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The ORIGINAL Forex Currency Exchange Review Site
Forex Software - Trading platforms and forex.
Every forex broker has their own forex trading platform, which simply put is the
software or trading program which facilitates your buying and selling of
currency. It allows you to do a variety of functions like setting stop loss
limits, profit points, place buy or sell orders, etc. Every broker has some sort of software program to
run their platform, however some are more user friendly than others, so it's
important to choose a trading platform that you feel comfortable with.
 Most
forex trading platforms will need you to download their trading software to your
computer so that you can access their systems and conduct your trades. It's
quite similar to PartyPoker.com and many other types of sites that require you
to download their system to play - so don't be concerned by the fact that you
have to download software - it's quite standard in the forex industry.
In addition to the trading platform software that forex brokers use, you'll also
find many companies out there selling forex software they claim will make you
'guaranteed profits' and other such claims. Most of these are different programs
that use various systems and historical data to teach you when to buy and when
to sell a specific currency pair. Some of these software programs might have
some benefit, but most forex brokers have various forex tools which will be just
as effective and you won't have to pay for.
Be aware that like any industry where a lot of money is at stake, there will be
lots of people and companies out there trying to make a quick buck on
unsuspecting victims. Do almost any kind of "forex" search on the
internet and you'll see tons of ads from different "forex gurus"
trying to get you to buy their e-book on how to trade forex.
Keep in mind that chances are if someone had a "guaranteed money making
system" for forex, they would be using it themselves to make millions of
dollars - not selling it to everyone else for a hundred bucks. Many of these
people are making money - but from selling their e-books - not from trading forex.
We encourage you to learn as much as possible about forex by doing your own
research - there's lots of information available online from sites like this and
many others that aren't trying to sell you something for their own profit. The
more information you gather and the more you learn on your own the more you'll
realize you don't need any help from these forex gurus who are simply trying to
make a buck themselves.
Forex trading software - which is
best?
There is no easy answer to the question of "which forex trading platform is
best?" This is because all forex trading software is different, and most
offer different options and functions. Although they all aim to accomplish the
same thing, it mainly comes down to ease of use for the forex trader, and all
people are different, so what's the best platform for you might not be the best
for someone else.
The best way to determine which forex software works for you, is to sign up for
a free forex demo account at a number of forex
brokers, and see which platform appeals to you. It doesn't cost a dime to open a
practice account, and you'll be using the same forex software as the people
using the real accounts.
Not only will this be an excellent crash course in forex, as you'll be
conducting a number of practice forex trades throughout your various demo
accounts, but you'll also quickly see which trading platforms you prefer using.
Picking a trading platform is a very important consideration when choosing a
forex broker, and you should pick one you understand and find easy to use,
before depositing any real money.
Other factors you'll want to consider before opening a real forex trading
account include thinks like what kind of leverage is available, what kind of
spreads does the broker offer, and what kind of bonuses are offered for your
deposit.
Once you've chosen the forex broker that offers the best trading platform for
your trading style, then it's a good idea to concentrate on just using that
platform for awhile, before making your first deposit and trading forex with
real money.
Trading forex is very exciting and can be a very profitable hobby and/or job. As
a result, many people just getting into forex find it hard to stick with
practice accounts and want to "jump in" and trade forex for real. We
certainly understand their excitement and enthusiasm for wanting to trade forex.
However, as we learned the hard way, this is almost always a very bad idea. Many
people jump in and start trading forex with real money before they really
understand how it works. This almost always ends in disaster as they quickly
lose a few hundred or thousand dollars, get disillusioned with forex, and quit.
That's why we can't emphasize enough how important it is to take your time,
learn as much as you can, and practice with a demo account before jumping in and
trading forex for real. While a huge potential for profit exists with forex,
this means there is also a great potential for loss. Unfortunately, the people
who jump into forex trading too soon are often the ones supplying the profits
for more experienced, and more patient forex traders.
Many forex brokers have excellent demo accounts you can try for free, and the 3
listed below are generally regarded as 3 of the best ones available in the
industry - plus they offer excellent bonuses for when you're ready to make your
first actual deposit. Try a few different trading platforms and you'll soon
figure out which works best for you. Then you'll be ready to jump in and
experience the thrill of forex trading for the first time!
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