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Free Currency Trading Course

Free Currency Trading Course

Forex Trading Software

Forex Trading Software

2 - 3 - minute read

2 - 3 - minute read

Trading software comes in all shapes and sizes. No one package fits all. Now that might seem a strange thing to say as very popular and free trading software (more of why it is NOT actually free in a moment) that will allow you to trade virtually any market on the planet. 

Some people will argue that regardless of what software you are using the very moment you open a chart of a single currency pair, you in effect have dedicated Forex trading software. 

That may be true in term of what you're looking at, I.e. One single currency pair on a screen, but we need to look behind the screen for a moment. 

 All forex trading software, actually all trading software must have data coming in in the form of market prices.  The software takes these prices and from them draws shapes on your current chart.  From this simple fact, we can draw a very logical conclusion. The chart that you are looking at on your computer screen  Is directly linked to the data that you are receiving. If you were collecting different information, then you would be looking at a different chart. If you were looking at a different chart, you would likely be making different trading decisions.  Different trading decisions almost certainly result in different profits or losses from your Trading.

Earlier I mentioned free trading software. Following the old adage, "there ain't no such thing as a free lunch"  let's have a look at why this very high-quality trading software might not be entirely so free as first implied.

Free Forex Trading Software

 Free naturally means you are getting something for nothing. If someone were to walk up to us in the street and start handing us some free money, we would in all likelihood, be extremely suspicious and certainly somewhat cautious. The reason for this suspicion and caution is rooted in the very human obligation for reciprocal return. This reciprocal return creates an obligation in us to return something back to the provider.

Today from behind our computer screens we can be given all manner of seemingly free things, but as we are not directly faced with another human being giving those things, the reciprocal obligation does not kick in, in the same way as it does face to face.

 Ever been invited to someone's house for dinner? And then NOT felt obligated to return the invitation? That's a reciprocal obligation that you felt.

But make no mistake,  there is a reciprocal transfer that comes with your free Forex trading software.  This transfer is going to pay dividends for the provider of that software.

 Let's get back to our market data for a moment. Your free trading software is going to be supplied by your broker. This is the broker that will be holding your money on deposit to facilitate your Trading.  As explained earlier for trading software to work, it has to be fed with data in the form of market prices, which then allows your software to chart the market in graphical format. Your free forex trading software, supplied by your broker will be getting its data directly from your broker. Brokers can and do generate their own prices based upon real live currency exchange rates.

Hopefully, you are starting to make the connection here? If you are given even slightly different prices from actual real-life currency exchange rates, even if it is a 10th of one pip your broker will be making a parasitic profit based on the difference between the real currency exchange rate that is quoted in that instant.

 And finally, before we leave the topic of free Forex trading software, there is one other consideration of this slightly incorrect market data which is as I mentioned earlier different data will by default draw a somewhat different chart which could cause you to make ill-informed trading decisions.

Best automated forex trading software

 What is the best automated trading software?  To answer this question, we should first look at why you would want an automated trading system. The answer to this question might seem very obvious at first.  Basically, you are interested in having something automatically deposit money into your broker account and finally into your bank account while you are sipping a pina colada  I sun-kissed beach.

Okay, I may have been a bit extreme on that example so let's wind that back a bit. The reason traders will search for the best automated forex trading software is to absolve them from the responsibility of personally making the decision whether to buy or sell at any given point. 

This search for automated software only ever begins because of the confusion and indecision that builds up in the traders' mind. This build-up is as a result of not fully understanding how and why prices move as they do. We talk about this in another discussion titled Trading Beliefs but briefly. No trader will ever buy anything until they believe it is going to rise in value and conversely, no trader will sell anything unless they believe it is going to fall in value. What this translates to in the real world of Trading is that what a trader BELIEVES about the future direction of the price will directly influence whether a traders buys or sells.  This leads us nicely into another much sought-after trading product.

