Aug 5, 2008

ForexGen | FOREX Trading Software

If you wish to have success in FOREX trading, the most important thing knows when to get in and when to get out as it will make the difference between huge profits or heartbreaking losses. There are many services available providing signals, and for a modest monthly fee they'll send you real-time signals letting you know when to buy or sell a currency pair. There is also Forex trading software that can generate these signals for you.It is best if you'll be able to identify trends by yourself without having to rely on a signal provider, but this will take time to gain experience and to master the trade. In the meantime, you can make use of some personal FOREX trading software to aid you in your FOREX trades.As mentioned above, there are plenty of signal providers out there, but finding a reputable one can be a tricky task and can cost several hundred dollars per month. Fortunately there's an alternative FOREX trading software that you can download and run on your home computer and will cost much less.There are two pieces of Forex trading software out there right now that are quite popular and offer excellent FOREX signal notification, so no matter if you're a short term trader, swing trader, or long term trader one of these FOREX software programs should be part of your trading arsenal.FOREX Killer is a FOREX trading software program designed to run on Windows. FOREX Killer can take data from any FOREX broker that can export historical data in a .csv format. Once imported into the program, FOREX Killer allows the user to select a time frame and currency pair. Enter your desired stop loss and take-profit level and start the calculation. FOREX Killer generates two sets of signals, short term and long term, and lets you know whether you should buy or sell based on current market prices. This particular FOREX software program supports most of the common currency pairs, as well as gold, stocks, and futures.The next FOREX trading software program to consider is called Prophet1 Expert Advisor. This program bases its signals on two popular indicators, moving averages and MACDs. This allows the user to make use of this software for day trading purposes, but it's certainly not limited to that time frame. Based on back-testing this FOREX software program boasts an admirable 90% win rate, and this is using its default settings. As with FOREX Killer, alerts can be sent via email or to your cell phone.No matter what Forex trading software you end up using, don't rely on it solely to make you money. It can be a powerful tool to help you succeed in FOREX trading, but it's very important that you take the time to educate yourself on the inner workings of FOREX technical analysis. It can seem daunting at first, but once you understand how signals are generated you'll be in a much better position to adapt to the ever-changing world that is the FOREX marketplace.