Forex is not at all a game. Its serious business especially when you invest capital with a forex broker to open a trading account. If you think you could buy expert advisor trading software off the shelf and hitch it to your trading account, thinking it would blindly make profits for you, I guess you are hopelessly mistaken.
Of course, you certainly can buy expert advisor software off the shelf, but it is an entirely different situation when you try to link it to your trading account. All the same you just can’t do without good trading software, or expert advisor, as some would like to call it. That’s because, it’s a tool which could update you on forex market conditions on a real time basis, as your trading platform cannot do much, apart from providing you currency prices. Therefore, it is very much advantageous to have expert advisor software, but the million dollar question is, how to select expert advisor trading software which is both compatible with your trading platform and your forex trading style and skills as well.
Articles on “how to select forex trading software” will give you some general guidelines to follow while selecting an expert advisor, as for example, focus on its reliability, quality and adaptability. Any software without these elements would be pretty useless. So we can safely assume that most of the trading software does qualify in terms of reliability, quality and adaptability. But the key difference is how they fit in with your trading needs.
A noted fact concerning Expert Advisor software is that a majority of them fail, as much as 70%. This happens due to two reasons. One reason could be the failure of the software to recognize changing market conditions, as is always the case in forex markets. The other reason is the tendency on the part of traders to over rely on software, without themselves not understanding much about it. Consequently, they tend to use the software despite the fact that it has outlived its utility in changing market situations. Therefore a certain amount of experience and knowledge of forex markets is essential before you even start using expert advisor software. Or else you wouldn’t know when the software becomes redundant.
Software listed at compare-forex.com site is certainly reliable. But as explained earlier, forex markets are always evolving so you got to be doubly sure that these software do not suffer from too much of downtime, and whether they indeed give you accurate information to profitably access the markets at any point in time. The best way to figure this out is by keeping track of what other traders say in forex forums and so on. After all, there is nothing like getting a peer review of any software you propose to use. For example if you plan to use Forex Grinder, search the forums and if you can find a fellow user of Forex Grinder, try to get a glimpse of what the guy’s trading snapshot looks like.
What really matters is how a particular piece of expert advisor software stands up to live market conditions. Back tested results of a particular software is of no use. Always insist on seeing live market test data. That helps, because those would be indicative results and not hypothetical like back-tested trading snapshots.
Another point to be reckoned with is, do you feel comfortable with the web based expert advisor software or server based expert advisor software? If it is server based software you plan to use, make sure that problems of speed do not botch your trading efforts. On the contrary web based software are easier to use, although they too have security problems and so on.
Forex traders can be categorized into two types, namely those that are experienced, and those that do not have any experience whatsoever. Similarly forex expert advisor software can be categorized into three types, namely those that are suitable for the experienced forex trader, those that are suitable for traders that have no experience, and those that fit-in irrespective of whether a trader is experienced or a novice.
Pipzu, Forex Grinder, and Forex Cash can be used by any type of forex trader. It doesn’t matter whether he is a novice trader or experienced. But there are some types of software that best suits the novice trader, and an expert trader would find it pretty useless. They are Range Trader, Fap Turbo, and Forex Legacy. As a matter of fact with Forex Legacy, you are not supposed to apply your mind at all, something which an experienced trader would find ridiculous.
Always test the software you propose to buy, by setting up dummy accounts with several forex brokers. This way analyze what different software offers you, and then decide if that’s what you are really looking for. It’s your job to figure out which software interface and tool suits you the best. After all that’s what free trials are meant for!
Buying the right trading software could make all the difference between making profits and loosing badly in forex markets. In the final analysis, you must have your own road map on how to select trading software keeping these guidelines in mind.