By Daniel Shaw – For a long time only big investors and banks had an access to the international Forex market. With the development of the internet everything changed and today any investor is able to make transactions in Forex market in the internet. Forex software is a necessary tool for the analysis of the Forex market rates and the connection between a trade and an online brokerage company. Despite of the variety of programs and software in the Forex market, there is a number of applications familiar to almost every currency trader and become an integral part of online Forex trading. In this article we will discuss the necessity and functionality of some of the Forex programs.
Forex software can be roughly classified into so-called trading platforms and programs for markets analysis. The difference between them is that the trading platform helps the traders perform the transactions of buy or sale of a foreign currency from the application;s interface, while programs for markets analysis can only analyze data without any possibility of communication with a broker and making transactions. Almost all programs allow you to download not only the historical quotes of the currencies but also the real-time quotes.
One of the most important features of Forex software is that they allow you to work not only with the foreign currencies but also any other traded instruments such as futures, stocks, CFDs, indices and others. The point is that the indicators of technical analysis used for Forex may with same efficiency work for other financial markets. More than that many indicators we use today were originally developed for trading in futures or stocks, and only later were used for Forex. Most Forex programs are universal and built on a general principle. Therefore, once you study one Forex program, you can easily learn the others as well and apply them other financial markets.
Every trader must have a trading platform. Weather it is a downloadable or web software you cannot trade without it. The platform is represented by a broker who provides the traders with all needed data via the trading terminal. There are tens of different trading platforms that you can find online. All of them allow the traders execute the transactions of buy or sell and manage their funds. One of the most popular Forex software today is the trading platform Meta Trader 4 (MT4). Most of the Singapore brokers work with MT4 trading software, though you can also find such platforms as ACT, eToro and others available for trading.
Though every broker may apply different trading conditions on his Meta Trader platform, still there are specific features that can be found in MT4. This trading terminal allows trading with different instruments link Forex, commodities, Futures, Indices, etc. It offers a big variety of technical analysis tools and indicators that help a trader in his work. Besides it is possible to install your own software of indicators to the MT4 and automate your trading. MT4 trading platform allows you to build an unlimited number of graphics with different time frames, receive financial news from your broker and has an internal e-mail. In addition to the PC version, the MT4 has a terminal for mobile devices.
About the Author
Daniel Shaw is an experienced Forex trader and a webmaster. His site Trading Platforms Singapore will teach you different trading strategies and provide you with the latest updates about Singapore online brokerage.