The amount of software you can find on the internet today is incomprehensibly large. There is no wonder that the savvy developers who were also well versed in finance, decided to make special ones for the Forex market as well. It’s very hard to say which one is the best Forex trading software at this point, because of the major differences between the problems that each of them solves.
For example, you may get a Forex trading software that specializes only in signals and bringing relevant news quickly and efficiently to your device. Some are used for automated trades through algorithms and some even for technical analysis.
Let’s take a look at some of the best Forex trading software in their relative field.
OCO (Order Cancel Order)
Making a definitive guess about the price of a certain currency pair is very hard. Sometimes we want to mitigate the risk completely. Thankfully there is a specific Forex software out there called the OCO Forex trade. It can also be referred to as the one cancels the other, and order cancels other order. To keep it as simple as possible, this Forex software helps traders make bets on both sides of the spectrum. For example, you can bet on the price increase, as well as decrease, minimizing your risk.
However, this is something exclusive to everyone besides US citizens as it is considered an illegal way to trade. If you truly learn the details of Forex TradesOCO, you’ll be able to become the best version of your trader self.
Signals are pretty much self-explanatory. Most of the forex brokers that you will start trading with, will offer this feature as it has become quite popular with inexperienced traders. Even if you are the most seasoned and veteran trader, this free Forex software will still come in handy as they deliver all of the most relevant information about potential profit with a specific currency pair. For example, you may get notified about how it’s good to buy the USD/CNY pair right now as the trade war continues between the USA and China. Small hints like this are definitely a good addition to traders who either don’t have enough time to do detailed research or are just unaware of how to actually do it.
Automated Technical Analysis
One of the most popular Automated Technical Analysis software providers is a company named AutoChartist. Which claims that it’s the leading provider of automatic chart identification and pattern recognition applications.
In short, the company has made a Forex trading software that analyzes the online trading market with the end-product being a discovery of patterns that are based on traders’ preferences. This is a proven tactic as discovering specific patterns within trades, lead to more accurate guesses in price changes.