What is the best free software for Forex trading? What free Forex software can provide you with the best possible forecasts and analyzes to trade Forex successfully? Is there a forex automatic trading software that does not require programming skills to work with it? Read this post to find answers to these questions.
Forex trading platform is a trading software that will not only allow traders to analyze currency markets and trade forex and CFD online. Some trading platforms like Metatrader 4 (MT4), Metatrader 5 (MT5) and Trade Station work with their own programming languages and allow traders to use and test automated strategies. Unlike them, most browser-based platforms (WebTrader) do not offer automated trading functionality or modern Forex indicators.
Forex Analysis Software
The purpose of the analysis in Forex trading is to provide Forex traders with tools to predict market movements. Even the most basic trading platforms provide at least some tools to work with graphics – for example, to calculate the support and resistance levels.
However, for more complex analysis – for example, for calculating the Elliott Wave, you need a more sophisticated trading software.
In addition to a Forex trading platform, many traders also use other free online trading software as well. It’s not so easy to keep track of everything, especially if a trader is using a lot of trading indicators and tools. Modern Forex trading software allows not only to use an unlimited number of indicators in your trading, but also to test their performance in any period of time. Let’s look at the most popular and best trading software used by many traders in the Forex market.
Omega TradeStation 2000і – is a great trading solution despite its age. Of course, the program is constantly updating, but not the 2000і itself. Its revised version was released not so long ago – Tradestation 8.1 SP1 build 2826. Initially this trading software had a paid data source, unsuitable for other formats and it was very uncomfortable. Now this problem has been solved.
The main features of the free Forex software Tradestation 8.1 SP1 build 2826 are the easy to use interface, an option to create your own oscillators and indicators, the ability of testing your trading system and its optimization, and much more. There are also some built-in indicators (over 150) and trading systems in this software. The trading software is used to analyze not only the Forex market, but also the stock market with options.
Metastock is a well-known and popular online trading software as well. The newest version is 11. Its main advantage is creating, testing and full automation of the trading system of a trader. Also it includes many other useful features and manual in few languages. The Metastock trading software can be configured to test your trading system by considering swap, Take Profit and Stop Loss. As well as Tradestation 8.1, Metastock trading software allows you to test not only the Forex market, but also shares and options.
ELWAVE (Elliot Wave). In order to analyze the market many traders use the theory of waves of well known Elliott. The main function of this free Forex software is the automatic calculation of wave models in real time. The latest version – 9.0.
Before you start using any additional trading software try to collect some information, reviews and feedbacks about it. It is very important to be sure that the software you are using is good and gives positive results. Also it is recommended to try it out in demo account first, before you trust your real funds to a program. And remember that trading software is only a tool. Your main advantage over other millions of Forex traders in the market is the correct understanding of the situation on the market.
Automated Forex trading software
There is a big number of automated trading programs – robots that allow you to execute trades automatically. Those are Forex Software based on certain algorithms that trade automatically on the basis of pre-defined rules. There are a number of free forex software that allow autmatic trading. Metatrader 4 (MT4), Metatrader 5 (MT5), TradeStation, Strategy Trader, ActTrader, cAlgo are all these platforms that have their own programming language that allows trading automation.