a year.
MT4 and its younger brother, MT5, which focuses more on the securities and futures markets, are available through dozens of forex brokers online, but FOREX.com is our first choice. The company will soon support MT5.
This trading platform is rich in resources for traders focused on futures and forex. Although this platform offers fewer options than the thousands available on MT4, the more than 100 technical indicators and automated trading options of Ninjatrader have received many positive reviews from traders.
Indeed, ninjatraderecosystem.com has a special resource community that allows you to buy a trading robot that executes orders, receive daily education and training, and customize your trading indicators, signals, and strategies.
A Market Replay feature also allows traders to download historical data and simulate transactions for future practice. As it grew, NinjaTrader received substantial praise. Last year, he was voted Best Trading Software by the 2017 Readers’ Choice Awards of Stocks and Commodities Magazine.
Although it can not compete with MT4 and MT5 in terms of size – which together control about half of the individual user market – several operators have taken the leap from MT4 to NinjaTrader for the quality of its graphics and its features increased customization, as well as increased access to multiple data streams.
However, the more advanced presentation and advanced tools of NinjaTrader are not designed for novice traders. On the contrary, the platform is aimed at customers such as the already professional trader, who is familiar with the terminology, presentation, and business functionality.
So, if you’re new, NinjaTrader can be a platform to take into account once you’ve gained experience. NinjaTrader always offers free advanced graphics, strategy analysis, and commercial simulations.
In terms of payment services, NinjaTrader offers several options: You can rent the program for three months at $ 180; six months to $ 330; or one year for $ 600.
You can purchase a $ 999 Lease or you can choose not to buy/lease the platform and trade through a chosen broker, but this will result in higher commission fees than those who rent or buy the program.
NinjaTrader is available on Forex.com for US customers, and Oanda NinjaTrader itself does not offer its services for smartphones or tablets, although there are several plug-ins on the market that you can put on your device to be notified of updates.
If you know that you’re interested in algorithmic trading but choose between dozens, if not hundreds, intimidates you, TD Ameritrade and Interactive Brokers have gained a solid reputation for internal auto-trading features.
Thinkorswim operates under the parent company TD Ameritrade, an American veteran of the financial sector. Thinkorswim is among the best brokers for the availability of currency pairs.
If you are interested in trading in stocks, options, futures, and currencies, you can easily consolidate all your transactions into a concise account.
More importantly, Thinkorswim’s customizable and automated trading platform has received significant positive reviews from the trading marketplace. You must register to use the platform’s newsletters. If his robot can help you make big profits, it will probably be a small price to pay.
Note: Thinkerswim is not a platform for novice traders, whether you are focusing on forex or other commodities, which is evident in its minimum deposit of $ 3,500.
However, you can earn up to 60 days of free commission as a new customer. Thinkorswim offers a range of mobile trading options, available on all Apple phones, tablets, and watches, as well as Android smartphones and tablets.
Benefits of Automated Forex Software
It’s no secret that the potential capabilities of Artificial Intelligence (AI) can, in many ways, far exceed human capabilities. And yet, when it comes to forex trading, an Expert Advisor (EA) or a robot – as is often called algorithmic trading – never beats the human spirit in every case.
However, it offers several benefits that can make you a better trader. The main reasons to implement AI in your trading system via automated software:
Artificial intelligence works in real time reduce analysis time, speeds up transaction execution and, hopefully, increases your profits.
AI is unbiased and prevents you from being misled by human emotions or misconceptions.
For example, you may unconsciously avoid trading a given currency pair because of negative past experience, even if a new opportunity arises again. Your automated trading software can give you an objective goal and help you avoid human pitfalls.
Artificial intelligence programs can perform many tasks much more precisely than humans. The automated forex trading software can handle multiple accounts at the same time, as opposed to conducting singular manual transactions without it.
AI makes decisions based on historical data and analysis, which can help traders learn from past mistakes. However, good backtesting from your trading robot does not guarantee that it will perform as well in the future.
Whatever your research, remember that the perfect forex trading robot just does not exist. Humans excel in economic conditions and current events that could influence currency prices, and robots are much better at discovering positive trends and trade signals. The best trader will use a combination of the best performances.
So, this was some information regarding 3 Best Forex Trading Software of 2019. If you find it helpful then please let me know.
Also, read: Why Forex broker offers a Deposit bonus?