Forex trading software
Trading currencies requires access to a trading account. This access is made through the use of Forex (foreign exchange) trading software. There are four standard types of Forex software programs for trading currencies. Each type offers a different level of flexibility to the Forex trader.
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1. Web-based Software
Web-based software makes it possible to operate a Forex trading account from any computer that is connected to the Internet. Similar to logging in to a web-based email account (where, for example, emails are stored online), web-based Forex software makes it possible to log in to your Forex trading account using your unique username and password. Oanda.com offers web-based Forex trading with features such as deposit by credit card as well as a broad range of currency pairs to trade.
Computer-based Software
In order to access a Forex account through a local desktop or laptop, computer-based Forex software is a possible solution. The software VT Trader (http://www.cmsfx.com) provides computer-based trading, as does MetaTrader (http://www.ibfx.com). The software VT Trader also offers web-based trading, and both companies offer automated trading solutions.
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Automated Trading Software
If there is a particular strategy that a trader would like to use, and this strategy needs to be executed automatically, it is possible to accomplish this through a company that offers automated trading software. Either VT Trader or MetaTrader will work; however, novice Forex traders will have a difficult time automating their strategy through VT Trader.
If you are new to automated trading software, MetaTrader is the best choice. You can build your automated strategy without having any programming experience using the Trading System Builder at http://sufx.core.t3-ism.net/ExpertAdvisorBuilder. If you want a software program that will trade automatically for you, but you have no interest in building one yourself, you may consider using a managed-account software program.
Managed Account Software
For those who have no interest in learning the ins and outs of installing local software, or setting up an automated Forex trading software on a computer, managed account software is a possible alternative. This software will allow a Forex expert to manage the account on your behalf.
The company ZuluTrade (http://automate.zulutrade.com) offers a package that will allow the account to be traded in this fashion, with minimal technical knowledge required; no software needs to be downloaded and only a simple username and password are required to check the balance of your account as it is being traded. This software will list of hundreds of Forex traders, letting you pick the trader and program that best matches your goals.
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Read more: What Is the Best Forex Software? | eHow.com http://www.ehow.com/way_5291843_forex-software.html#ixzz21kiYOMez
