MT4
This is by far the most popular Forex trading platform in the industry and used by many of the top Forex broker like FXCM, Alpari, InterbankFX, Forex.com and many more. The list is endless due to its portability from desktop to hand phone and multi account trading. The software is easy to install and connect quickly to your trading account. The MT4 platform comes with customizable screens and windows. It features an easy to access buy and sell order form and comes with 50+ built in indicators.
The most importance features is the automated language MQL4 which comes with it, enables traders to formulate their strategy into programs thus trade automatic for them. The trading platform comes with intensive support and forum for newbie and experience trader who are looking to automate your winning strategy and gain passive income. Also comes with a strategy tester to back test your strategy with historical database currency prices.
TradestationTradestation software is very popular among experienced trader as compare to MT4 which is more commercially popular to every day house hold trader. This software comes with built in indicator and customizable screens and windows. Also able to multi trading different account and comes with program EA for adding on to your trading account. The easylanguage programming is similar to MQL4 from MT4 but built upon using structure text or plain English instead of C programming jargons. This allow trader to easily automate their strategy into computer program.
NinjaTrader
This is another software trading platform which allows multi currency trading and comes with built in indicator chartings. Fully customizable and comes with NinjaScript to automated your trading strategy. Is comes with a simulator to back test your strategy using historical results. There are also a lot of forums, technical support and know-how website contributing to this trading platform.
Protrader
This is less known but is slowly gaining popularity due to its built entirely on JAVA and its full portability. It also comes with built in chart indicator, mutli currency trading and a programming Protrader language for automation of strategies. Provide full support to web, desktop and hand phone application.
In house develop software
There are many software application platform that various Forex Broker provides and are so call in house develop software. They run their own research and programming team to enhance and update their software. Most of these software are develop to fully operate via Web, desktop or hand phone. But most in house software does not comes with programming language, with makes it a disadvantage as compare to MT4, tradestation and NinjaTrader.
Final words.
Another new version MT5 is coming out and improves the execution speed and overall experience better then MT4. I personal like to use MT4 and love the feel of this platform. You can try out the other platform to see if it suits your trading experience. Last and most important to know is your Forex Broker, does it provide this platform for you?
source http://www.evancarmichael.com/Business-Financing/7136/Why-choose-MT4-for-Forex-automated-trading.html
Solid Forex strategies for capturing profits in today's volatile markets
How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.
How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.
- Reveals the secrets of the Forex market and how to create a lifetime of income trading it
- Offers advice on maximizing profits during the volatile swings that have increasingly become the norm
- Other titles by Smith: Option Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity Spreads, and Profits Through Seasonal Trading
Editorial Reviews
From the Inside Flap
Foreign exchange is the most traded instrument in the world. It's not hard to understand why. Nobody needs
to buy stocks, but because of today's extensive global trade we must
all deal directly or indirectly with the forex world. Yet, while trading
foreign exchange is one of the most exciting and potentially lucrative
activities in the world, about 90 percent of traders lose money. In How to Make a Living Trading Foreign Exchange, Courtney D. Smith provides a concrete and comprehensive approach to becoming a profitable forex trader.
Smith
first explains all the basic information you need to know to get
started in trading forex. He then introduces the tested, profitable
techniques that will help you make money in the forex market, offering a
variety of different methods to use over different time horizons—from
those that look at the market from the perspective of days and weeks to
those that hold positions for less than one day. Smith describes, for
instance, a system that monitors the market from three different time
perspectives and doesn't enter the market until all three are calling
for an entry into the market.
He also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits.
Throughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. How to Make a Living Trading Foreign Exchange shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.
He also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits.
Throughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. How to Make a Living Trading Foreign Exchange shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.
From the Back Cover
Praise for How To Make A Living Trading Foreign Exchange
"Courtney
Smith has hit it out of the park with this book. Not only does he
provide great insight into both the inner workings of the marketplace
and original trading methodologies, but he also devotes much discussion
to the often overlooked, immensely important aspects of trading such as
money management, discipline, and psychology. After all, as he aptly
opines, these are demons traders must slay to be successful."
—Tom Demark, Founder, Market Studies, Inc.
"I learned a long time ago if Courtney Smith writes it, I readit. Glad I did. I picked up three great insights in my first read-through."
—Larry Williams, author of Trade Stocks and Commodities with the Insiders, The Right Stock at the Right Time, Day Trade Futures Online, and Long-Term Secrets to Short-Term Trading
—Tom Demark, Founder, Market Studies, Inc.
"I learned a long time ago if Courtney Smith writes it, I readit. Glad I did. I picked up three great insights in my first read-through."
—Larry Williams, author of Trade Stocks and Commodities with the Insiders, The Right Stock at the Right Time, Day Trade Futures Online, and Long-Term Secrets to Short-Term Trading
About the Author
Courtney D. Smith is Chairman of the Investment Mentoring Institute, an organization devoted to building great investors. He is also President and CIO of Courtney Smith & Co., Inc., which manages money for institutions, family offices, and high-net-worth individuals. Mr. Smith is the owner and Editor in Chief of Commodity Trading Consumer Research (CTCR)—the premier tracking service for the futures industry—and author of six books, including Option Strategies (Wiley). He has made more than 1,000 TV appearances on shows such as Wall Street Journal Report, Moneyline, and other programs on CNBC, Fox News, Bloomberg, and CNN.
How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading) Click here to read amazon customer reviews and rating
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