 Automated Forex Trading Robot

 The automated Forex trading robot would better fit into that idea of sipping a Pina Collada on a sun-kissed beach. The subtle difference between automated Forex trading software and a trading robot might come down to something where for an automated system you would manually select the markets you were interested in Trading and then you would set up your automated rules based on that selection.

The automated trading robot, on the other hand, takes on a life and mission of its own. You send it off into the ether as it were to scan every currency pair on the planet until it locks onto a pattern that you have told it to trade.  

Ironically, far from being able to sit on a sun-kissed beach while this robot deposits money into your bank account, you will discover that traders who use trading robots spend more time staring at a screen monitoring what the robot is going to do than most day traders who are manually trading. 

The single most potent automated trading robot is almost certainly located between our ears, we just have to learn how to activate it.

Best Forex Trading software for beginners

Unfortunately, the beginning trader is more often than not, because of sheer market domination by META TRADER subjected to the world of free trading software, free market data, free trading signals and free training.  When you think about it trading financial markets is an incredibly enticing world. Everything is FREE, and you can make an endless amount of money.  

The trading environment Must be one of the most benevolent moneymaking opportunities on the planet.  Come on in and join the party!

But it goes even further….If YOU today wanted to set up a brokerage firm, you would need software so that your trading customers could place trades through you. Well if you popped over the MetaTrader leading software site, you can get set up in no time at all. You might like to pay close attention to the infographic there that shows how the actual market data passes though THEIR server before reached the market charts of your servers. 

 So back to our question, what is the best forex trading software for beginners? The best when you're starting out and just getting your feet wet in the business probably is some free software. However, the real danger in this is not the software itself but rather how the human mind locks onto and gets addicted to pattern recognition. Within a matter of weeks, your trading brain will be addicted to candle patterns, and you run the very real risk of disappearing down the rabbit hole that many traders fall into.

Before you make a decision on the route, you wish to take concerning trading software you might like to visit the discussion where we weighed up the pros and cons of trading beliefs as opposed to trading price action.

Find our more below on my free wealth creation course

Trading software comes in all shapes and sizes. No one package fits all. Now that might seem a strange thing to say as very popular and free trading software (more of why it is NOT actually free in a moment) that will allow you to trade virtually any market on the planet. 

Some people will argue that regardless of what software you are using the very moment you open a chart of a single currency pair, you in effect have dedicated Forex trading software. 

That may be true in term of what you're looking at, I.e. One single currency pair on a screen, but we need to look behind the screen for a moment. 

 All forex trading software, actually all trading software must have data coming in in the form of market prices.  The software takes these prices and from them draws shapes on your current chart.  From this simple fact, we can draw a very logical conclusion. The chart that you are looking at on your computer screen  Is directly linked to the data that you are receiving. If you were collecting different information, then you would be looking at a different chart. If you were looking at a different chart, you would likely be making different trading decisions.  Different trading decisions almost certainly result in different profits or losses from your Trading.

Earlier I mentioned free trading software. Following the old adage, "there ain't no such thing as a free lunch"  let's have a look at why this very high-quality trading software might not be entirely so free as first implied.

Free Forex Trading Software

 Free naturally means you are getting something for nothing. If someone were to walk up to us in the street and start handing us some free money, we would in all likelihood, be extremely suspicious and certainly somewhat cautious. The reason for this suspicion and caution is rooted in the very human obligation for reciprocal return. This reciprocal return creates an obligation in us to return something back to the provider.

Today from behind our computer screens we can be given all manner of seemingly free things, but as we are not directly faced with another human being giving those things, the reciprocal obligation does not kick in, in the same way as it does face to face.

 Ever been invited to someone's house for dinner? And then NOT felt obligated to return the invitation? That's a reciprocal obligation that you felt.

But make no mistake,  there is a reciprocal transfer that comes with your free Forex trading software.  This transfer is going to pay dividends for the provider of that software.

