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Forex Trading Software
 Regarding
forex trading software, the forex software you
choose is crucial. There are many software providers
that will compete for your business that choosing the
right forex trading software can be quite a difficult
task. The vast majority of the forex trading
software products available offers live online forex
trading platforms but, what are the vital
characteristics your trading software must have?
Crucial Elements Your Forex Trading Software
should have:
Before purchasing any forex trading software there are a
few essential items that should be considered. The most
important is security and your online forex trading
software should include a 128 bit SSL encryption which
will prevent hackers from accessing any personal data
and info such as credit card info, account balance,
transaction history, etc.
To ensure the maximum security for
your forex trading software, it should include a
company that provides 24/7 hour technical server support
for your forex trading software, 24/7 hour maintenance
should anything go wrong, daily backups of all your data
and a security system designed to prevent any
unauthorized access. Along with these security protocols
there are also some forex trading software companies
that use smart cards and fingerprint scanners to ensure
that only their employees can have access to the data
servers.
An important element when it comes to choosing your
forex trading software is to check what the company
downtime is like. When it comes to trading forex and
particularly your online forex trading you need to rest
assure that the forex software you choose is reliable
and available 24/7 hours a day. The forex trading
software you choose for your forex trading should also
have technical support available at all times should in
case your session be cut short.
Ensuring that all the above features are listed in the
forex software you choose will help to ensure your forex
trading success.
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The Best Time to Day Trade the Forex Market
The three major forex trading 'sessions' are as follows (all in
Eastern Standard Time):
1. New York open 7:00 AM to 4:00 PM 2. Japanese/Australian open
7:00 PM to 3:00 AM 3. London open 3:00 AM to 11:00 AM
** Often, the best times to trade is at the beginning 3-5 hours
of the above mentioned opening times, because the major currency
pairs tend to move the most in a particular direction.
Especially when there are economic news releases.
THE ABSOLUTE BEST TIME TO TRADE IS FROM 3 AM TO 11 AM EST.
The New York and London trading sessions overlap between 7 and
11 am EST. The volatility is much higher and trading
opportunities are much more frequent with bigger moves,
especially in these four hours.
The currency pair that moves the most during these hours are the
Usd/Chf (#1), then the Gbp/Usd, then the Eur/Usd, then the
Usd/Jpy.
This is when you can make 30-100 pips trading in just a few
minutes or hours, using any of our strategies in any time frame,
especially around news releases.
If you need help in converting EST time zone to your time zone,
please use this world time zone converter:
http://www.worldtimezone.com OR http://timeanddate.com/worldclock
DAILY FORECAST WEBSITES
First thing in the morning, I go to http://www.fxstreet.com to
check out some forecasts and news release times for the day. I
always check before I start trading and I write down the
support/resistance, trend, trading range, target highs & lows,
news release times, etc. on my Daily Trading Sheet, which is
provided in the Day Trade Forex Advanced course.
Another place to find out when the world economic news releases
are: http://www.forexnews.com and scroll down to the bottom of
the website for the list of the current week news releases that
impact the Forex markets.
Most often, the economic news release is scheduled for 8:30 AM
EST. If you are in a trade at this time, make sure you have your
stop loss at a place you are happy with. The volatility is scary
and fast, but if you aren't already in a trade, you can jump in
once you see the major trend, usually after the first 5-15
minutes. Look at a 30 min chart to see the major trend.
IMPORTANT NOTE: Most of the forex brokerages have now stopped
guaranteeing their stops during fundamental news release times,
as the volatility is so extreme, that the price can often move
faster than their servers can keep up with. Thus, please be very
aware that getting into and out of a trade when you want, can
sometimes be next to impossible. You can possibly encounter
several things during news release times: whipsaw of the price,
slippage, freezing of the platform, disconnects, re-quotes of
price, loss of money, etc. Don't bother calling up any dealing
desk to complain, as they are all now distancing themselves from
this problem, and they all have a disclaimer on their websites.
It is a buyer-beware type of situation. If you choose to play
the news, you have to be aware of it's risks. The rewards can be
very great in just a few minutes, or it can go against you. Make
sure that you immediately put in your stop.
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