You get 2 EAs: You can use them as profit targets exits and areas to look for counter trend trades.
That's not the BEST part, it also automatically puts them on your charts in this order. Put strongest currencies on one monitor and the weakest ones on the other and FOCUS on trading the strongest trends!
Our Fibonacci Retracement , Fibonacci Profit Target and Time Extension tool finds trend and counter trend trades and is what we teach our students to use as targets. We also have standard drawing tools such as Trend line, Andrews Pitchfork, and our Forex Trend Channels you may not find elsewhere that show both buy and sell zones.
Our Trend Reversal indicator Alerts you to when trends have run out of steam and when to look for counter trend trades. Our Chandelier Trailing Stop is a self adapting stop that moves with the markets and automatically tightens when volatility decreases.
We find it keeps you in the majority of Trend Moves. That's because automated software is intended to make your trading decisions unemotional and consistent, using the parameters you've pre-established or the settings you've pre-installed.
For currency speculators who do not make trades based on interest rates but rather on currency spreads, automated software can be very effective because price discrepancies are immediately apparent, the information is instantly read by the trading system and a trade is executed. Other market elements may also automatically trigger buy or sell alerts, such as moving average crossovers , chart configurations such as triple tops or bottoms, other indicators of resistance or support levels or potential topside or bottom breakthroughs that indicate a trade signal.
An automated software program also allows traders to manage multiple accounts simultaneously, an advantage not easily available to manual traders on a single computer.
Serious traders can also benefit from automated software, as their other interests, obligations or occupations may not afford them the time they need to study markets, analyze charts or watch for events that affect currency prices.
That means that night or day, around the clock, the program is at work and needs no human, hands-on supervisor. Of the numerous automated forex trading programs offered on the market, many are excellent, even more are good but are not comprehensive in their features and benefits, and a few are less than adequate.
In some cases, software providers will provide authenticated trading history results to demonstrate the efficacy of the programs they're selling. Below, we've outlined a few of the key selection criteria for traders considering automated programs. Automated trading systems vary in speed, performance, programmability and ease of use. Therefore, what serves one trader well may not be acceptable to another. For instance, some traders will want a program that generates reports, or imposes stops, trailing stops and other specific market orders.
Real-time monitoring is also a "must-have" item in any automated system. Other traders, especially beginners and the less experienced, may want a simpler "plug and play" type of program with a set-and-forget feature.
Remote access is also essential if you're a frequent traveler or intend to be away from your computer for an extended period. A web-based program may be the most useful and practical means of serving the needs of a roaming trader, as they're guaranteed to function with a basic WiFi signal. The service provides extremely fast access, isolates the system for security purposes and offers tech support. Fee transparency is a key quality to look for in providers, as some firms charge trading commissions and additional fees , which can draw down your profitability, so check the fine print in your user contract.
Firms may also offer programs with return guarantees after purchase and during a specified period of time. Therefore, if the user decides the program is unsatisfactory, those firms will allow you to return it for a refund. The forex markets can be both exciting and lucrative. Find out what jobs exist in this space and how to get them. Automated forex trading software scans the market for favorable trades based on your input. Find out more about this valuable forex tool.
Want to invest in software? Here are the most important factors affecting profits, revenues, and stock price of software companies. Trading foreign currencies can be lucrative, but there are many risks. Investopedia explores the pros and cons of forex trading as a career choice. The forex market has a lot of unique attributes that may come as a surprise for new traders. Learn more about who trades foreign currencies and why.
Even though the odds favor stock trading, forex trading has several advantages to offer a particular type of investor.
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