Online Forex trading is one of the most exciting, fast-paced market around.With well over $2 trillion transactions everyday, its obvious that no other market can do that and every body wants a cut of the pie. Until recently, Forex trading in the currency market had been the domain of large financial institutions, corporations, central banks, hedge funds and extremely wealthy individuals. The emergence of the internet has changed all of this, and now it is possible for average investors/trader to buy and sell currencies easily with the click of a mouse through online brokerage accounts.
With this emergence comes different people that are participating in the market and as such giving room for development in the way people trade currency.
People started using different methods and parameters to determine when to buy and sell currencies.These methods are what guide them in their decision making and as time evolve people begin to automate these methods to give them free time to do other things.
These automated methods are what is called Forex trading softwares today. Forex trading software also called EA’s or ROBOT have so many benefits over manual trading.
Some of the benefits of Forex Trading Softwares include:
* Emotion free, so less trader error
* Better, more consistent risk management strategies possible
* Frees up time and energy
* More complex AutoTrading strategies can be programmed
* Multiple timeframes can be examined simultaneously
* Multiple indicators can be examined simultaneously
* Multiple conditions can be examined simultaneously
* Allows system for defining market conditions ie Volatility, Trending, Consolidation.
* Allows for chart pattern recognition
* Allows for accurate practice testing of AutoTrade strategies prior to launch of funded accounts
* Faster Market entry and exits are possible
* Never sleeps so greater access to Market opportunities
* Virtually any trading style can be programmed to allow more consistent results
* Very cost efficient to program
And so much more.