Forex Trading Software

Before you start your currency trading activities you will need to organise your forex trading tools. In particular, you will need suitable forex trading software and you must decide which of the following two options itemised below that you want to follow:

• Installing stand-alone forex trading software on your own home or office desktop computer;


• Utilising internet based forex trading software facilities provided by a broker or financial institution;

Here are our top 10 recommendations you should consider before deciding which forex trading software option is best for you:

1. Software Features and Functionality;


2. Try Before You Buy;


3. Manuals and System Documentation;


4. Computer Configuration Requirements;


5. Access to Necessary and Reliable Market Data;


6. Security Issues;


7. Software Updates;


8. Technical Support;


9. Flexibility and Ease of Use;


10. Access to Forex Markets 24/24;

Software Features and Functionality – most of the forex trading software programs available for purchase and use on your own computer are written by professional traders. The underlying program may have a particular bias based on the dealer’s experience or personal market opinions and may not represent the market as a whole.

Does the software support all the necessary financial markets, provide all the necessary information feeds, support all foreign currencies rather than a few major currencies and is it available in my own national language?

Can I do “what if” calculations and forecasts? Can I print the information on the screen?

Try Before You Buy – is there a demo version you can download and try? A demo version will give you a better idea of which software package you find more user friendly and suitable to the style of trading you want to adopt.

Manuals and System Documentation – Are there any manuals of instruction including online help and easy to follow documentation?

Computer Configuration Requirements – what is the minimum computer configuration needed to run the forex trading software properly. Consider such things as operating system, memory, internet speed etc. Is your own computer adequate or do you have to upgrade it and at what price?

Access to Necessary and Reliable Market Data – What market data will I need and how will this information be provided? How reliable is it? Will the input into the software program be manual or automatic? How up-to-date is it?

Security Issues – Which option provides the better security? How is my personal, portfolio and other data protected? Consider such things as internet security and firewalls, anti-virus protection, hard drive failure and data backup.

Software Updates – how often is the forex trading software updated and is this included in the original price?

Technical Support – who will provide technical support as required? Who will pay for this?

Flexibility and Ease of Use – How user friendly is the forex trading software? Consider such matters as manual or automatic input of important data such as market rates and prices and frequency and SMS messaging.

Access to Forex Markets 24/24 – Will I be able to access the forex markets and other financial markets 24 hours a day and whilst I am travelling away from home?

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