FOREX Trading Tools

FOREX trading is a fast-paced, and fast-growing, part of the financial services market. Trades between currencies account for trillions of dollars in trades a day. FOREX trading is done by commercial companies, investment firms, hedge funds, and banks, as well as individuals all over the world. For more information about mobile trading, follow the link. The market opens on Monday morning in Asia and is constantly available until Friday evening in North America, allowing traders across the globe to make trades with each other at any time during the week.

There is no central FOREX market, but rather a series of OTC trades. This type of trading would be very limited (and limiting) if not for the software available today that facilitates trades between individuals quickly and easily and without having to make a personal connection. This software is also necessary in FOREX trading because the market moves quickly. If each trade had to be handled over the phone between individuals, it would take too long. With software, the market becomes accessible to traders all over the world at any time of day and trades can be agreed to with the click of a button.

Most FOREX software has other functionality, as well, to make trading easier for investors. This might include tracking features that graph trends in currency exchange rates over time to give you a better idea of the currency's performance while you're holding it. These graphs can also track other indicators that traders use to make trade decisions. Learn more about cTrader forex. Some software has bookmarking or highlighting functions that will spot trades similar to ones you often engage in so you won't have to search manually for these options. You might trade USD/GBP regularly, so the software would highlight USD/GBP trades to bring them to your attention.

Automated tools are another software option for FOREX traders. With automated software, trade parameters are inputted and the software uses this information to find, purchase, and sell currency for you. These tools are used by those without the time or inclination to micromanage their trades.

It also helps to have a way to access your trade accounts while on the go. There are mobile FOREX apps that make trading from your phone or other portable device possible. Trades can be quickly and easily engaged in whenever you have spare time. Mobile apps can also help you track your investments when you aren't actively trading.

There are several different software suites available to traders who use desktops, mobile platforms, or both. Get to know more about an introducing broker. Some companies use proprietary software that is only available to their clients while other software is available more broadly. Some people use the software available as a way to decide whom to do business with.