Trading Softwares

Finding a reliable automated forex trading software is all about a trader expectation vs claims of the software. Marketing sometimes make a trading software seemingly able to produce super-human results under minimum efforts.

If the trader has a low level expectation of a software and the marketing claims to generate 10%-30% return in a month , he will find it reliable even if it achieve a low range of 10% return. However if a trader expect doubling his account every month and the software claims to make 50%-100%, he might feel cheated if the software achieve a 90% return.

The fact that the reliability of a automated forex trading software has much to do with the market conditions and whether the trading strategy is able to strive well under those market conditions.

To understand how reliable an automated trading software is, you have to understand the key features below:

1. The competency of the programmer

A competent programmer is very important to finding a reliable automated trading software.

There is no point coding the best winning trading strategy in the world if he cannot code the entire essence of that strategy. The software must be able mimic how a human trader would trade without the emotions and stress. 

This would eliminate any human weakness and exploit a winning strategy to a full extent. 

He should have already coded some automated trading software for our references. This would ensure that he has gone through the process of creating a reliable working software.

2. It has been backtested rigorously

An automated forex trading software must be put to repetitious testing over large samples of trade to prove that it is profitable.

It must be on par with the results claimed on the sales copy. Though we can not foresee the future results, we can use back testing to estimate the effectiveness from its profitability.

It should also be tested with different currency so we can understand which currency the strategy is best suited for. Take note that it is impossible to profit from every trade.

A reasonable net profit over a large sample of trades is what we want.

3. Biggest drawdown vs your tolerance and money management

Every trading strategy will have its drawdown over a period. You need to find out this drawdown size and whether your tolerance level can endure it.

A trading strategy might yield a 100% return over 1000 trades but there might be a drawdown of 50% in the middle of this period. Most traders might not be able to take this big drawdown and choose to exit prematurely based on personal emotion. This knowledge is important as it aligns your expectation of the system.

Most automatic forex trading software has a stoploss of 500 to 1000 pips. This is unacceptable with many traders and they tend to lose confident putting their money with this software.

A system will never be reliable in the users’ eyes if it does not suit its user needs and expectation.

4. Reviews of actual users vs results claims of the software

The best proof of a reliable automated forex trading software would be looking at the reviews from the actual users.

Unhappy or happy users will always be very enthusiastic to share their opinions online. Google for the software to find out about their opinions. See if their reviews aligns with your expectations.

However, be aware that some new traders might be making bad reviews due to their high expectation. They might expect a 100% return each month. Though this is very possible but we need the market cooperation. A non-trendless period can makes it hard for traders to make good profits.

So you must compare the users’ reviews with the claims on the software.



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Many players in the Forex field will tell you that the use of currency trading software can truly bring your Forex experience to the next level.

In the past, many Forex traders relied on third party services to help with their trading activities. Help was provided by those who provided signals. These signals are like warning signs for traders to decide whether it was time to sell or to buy. This was a great way to lessen the risk of a big loss and increase the likelihood of making a profit. Traders did not mind at all if they had to pay for the service because it was worth it.

Some traders are wary of signal providers. Just like any other service, there are companies that are better than others at giving signals. This means that you would have to exert some effort at looking for people and companies who are good at signaling. Your signal provider should also be in good standing with other traders and has a high rate of success. If you do not know your way around FOREX trading yet, the mere act of looking for a provider can be taxing.

Other traders also find it difficult to find the right signal companies that are professional and affordable. With the vast number of companies offering their services, it can be a chore to sift the ones with a good track record from the ones that are no better than guessers. If you do not get a good signal provider, you could end up spending more than you bargained for. A worse situation would be spending a total of more than your actual profits can support.

Currency trading software has thus become a good alternative to a signal provider. Software can give you the opportunity to get the signals you need while you try to learn the ropes of currency trading. With good software, you get accuracy and reliability.

There are many options for you when it comes to choose a software product. You can save yourself a lot of trouble, effort and money by trying out two software products that are highly regarded and positively reviewed by real traders. Forex Killer and Prophet1 Expert Advisor are two of the best software products around that can generate signals. They can work well for you regardless of what type of trader you are.

If you choose to use Forex Killer, you can start by feeding it with data from a broker in .csv format, and it can perform computations on the Windows operating system. You then only have to pick your currencies and length of trading and your preferences for profit level and loss limits. The program can begin analyzing all the filled up fields in relation to current market trends so it can come up with good signals. This software will work for both long term and short term traders.

Prophet1 Expert Advisor is another good software option for you to pick. Different types of traders, especially day traders, can get good signals based on MACD and moving average indicators. The reason why this is a great software option is because it is quite reliable even at its most basic setting. You can hardly go wrong with signals from Prophet1 Expert Advisor.

Your currency trading software can go a long way to help you succeed at currency trading. However, if you are serious with your success in the Forex market, you should not rely too heavily on software. You have to develop some level of personal mastery for market analysis.



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