 Let's get back to our market data for a moment. Your free trading software is going to be supplied by your broker. This is the broker that will be holding your money on deposit to facilitate your Trading.  As explained earlier for trading software to work, it has to be fed with data in the form of market prices, which then allows your software to chart the market in graphical format. Your free forex trading software, supplied by your broker will be getting its data directly from your broker. Brokers can and do generate their own prices based upon real live currency exchange rates.

Hopefully, you are starting to make the connection here? If you are given even slightly different prices from actual real-life currency exchange rates, even if it is a 10th of one pip your broker will be making a parasitic profit based on the difference between the real currency exchange rate that is quoted in that instant.

 And finally, before we leave the topic of free Forex trading software, there is one other consideration of this slightly incorrect market data which is as I mentioned earlier different data will by default draw a somewhat different chart which could cause you to make ill-informed trading decisions.

Best automated forex trading software

 What is the best automated trading software?  To answer this question, we should first look at why you would want an automated trading system. The answer to this question might seem very obvious at first.  Basically, you are interested in having something automatically deposit money into your broker account and finally into your bank account while you are sipping a pina colada  I sun-kissed beach.

Okay, I may have been a bit extreme on that example so let's wind that back a bit. The reason traders will search for the best automated forex trading software is to absolve them from the responsibility of personally making the decision whether to buy or sell at any given point. 

This search for automated software only ever begins because of the confusion and indecision that builds up in the traders' mind. This build-up is as a result of not fully understanding how and why prices move as they do. We talk about this in another discussion titled Trading Beliefs but briefly. No trader will ever buy anything until they believe it is going to rise in value and conversely, no trader will sell anything unless they believe it is going to fall in value. What this translates to in the real world of Trading is that what a trader BELIEVES about the future direction of the price will directly influence whether a traders buys or sells.  This leads us nicely into another much sought-after trading product.

 Automated Forex Trading Robot

 The automated Forex trading robot would better fit into that idea of sipping a Pina Collada on a sun-kissed beach. The subtle difference between automated Forex trading software and a trading robot might come down to something where for an automated system you would manually select the markets you were interested in Trading and then you would set up your automated rules based on that selection.

The automated trading robot, on the other hand, takes on a life and mission of its own. You send it off into the ether as it were to scan every currency pair on the planet until it locks onto a pattern that you have told it to trade.  

Ironically, far from being able to sit on a sun-kissed beach while this robot deposits money into your bank account, you will discover that traders who use trading robots spend more time staring at a screen monitoring what the robot is going to do than most day traders who are manually trading. 

The single most potent automated trading robot is almost certainly located between our ears, we just have to learn how to activate it.

Best Forex Trading software for beginners

Unfortunately, the beginning trader is more often than not, because of sheer market domination by META TRADER subjected to the world of free trading software, free market data, free trading signals and free training.  When you think about it trading financial markets is an incredibly enticing world. Everything is FREE, and you can make an endless amount of money.  

The trading environment Must be one of the most benevolent moneymaking opportunities on the planet.  Come on in and join the party!

But it goes even further….If YOU today wanted to set up a brokerage firm, you would need software so that your trading customers could place trades through you. Well if you popped over the MetaTrader leading software site, you can get set up in no time at all. You might like to pay close attention to the infographic there that shows how the actual market data passes though THEIR server before reached the market charts of your servers. 

 So back to our question, what is the best forex trading software for beginners? The best when you're starting out and just getting your feet wet in the business probably is some free software. However, the real danger in this is not the software itself but rather how the human mind locks onto and gets addicted to pattern recognition. Within a matter of weeks, your trading brain will be addicted to candle patterns, and you run the very real risk of disappearing down the rabbit hole that many traders fall into.

Before you make a decision on the route, you wish to take concerning trading software you might like to visit the discussion where we weighed up the pros and cons of trading beliefs as opposed to trading price action.

Find our more below on my free wealth creation course

Forex Trading Software

Forex Trading Software