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Best software for forex trading


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Best software for forex trading

  #1 (permalink)
Daniel25
Delhi, Delhi/India
 
Posts: 23 since Nov 2011
Thanks Given: 2
Thanks Received: 1

I am newbie and due to this not have sufficient knowledge about software. My query: Which software is best for forex trading?

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  #3 (permalink)
 fxwealth88 
new york, new york
 
Experience: Advanced
Platform: ninjatrader
Broker: e signal
Trading: forex
Posts: 46 since Apr 2010
Thanks Given: 17
Thanks Received: 57


hi daniel,
obviously there are plenty of software out there and i've done my share of researching over a 7 year period of trading exclusively forex.

i've stuck with ninja trader for the past 3 years. they've got what i wanted in terms of the indicators. there are contributors here in futures.io (formerly BMT) and ninja trader's forum that are very helpful.

you have to do your due diligence and use the indicators that will help you in your trading. you will need a data feed from the providers like kinetick, esignal, etc. for the software to function though.

best of luck.

fxwealth

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  #4 (permalink)
Daniel25
Delhi, Delhi/India
 
Posts: 23 since Nov 2011
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Thanks fxwealth88, for your informative reply and assist me. I will go through ninja trader's forum to know more about it.

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  #5 (permalink)
 
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 aligator 
Las Vegas, NV
Market Wizard
 
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,615 since Aug 2010
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Daniel25 View Post
I am newbie and due to this not have sufficient knowledge about software. My query: Which software is best for forex trading?

@Daniel25,

If you just want to trade Forex pairs, the best and most popular software out there is Metaquotes' MT4. There is plenty of support and free indicators out there for it. Most Forex brokers will provide a free download and free data for it. You can open a free demo account with these brokers and download the software (IBFX, FXCM, Forex, etc.)

If you plan to trade futures market then you need a platform such as Ninja, Multichart, etc. plus a data feed. Some brokers may give you free data (pfgbest,etc.).

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  #6 (permalink)
 Eric j 
NY
 
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
Posts: 2,507 since Jun 2009
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Daniel25 View Post
I am newbie and due to this not have sufficient knowledge about software. My query: Which software is best for forex trading?

Your forex dealer , whoever that is , will have an order entry platform and a charting platform usually seperately . Ninja trader and some others combine the two and you place and manage trades on the chart itself if you like . Theres no best platform and what you prefer is up to you . Maybe try a few in demo mode and wrap your head around whats available and be your own judge .

I subscribe to esignal "single contributor" data on the esignal charting software and place/manage trades directly on my brokers platform . I do this because esignal has extremely stable and reliable data that comes directly from the guys Im trading with and when I place my trades on my brokers platform I know theres no seams between me and them , its immediately on their server . This way if theres a connection problem thereafter I dont have to panic .

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  #7 (permalink)
Daniel25
Delhi, Delhi/India
 
Posts: 23 since Nov 2011
Thanks Given: 2
Thanks Received: 1


aligator View Post
@ Daniel25,

If you just want to trade Forex pairs, the best and most popular software out there is Metaquotes' MT4.

MT5 hit to market. Will it better to use MT5 or I should go for MT4 at learning stage?

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Last Updated on December 3, 2011


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