Online Forex trading software refers to a trading platform that utilizes the internet in order to allow an individual to effectively trade in the foreign exchange market. This usually means access to trading currency pairs, information, raw
data, analysis, SMS alerts, RSS feeds, newsletters, etc. Simply put, forex trading software is a one stop shop wherein a newbie trader can learn about, gather training and experience trading globally. Below are some of the more popular third wave trading platforms as well as its salient features.
data, analysis, SMS alerts, RSS feeds, newsletters, etc. Simply put, forex trading software is a one stop shop wherein a newbie trader can learn about, gather training and experience trading globally. Below are some of the more popular third wave trading platforms as well as its salient features.
Multicharts
This is a multi-awarded system so there is a lot of hype. The first thing most users and comparative experts notice is the minimalist approach. The second thing is the easy to operate functionality that is the closest to the word "intuitive" when it comes to trading platforms. 1 week of extensive use and you begin to realize just how robust the system is. You have almost everything you need to make the most informed decision. Most experts would agree that this system is best utilized by mechanical system traders, as well as those who prefer technical analysis. This is especially true if you extensively deal with the US and UK markets.
cTrader
As of this printing, if you want to try out cTrader, then you need to sign up for FXPro. cTrader puts emphasis on trading and charting. The visuals are clean, uncluttered, and have a professional set up. Just like most third wave forex retail software, the same has an intuitive feel to it. In fact, most users need only a few minutes to realize that this is so much better than MetaTrader. Another key functionality of cTrader is the Favorites bar. There are two main disadvantages of the same. First is the fact that cTrader is exclusive to FXPro which is not necessarily a bad thing, but limits your options. The second is the inability to enter your own Fibonacci values.
Currensee
Most view this platform as 4th wave of forex trading software. This is because it incorporates social media into the equation. Simply put, it not only provides you with information most 3rd wave platforms have, but it also allows you to form a team of traders through social media and other online communities. Your team can either be utilized to make money on a concerted effort, or you can take the back seat and put the trade on "autopilot". This means your account mirrors the trade of your team. The problem is the fee system. Currensee requires a 2% annual maintenance fee and the system is a little bit slower because everything has to be processed and approved by Currensee before a trade.
There is also the 20% success fee that has to be levied on all profits by an account and/or team. This goes to the experts on your team, as a commission for letting you ride on their trades. This can be a double edged sword. On one hand, if you team up with an expert and put your account on autopilot or semi autopilot, then your chances for profit increases. Hence the 20% levy is acceptable. However if you team up with newbies, then what little profit you already have gets cut by 20% and given to an unworthy team leader.
For more details you can check out FXCC Forex trading software on Fxcc.com
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