Automated Forex Trading Software

The first feature that any decent automated forex trading software should have, is the ability to set signals that trigger your entry and exit into the market. This feature should also have sufficient space for all of your information and it should be easy to customize. Automated forex trading is only useful if you don’t have to do all the research on your own, if it doesn’t provide you with sufficient memory or the ability to customize you’re better off monitoring the market on your own.

Another important component to any good automated forex trading software is that, a script can be created that allows you to manage what’s important to you; entering and exiting a trade, in addition to managing your trades when you need to access them.

Two components that some traders can live without, but can greatly increase your productivity, are test trading and live trading capabilities.

Test trading allows you to test the market history and then implement the same script for current prices and fluctuations. This is the equivalent of a test drive; you want to make sure all the components work, as they should before you commit to purchasing software. Most importantly, you should be able to test this feature with your own data, not a company-sponsored demo that his been tested repeatedly for mistakes.

Finally, and most obvious is live trading. The software should allow you to make a smooth transition from testing your software to implement live automated forex trading in a real money account.

It is up to you to determine which features of automated forex trading are necessary and which features are not. Spending money on software that requires you to do the same amount of work as before is not a financially sound investment that you would expect from a professional in the foreign exchange market.

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