Forex Trading Software
Four Signs That Your Forex Trading Software Isn’t Up to Snuff
Forex traders, like all humans, can be creatures of habit to an unhealthy extent. This definitely applies to forex traders who continue to use forex trading software that manifestly isn’t getting the job done, but you don’t want to switch because it’s too much hassle and you’re used to using this lame software that sucks.
If you’re interested in seeing if your forex trading software measures up to the best in the industry—and every trader should be interested in that—here is a four step process that can help you discover whether your FX software is any good or should be fired.
Like a bad relationship, there are always signs that it may be time to move on.
1. You Are Losing Money Because of Your FX Trading Software
To follow along with the necessary break-up scenario, several of the signs that your forex software is no good for you are a “it’s not you, it’s me” kind of deal.
For example, the first sign that you may need to change software providers is that you’re not making money with your current provider. However, before blaming that fact on your software, you must take a hard look at what you’re doing to lose money in the markets.
Maybe it’s you that’s losing you money. You must examine this possibility.
At the same time, there are problems with FX trading software and FX brokers that can cause you to lose money. For example:
-- Your market order trades are executed late, and at worse prices
-- Your software freezes up in high-volume market conditions
-- Your software offers only rudimentary charting capabilities
Sometimes, it’s not your software that’s the problem, but your hardware. Some of these more elaborate programs require a certain amount of RAM or processing speed in order to work properly.
Overall, though, losing money is a sign that something’s not working, and it may well be your software.
2. You Get No Joy from Using Your FX Trading Software
If you don’t like your software, something is wrong. There is way too much cool forex software out there for you to be using something you don’t enjoy. Get rid of it and find something you do like. You’ll be a better trader for it.
There is no accounting for taste, but everyone can agree that foods that taste good are a great part of life. Similarly, if your forex trading software doesn’t impress you and make you look forward to using it, it may be time to find software that does meet your taste requirements.
A forex trader with boring, ugly software is not a pretty sight.
3. You Don’t Know How to Use Your FX Trading Software
And then there are those traders who not only don’t enjoy their foreign currency trading software, but also have little to no idea how to use it.
If it doesn’t come with instructions, use something else. If the instructions are confusing, use software with instructions that are easy to understand. Using your software for basic tasks shouldn’t be that hard.
The really great forex trading software systems, though, show their brilliance by making it easy to do difficult things. Obviously you must contribute something to the learning experience, but so must your software provider.
If your software brags that you can backtest your trading strategies, trade directly from charts, and track your performance with patented metrics, but you have no idea how to do any of that, well then maybe this software isn’t the best option for you.
4. You Don’t Trust Your FX Trading Software
Usually distrust of a forex trading software package equates to distrust of the forex broker providing that platform. Every forex trader who has used various software providers who are also brokers has experienced this feeling: am I being ripped off?
If you experience that feeling regularly, it’s time to move on.
Note: misttrust isn’t the software being a little unfamiliar at first, or glitchy, or smaller computer errors like that. Stuff like that is par for the course in the software world.
Mistrust is when you lose a lot of money, or don’t make a lot of money, and it’s because of your software; for instance, your order didn’t get filled on time and on price, and that cost you a thousand bucks.
It’s hard to regain confidence in your equipment when something like that happens. Trust is hard to earn and when it’s gone, it’s gone, and it rarely comes back.
Don’t stick with software or a broker that you don’t trust. It’s worth the effort to switch up so that you aren’t sitting around feeling—and trading—paranoid.
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