Unlike stocks or futures, there’s no centralized exchange for forex, so all transactions happen via phone or electronic network. That electronic network path is the reason for the current astounding day trader like mentality, and also the reason that perhaps you are reading this in the first place. Your computer allows you to tap into this market, and take advantage of fact that it does indeed trade 24 hours. With average daily turnover of US$ 3.2 trillion, forex is without a doubt the most traded market in the world. Starting Sunday 5:00 P.M. ET to Friday 5:00 P.M. ET, forex trading begins in Sydney, and moves around the globe as the business day begins, first to Tokyo, London, and New York. So trading currencies is unlike other financial markets, because investors can respond immediately to currency fluctuations, whenever they occur – day or night. For a long time the foreign exchange market has been one of the financial world’s best kept secrets. It was mostly the playground for large banks, corporations and hedge fund managers.
Because of automated software platforms currency traders cannot only compete with the pros, they can use these robots 24 hours a day. With the right platform Forex day trading can seem almost like a vacation for the trader who is use to dealing with other financial products in other markets. Not only are there less governing bodies to deal with, it means less binding rules and regulations to pay heed to when making your trades as well. For instance, in the Forex world, there is no such thing as “insider trading.” If you know something either harmful or beneficial to the exchange rate of the Euro, then feel free to capitalize on that information at will.
The equivalent information at the stock exchange, might very well lead to an investigation by the SEC. Always keep in mind that 95% of currency trades are speculative. What that means is that this is a very risky venture. Without correct and through training and the right kind of software to trade on, you can very easily lose your investment. The proper program will make it virtually impossible for major trading blunders to occur.
These programs can be set to scan the market looking for the origins of profitable trends. Once it has found what it deems as a reliable trading opportunity, it invests accordingly. The fact that because they are entirely automated and digital, these robots can react to changes faster than a human trader, and thus know exactly what to look for. It will follow the trade’s performance along in the market step by step minute by minute with the purpose being of keeping you on the money earning side of that trade for as long as possible. You are always shielded from losing your investment because, once the market fluctuates out of your favor as it will inevitably and eventually do, the program trades away the now bad investment. They not only offer live streaming technical data, but you can view real-time prices in 37 currency pairs and spot gold. Also you can execute market orders with just one mouse click and choose from eight available order types.
Remember we are trading currency, which is vulnerable to political and economic news, so all of the platforms have access to view up to the minute news headlines and market commentary. To be affective the platform should meet at least a minimum of three qualifications.
1. It must be able to offer live streaming technical data. (Otherwise the program is merely educational)
2 Visually it has to be large enough for all the data to be seen easily. (Many of the online brokerage’s technical data are too small to be useful)
3. It must be cost effective. (Most good systems can be purchased for between one and two hundred dollars)
I don’t profess to being an expert, but I do know of some. I obviously don’t have the time to go into all the details now, but at my site Market Mentalist you will find all you need to know about investing online. There is access to some of the top trading systems available including Forex software, books, newsletters, and Forums. Also you will find the most up to date articles on Online Trading, including additional information on Forex Robots Really Work . Whether you are an inquisitive novice or a seasoned pro Market Mentalist offers the online investment resource you just might be seeking.