Forex Software and Broker Reviews - ForexFan.net

CNBC and Bloomberg are the two most famous and high profile investment channels on TV. They run 24/7 and offer a variety of broadcasts covering different aspects of investing and they each have a detailed websites with all sorts of information available.

They can both be helpful for home traders and there’s certainly a wealth of knowledge and expertise from a lot of the contributors but I would be slightly careful if you’re a Forex day trader following CNBC or Bloomberg TV all day for a couple of reasons.

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Online trading academy is an educational trading service that was started by Sam Seiden who’s a world renowned trader who got his start on the Chicago mercantile exchange. They offer a variety of courses in their various trading centres around the world focussing on Sam’s supply and demand methodology as well as a selection of online only courses.

The courses themselves range from the expensive to the very expensive so you would certainly have to think long and hard before signing up for one however they offer a massive amount of content for free on the website. What’s surprising is that the free content they offer actually lays the strategy out in full if you work through it all, it’s certainly not just filler to try and get you to sign up for a course as you might expect at first.

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Tradestation is one of the most highly rated and commonly used pieces of trading software out there so I thought it might be good to have a look at some of the benefits.

Like most decent trading software it allows you to trade multiple different market types like equities, futures, options and forex in the same place as well as the ability to do thorough back tests on these markets in order to refine your trading strategy.

A massive amount of data makes these back tests extremely reliable with 4 years of intra-day Forex data available and even more with the other market types. This means that even with a swing trading or longer term strategy you’re able to cover all of the different market conditions in your test.

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Alpari is another well known forex broker that uses the Metatarder 4 platform. It’s one of the most commonly used brokers out there and has a large market share.

A quick scan around various review sources and forums will show you that people have fairly mixed experiences with Alpari. Many people use them as their main broker but just as many if not more seem to experience problems with them.

You have to keep in mind when you read comments online that traders have a habit of blaming their platform when their results don’t go well and more often than not its nonsense. In particular, when I hear people complain about their brokers manipulating prices and things like that I’m very sceptical because that seems like a pretty drastic measure for a broker to take just to sabotage a few retail traders.

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Ninjatrader is another popular trading software package that caters to the clients of over 100 brokers worldwide. It’s designed to be a complete trading solution that allows the trading of futures, equities and forex markets.

It ticks all of the major boxes that traders require from their software like good execution, efficient trade management and stable software that isn’t too CPU intensive.

It’s main strength and what it’s particularly well known for is it’s in-depth auto-trade management system. Strategies can be coded in for both trade selection and management once the trade is live and it executes this coding very well. A lot of people turn their noses up at automated trading and to a certain extent I can understand why but using trade management like this is an excellent facility to have because it can help you with the psychological aspect of trading that’s most peoples downfall.

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Market watch is a popular news website that aims to cover all news and economic info that affects the financial markets worldwide and it’s linked to the wall street journal.

The layout is fairly hectic since it covers an awful lot of information but once you get used to it all it’s fairly easy to navigate around. There’s the latest news ticker at the top of the page that as the name suggests shows you what the most recent information is and what minute that news was updated. Directly next to the it on the left you can see basic information regarding the worldwide trading sessions and which one is currently active.

Below this on the main bar is where the main sections are listed. They allow you to pinpoint which type of news you’re specifically after as well as narrow your search down to political factors or industrial information and so on.

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Forex strategies revealed as the name suggests is a trading community that’s focussed purely on strategies and systems. There isn’t much in the way of tools or content outside of that and the website itself is extremely simple and designed to be easy to use and navigate.

There’s the occasional blog posting on the front page which will tend to briefly look at a specific area of trading but as suggested above it’s by no means exhaustive because the core focus of the website is just the strategies.

Once you get past the initial introductions and “What is Forex” style articles you get to the strategy section which is split into 4 parts, basic, simple, complex and advanced. There’s between 17 and 51 different strategies explained in each section so plenty there to keep you busy!

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GKFX are a fast growing Forex broker who have been making a big commercial push recently so there’s a good chance you might have heard of them. They were originally called Smart Live Markets and rebranded to GKFX late last year, supposedly for purely commercial reasons.

The charting package offered is MetaTrader4 and they offer all of the standard options such as live or demo accounts and mobile trading applications for both iPhones and Androids. They also offer all of the usual educational content that most brokers provide their clients with nowadays as well as economic calendars and various other tools like margin calculators.

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As far as Charting platforms go I would say there’s probably none more popular than MetaTrader4 (MT4 for short) for a variety of reasons. It’s free to download and use and is the software package that the majority of retail brokers offer to their clients. If you spend any time looking around trading forums and websites then you’ll also notice that the majority of screen-shots posted are always from MT4 as well.

MT4 basically offers all of the tools that a trader could need so that explains the popularity, crucially it also offers a high degree of customization which is always a massive plus for people with a background in coding who want to design their own indicators specifically for use with their trading systems.

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Babypips.com describe themselves as “The beginners guide to Forex trading”. They have a variety of tools to aid potential traders and most notably they have an extremely extensive trading school which most important is completely free to sign up too and follow.

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