If you are looking at increasing your chances of being successful with Forex, it’s essential that you look at Forex trading system software. It’s a simple fact that knowing when to get in and out of the market can be the difference between a profitable smile, and sleepless nights worrying about your losses.
So how can you look at predicting these entry and exit points? You could learn how to identify trends yourself, but this takes time to master the skills. You could pay a broker to send you the signals. But this can be expensive. You may end up spending $50 to $500 a month for these signals. Is there another way that you could get the information you need to make profitable trades, but without spending a fortune? You’ll be happy to know that there is. And that option is to invest in Forex trading system software.
A Forex broker is a professional who will carry out trades on behalf of an investor. One nice thing about online Forex brokers is that they don’t charge a commission unlike a stockbroker. Instead they make their money by taking the difference between the bid price and the ask price of the currency. You want to get a broker that ideally charges in the range of 2-3 pip spreads. You will want to avoid any that charge in the region of over 5 pip spreads.
For the person who wants to trade from home there are a number of pieces of software that you can download and run from your home computer that will tell give you the signal information that others pay hundreds for from a broker. All sorts of traders can use these whether you are a swing trader; short-term trader or you’re in it for the long term.
One popular program is called Forex Killer. This program runs on Windows and can take information from a Forex broker and import it into the program. All you have to do is enter your time frame, currency pair and then your levels of stop-loss and profit taking. Then you’re good to go! Start the calculation and the program will generate 2 sets of signals based on long term and short term and tells you whether you should be trading in the present conditions.
Another product to consider is Prophet1 Expert Advisor. This system is program bases its signals on 2 of the most popular indicators, which are moving averages and MACD’s. This piece of Forex trading system software has an impressive strike rate of 90% when using the default settings.