Jan 31: Tips on Choosing the Right Forex Software for Your Needs

by David Jenyns on January 31, 2007

If you’re interested in getting started in playing the field in forex trading, then you will find that there are a large number of software programs available. Whether the software programs you need are desktop based or web based, either one can be used in your forex trading. There are many brokers who offer their clients software packages free of charge or they can be a part of opening a trading account with a particular brokerage.

Normally the software that will come with your open trading account is the very basic model, with the bare minimum of what you can use, or even need. Occasionally, these brokers will offer extra features at a cost. So when you’re considering which broker to open an account with, you may want to consider what software packages they offer to correspond with your account. There are many web site’s that offer free demo accounts, allowing you to download different packages so you can try before you buy. Using a free demo account will give you a better idea of what software you would like to use and will help prevent buyers remorse.

The basic software’s available are the desktop and the web based. Which ever one you choose will depend on your preference and other technical constituents. The forex market is obviously very dynamic which means that you will want to get the software that is the most reliable and up to date connection to the data as possible. Now, let’s talk about your internet speed connection. Your internet speed connection is a very important factor and if you plan on playing the forex game, you will need to go from dial up to either DSL, even broadband if you can afford it. The faster it is, often the better. Your internet connection speed is a major factor when considering what forex trading software to use.

Another great consideration would be one of online security. Most web based forex software is generally more secure than the desktop based software packages. If you choose the desktop software, then all of your information and your data are stored in your hard drive, making all your valuable information vulnerable to a number of security infractions. If a virus invades your computer, then all of your personal data and the integrity of your trading system can be jeopardized. If you’re hard drive crashes, then all of your important data will be lost forever. Another threat would be those hackers who can hack their way into your computer and gain access to all of your personal information and trading systems.

If you decide to go with the web based trading software then most of the maintenance and security issues are handled by the provider of the package. The internet based foreign exchange systems are readily hosted on secure servers, like the servers that credit cards are processed on. This will give you more protection, with less hassle, as your data is encrypted. Along with this protection, your software provider will protect you from losing data by providing mirrors and backups of your account data.

You may also find that internet based software is more convenient, aside from the extra security when you’re considering on what software would best suit your needs. Moreover, the software will run on your regular web browser, so there won’t be any software you would have to download, meaning you will always have access to the most current features and versions of that software. In addition, if you frequently travel, you are sure to appreciate being able to log in to the internet from any computer and have all of your information immediately accessible.

Whatever option you decide to use, choose the forex trading software that you personally find easier to use. Just because particular software works wonders for your friend or colleague, doesn’t mean it will work the same for you.

If you’re new to the trading game, then it would be best to have two accounts, one with your software of choice and one demo account. Considering that you learn as you play the trading game, you can keep one account that you will actually use to trade real money; and the demo account, to use to test any alternative moves. You can also use your demo account to overshadow the trades in your real account so you can see if you are being too conservative.

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