Foreign currency trading software can make your life much easier when you are buying and selling money. Some of it is available at no charge from online sites, while others must be purchased. Exactly what you might need in the way of foreign currency trading software will depend on your knowledge, experience, and personal preference. However, here are some of the options available that might be of interest.
The most basic foreign currency trading software is the currency conversion calculator. Most online sites offer this tool for you to use free of charge. You enter a monetary amount, then select the currencies you want to convert from and to. Because this needs to be operating in real time, it is not a particularly worthwhile to download this calculator. Instead, use the one offered by the site where you do your trading.
Another handy online foreign currency trading software tool is a margin calculator. A margin is the amount of cash committed versus your total open positions. The calculator will advise you, based on your input, whether to sell or buy. A good margin calculator will also tell you the gross margin and the profit margin.
A practice account is another nice foreign currency trading software program you might want to consider. This lets you experiment with your strategy and see whether you would have made or lost money if you had been trading in actuality. It also lets you learn how stop loss orders and other specifics function.
One foreign currency trading software program you might have to purchase is a robot. You program in the specific data you desire, and the robot will monitor activity around the clock. It will exercise the trades for you when the criteria are met. Some sites will give you a robot when you establish your account, but there are also independent programs you can purchase. If you have the skills and the time, you can build your own, but novices are usually better off with one that has been fully debugged.
Foreign currency trading software that will evaluate trends and plot them on a chart or graph for you is also useful. Many online sites have one you can use for free, but you might want the option of saving the graphs on your computer. This allows you to study them in more depth and to review them over a period of time.
If you choose to purchase foreign currency trading software, ask if there is a subscription fee involved. Some charge a nominal price for the software and then bill you monthly. You may not be able to receive the updates, if there are any, without payment of the monthly fees.
Different sites will offer different foreign currency trading software. Some of the offerings are quite extensive, while others have only a few basic programs. You might want to consider this when deciding which site to use for your trades.