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Best Forex Trading Technical Analysis Software
When you start to trade Forex, you will discover that success depends on making choices based upon certain rules. These rules are usually delivered by your trading strategy, as there is no successful trader that could achieve consistent profits by simply predicting the market moves on their own. When developing a trading strategy, many people rely on technical analysis.
If you imagine that Forex trading is a job, you can always count on doing your job better when the right set of tools is available to you. This is where Forex technical analysis software comes in handy. With great software you can eliminate the need for unnecessary calculations, the determination of vague patterns, and you can generally improve your trading strategy from a technical perspective.
What you have to remember is that such analysis can either be favourable or unfavourable for you, depending on the set of tools you are using. In this article, we will highlight the most important and the most widely used tools for technical analysis, and we will also explore how you can choose the best one.It is vital for you to understand the characteristics of Forex analysis software.
As the industry constantly evolves in terms of technology, it is much more important to be able to differentiate between useful and useless software, than to simply know a list of the best Forex technical analysis software available. Let's take a look at the best pieces of code available for Forex traders - and then see what it is that makes a piece of technical analysis software truly efficient.
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Trading Software | MetaTrader
One of the best tools for technical analysis is available right at your fingertips. If you are trading Forex online, you will probably already be familiar with MetaTrader 4 (MT4). Don't worry if you're not - as professional traders can sign up for a free demo trading account easily, and can test MT4 without putting their capital at risk.. You can access a superb set of technical analysis tools with MetaTrader 4, so before you look elsewhere for other tools, it's worth mastering this trading platform first. You might even find that you have everything you need here.
Timeframes
When it comes to trading, one of the most important items for analysis is the availability of timeframes. Whilst indicators are important, it is much more important to be able to get the entry and exit signals confirmed on more than one timeframe. With MetaTrader 4, you can access up to nine timeframes, so you can easily assess and analyse trends. This is a very useful feature for technical traders.
Indicators
This is of course a vital tool for many, if not all, Forex traders. With MetaTrader 4 you can access over 50 different indicators that can highlight trends, volumes, and many other important pieces of data for your technical analysis. In addition to this, you can fully customise the indicators, so you can, for example, change their colours and adjust the data (periods) used for calculations.
This what makes MT4 indicators superior to many other types of Forex trading technical analysis software. What is great for novice traders is that the platform is supplied with these indicators without requiring any further effort from the trader, so you can start with technical analysis right away. Advanced traders will find custom indicators handy too, as they make it much easier to customise their trading strategy, and perform more sophisticated technical analysis.
Graphical objects
This type of tool is also very useful for technical traders. Even though you are not able to define exit and entry points, with graphical objects you can define support and resistance levels and apply various shapes on your chart to improve your analysis.
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