Forex Trading Software

Good afternoon everyone! As I write this blog entry for you today, I am up $2000 after losing over $1000 on a bad trade this morning. What happened exactly is that I went against the advice of most any Forex expert and I traded out of boredom, and not because the market presented a good trading opportunity. But that’s just it, how can you possibly tell if/when there is an opportunity in the Forex Market? The answer? Forex Trading Software. Now, when I first started out, I used Forex.com’s Forex trading platform which I learned was extremely slow compared to Meta Trader 4’s platform. I eventually found out the Forex.com trading platform and Forex.com itself operates with a trading desk, they are not an ECN, which means they don’t let you have a direct connection to bank quotes, they have a “trading desk” that artificially moves the prices every which way (not exactly illegal, just part of the game).

At any rate, the Forex Trading Software you end up using will have a great impact on the amount money you receive from your Forex experience. I’ve since Migrated to using a broker that allows you to use your own Forex Trading Software, in my case MT4 (Meta Trader 4), which has, arguably, the most up to date quotes a Forex trader can have from his home. I personally love the simplicity and speed of MT4, it is perhaps the most used Forex trading platform in the world today, and for good reason. Even though there are other Forex trading platforms out there, MT4 has the most Forex plugins, the most Forex indicators, the most Forex Robots, and the most custom Forex templates for it than any other Forex trading software in use. I could literally spend a year reviewing each and every one of the indicators and other add-ons that exist for MT4, I will work on a list of them though.

Forex Trading Robot?

I recently purchased a nifty program called Forex Robot Trader (ForexRobotTrader.com), once again I’m not getting paid to turn you on to it, I’m just telling you I’m trying it out. The one major problem with Forex Robot Trader is the fact that you need to be prepared to enter trades for a very long time. Even in the site’s performance records, they have open positions, some are 6000 pips down! Who can honestly afford being down more than a few hundred pips, let alone 6000. That’s why somewhat tight stop losses are advisable. I’ve had at least 30 winning trades with the robot for $10-$20, but 5 really big losses of $50 each or more. So, it’s about even now. The creator of the Robot is a guy named Don Steinitz, I won’t exactly go into how it works, as I’m in the process of testing it out. But I will say the indicators that come with his Robot are free, the 4tF-HAS indicators, Heiken Ashi Smoothed, Full, Simple, and Classic. I’m using full right now. It’s a pretty good system without the bot which I paid for, but the bot actually takes the guesswork out of where to enter and exit a trade.  As is, you really need to get married to most of your trades, some reach the profit limit quick, others it takes hours, some DAYS! You really need a big margin to effectively trade with the robot, that is, if you don’t want to make $1-$5 per day long trade with mini lots.