New technologies emerge daily, and it is common to see new ideas that can help people achieve their goals. Forex traders stand to benefit more than most groups of individuals since trading is very fast paced, and technology is already helping many forex traders with their work. If you regularly trade options, it might be worth looking into some of the technologies we chat about today.
Some of the essential tools for forex traders include:
- Online charting software
- Automated trading systems (like Expert Advisors)
- Broker tools like price alerts and time/sales tickers save an immense amount of time over manually checking the prices
- Forex community sites are sources of real time news about actual events affecting Forex.
New technologies are advantageous to everyone but more so to forex traders since they can save time, reduce human error, provide faster adaptation of further information on prices, and provide additional market news sources.
Popular Forex technologies and apps
Let’s look at four of the most popular trading tools that help pro-traders build up successful portfolios.
It’s one of the most popular software for charting and automated trading that forex traders can use.
It is an online platform that provides technical analysis tools, charts, order execution and backtesting options.
Allows users to build customized workstations with data feeds from more than 100 brokers.
An advanced trading platform for active traders with real-time charts, live streaming quotes and alerts on economic calendar events. While online charting software is excellent for finding entry/exit points on the charts, automated trading programs like Expert Advisors do not need people watching them all day long. It is so traders can see when it’s best to find good entry/exit points.
These tools may not all be new, but their benefits are just as significant today as they were before. As technology advances at rapid rates, there will likely be even more tools that help traders in trading.
The advantages of ForexSpace – Social Network for Forex Traders
ForexSpace is a leading social network for forex traders. Within the community, traders can share ideas and strategies in forums and chat rooms with other traders. Many trading strategies have been shared on ForexSpace, which has helped many different people learn new trading methods.
A particular thread that discusses adding more than one Expert Advisor (EA) per chart is viral among users. Over 100 posts within the thread discuss the benefits of having two or more EAs per chart instead of just one EA on a single time frame. There are various reasons given in support of using this technique, such as:
- It allows you to monitor pending orders better (i.e., whether they have been filled or not)
- It allows you to have a second EA’s orders automatically enter the market as soon as your first EA’s are executed, thus removing the need to place manual orders every time your EA triggers an entry signal.
- You can use one of them for scalping and another for swing trading. This way, you reduce the risk of losing money due to intraday swings while maximizing profit through higher timeframe accuracy.
This topic has also given rise to another thread in which many strategies are discussed to increase trades per day without increasing risk. Some traders believe that there is no such thing as an “ideal number” when it comes to the number of daily trades, but that it all depends on your account size, risk appetite, and how much time you have to trade.
According to these traders, the more trades one does per day does not necessarily mean more profits, but rather, it is the quality of the trades done that matters most. This thread has also garnered many responses from experienced traders with their insights on using multiple EAs for trading. Some traders use only one EA, while some may use up to four or five different ones at a time.