Forex trading is one of the most profitable and tradable markets in the world, far exceeding the volume of any other financial market. With the advancement of technology and the proliferation of internet connectivity, the forex market is now within the reach of almost every trader trying to make it big. At the forefront of this trend are forex software programs, some of which aid the traders to make better trading decisions, either through signals or by executing the trades for them. As 2021 is well underway, it’s time to look at five of the best forex software programs available in the market.
Zen Trading Strategies
Zen Trading Strategies is a subscription service that provides users with four strategies. Each of these strategies is fully customizable and can adapt to any financial market and trading style. This makes the software program suitable for swing traders, day traders, scalpers, and even long-term investors. The four strategies consist of ultimate trend following, complete volume pump, extreme breakouts and price action, and perfect momentum. The software also provides an indicator subscription that allows traders to easily identify profitable trades and execute them manually. However, the software is currently only compatible with Trading View.
Tradespoon is a research platform with provides a comprehensive set of tools. It’s a software program that uses a specific algorithm to screen the market, selecting the trades which have maximum gain potential. It comes integrated with trend analysis, communication tools, and built-in analytics. But it does not employ any particular trading strategy or approach. Since it’s not a brokerage firm, users do not need to open an account. They simply have to access a subscription based on a set of market tools, combined with the trader’s screener and network.
Refinitiv FX Trading
Refinitiv FX Trading is a forex software that provides access to preferred FX trading venues with h seam-less workflow for every single trade. This easy-to-use, cloud-based platform provides deep liquidity in hundreds of currency pairs which are executed with precision. The software also provides trading in spots, forwards, swaps, options, precious metals, and NDFs. Other notable features include trade history reports, settlement instructions, and straight-through processing.
While most traders focus on getting the right software that will help them trade, they often overlook the charting aspect of trading. But indeed it is an important aspect for which there is a myriad of software programs available. Perhaps the most popular among them is Trading View. The charting software released back in 2012 has now become almost a staple in every trader’s arsenal. TradingView provides ticker information on Dow, Nasdaq, and S&P 500 markets as well as for the EUR/USD, BTC/USD, and ETH/USD currency pairs. However, traders must keep in mind that they cannot trade from within the platform as it’s just charting software.
ThinkTrader, formerly Trade Interceptor is a forex trading app available for mobiles, both Android and iOS. It is at the forefront of mobile trading software, providing users with the ability to trade forex, commodities, CFDs, cryptocurrencies, indices, shares, and precious metals. Users can access various technical analysis tools, live charts, and 100 technical indicators. Since it is a cloud-based app, it provides alerts and notifications even when the app is not running.
Forex software related to charting, trading and other functions can be readily found on the internet. However, traders must be careful of the software providers they choose. Depending on the quality of software, the trading experience varies. It is always good to go for reliable software providers that can guarantee protection if something goes wrong.