Selecting your first piece of software to start trading the currency markets can certainly be a mind boggling task. But, not to worry, I am here to give you a hand. If you are even reading this article I am sure you have already stated checking into the different software systems that are available. When I first began trading and was reading each of these products marketing material it really did not make my task any easier, but just more confusing because there are so many of them and each one does something a little different.
The fact of the matter is that none of them on there own is going to supply you with the same information the professional traders are able to accumulate with one piece of software. The reason for this is these systems for the most part sell for around one hundred dollars or so and the brokerage firms have spent millions of dollars refining their software.
What you are able to do with these products are purchase different combination of software that examine the market in distinctive fashions and simulate what the big boys are using. What is he talking about? Don't fret; I am going to explain it. First, what all of the commercial available software products do GREAT is collect currency data. Why, because it is easy to program a data feed into a piece of software. The hard part is the next two steps in the programming function.
After collecting the information the programmers next determine what facts are important to them and what is not and eliminate what they do not consider critical. The final stage is to make a decision or recommendation on the software's preprogrammed evaluation tools. Getting confused, I told you earlier not to agonize, it really is not that complicated once you understand what these software systems are actually trying to accomplish.
The vast majority of these systems can be one of the following; trend based, concentrate on day trading, signal orientated, function on a specific formula the professional trader has been profitable in the past with or a few other possibilities. But, none of them are comprehensive taking into account everything mentioned above. Why, because they cost a hundred dollars that's why. If you wanted one that did everything all of these systems do differently it would cost millions to program them and nobody would buy it..
That's great isn't it, you have told me all of that and none of the system can make me a profitable trader! That's not what I said, you just have to read a little further, because in FACT they can make you an extremely lucrative currency trader, you just need to know how to use them. The final piece of software in this puzzle is the human brain. The human brain, the greatest piece of software ever invented, of course that is until ET shows up, then it will come in second.
William R. Alheim, Jr., CPA, MA - Visit http://www.tradingforexreviews.com/ to learn more about Forex brokers, systems and courses. Good Luck! I look forward to seeing you on the trading floor making money! |
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