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Discover the best Forex software for traders in India in 2021

MD: Forex traders use different software to access the market. The best systems are versatile and efficient. Here are the main criteria you should consider.

What Is The Best Forex Trading Software? 

Forex trading as we know it would not exist without digital platforms. Contemporary software connects users to the largest financial market in the world. Every day, over 5 trillion US dollars circulates between institutional players and individuals. Choosing the right platform is crucial for success. It has all the tools you need, from price charts to execution triggers. 

The software market is developing at a rapid pace. Some brokers are investing in their own proprietary solutions. Others rely on generic systems like MetaTrader 4 or MetaTrader 5. Which is the best for traders in India? Let’s see what sets the best software products apart.

 

Overview of Popular Platforms

Today, online trading does not tether you to a desktop workplace. You may analyse the markets, open or close positions and withdraw funds using tablets and even smartphones. In 2021, these solutions are more popular than ever.

The global pandemic has exposed the flaws of conventional employment. Traders achieve financial independence. They need no bosses or subordinates to make money.

Popular platforms are all-in-one tools. On the one hand, they facilitate analysis, helping you spot trends and typical trajectories. They are packed with price charts and other convenient features. At the same time, platforms include all the necessary tools for opening, editing, and closing of positions. Users may also communicate with support and manage their balance.

1. Working Across Platforms

Cross-platform solutions are the most popular and convenient. They allow you to trade on the go. Desktop and mobile versions connect to the same cloud-based servers. As a result, data is shared instantly, so you may easily switch devices when necessary. 

For example, one may perform preliminary research from a smartphone, open a position from a laptop, and close it via a tablet. This is possible with systems like MetaTrader 5 download from Forextime. They include desktop software, mobile apps and web-based terminals which work without installation — right inside browsers.

2.Tools for Technical Analysis

Forex traders make decisions based on technical or fundamental criteria. The first group of analysts relies on price charts with adjustable time frames. They focus on trends of different magnitude and typical trajectories like the Hammer, the Morning Star, Three White Soldiers, etc. This approach is purely technical. By identifying common movements, they understand where the price is likely to move.

Different strategies rely on different time frames. For example, the shortest ones are used in scalping. These traders look at changes on 1-minute or 15-minute charts. They place multiple trades during the day to make a small profit from each one. 

In comparison, swing traders use 4-hour charts, daily charts and the weekly time frame. They may leave a position open for days or even weeks. Finally, there are position traders who make a few trades throughout the year. They need to dissect the biggest movements while the tiniest shifts are disregarded.

This means a trading terminal must facilitate your method of evaluation. For example, MetaTrader 4 features 9 different time frames. These vary from 1 minute to 1 month. Such a wide range makes the system suitable for all groups of users.

3. Access to News

The second group of analysts relies on fundamentals. These are major drivers of the market, primarily political and economic. For example, when a central bank lowers its interest rate, investors lose interest, and the local currency weakens. On the other hand, an increase in GDP is positive for the local monetary system. 

There is a lot to analyse, but the best software condenses media updates. Traders are informed about the most important announcements via economic calendars. As a rule, fundamental traders are more likely to choose longer time frames. 

4. Risk Management Features

In forex, the risk is always real. The global market is beyond any individual’s control. You may foresee its movements but not program them. Contemporary software has automatic triggers allowing you to secure profit automatically. 

Stop Loss limits potential losses for every position. Take Profit allows you to collect a particular level of returns. These features must be easy to use.

Example: FXTM Trader

This mobile app was developed especially for clients of the broker. It gives access to 250+ instruments across a wide market spectrum. You can manage currencies and spot metals along with CFDs on stocks, cryptocurrencies, indices and commodities — all from the same app. 

Users monitor their instruments at a glance and manage positions based on streaming quotes. They have access to multiple charts and news updates. There is instant access to support and a convenient dashboard for account management. Overall, this proprietary solution is one of the most powerful mobile systems on the market. 

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