Forex Signal Software

Forex Signal Software

As ore and more investors leave the stock market in favour of better returns, forex trading has become increasingly popular. Not all traders have the time or expertise to sit in front of a computer all day taking trades, and so a huge market has opened up for forex signal software.

What Does Forex Signal Software Achieve?

Forex Signal Software enables a trader to trade the forex markets without any specific expertise in foreign exchange. The software will generate forex signals, and the trader merely takes a trade based on the signal indicated by the software. Most software will specify an exact entry price (or ‘at market’ if the trade is to be taken immediately), a ‘stop loss’, and a ‘take profit’ price. This means that the trader only needs to input these details into his trading account, and forget it.

Forex signal software can take a variety of forms. Some forex signal software will merely alert you to when to take a trade, whilst others, such as MetaTrader Expert Advisers, will connect to your trading account, and automatically take trades on your account on your behalf (see below for more details).

An Example of Forex Signal Software

A very popular forex signal software application is the MetaTrader Expert Adviser. One of the leading forex signal software providers is the FAP Turbo Trading system. This has proved a very successful system for a lot of forex traders. You can read a detailed review of the FAP Turbo system here.

Expert Advisers have the ability to trade your forex account automatically, 24 hours a day. So even in your sleep, the Expert (or ‘EA’) is working for you. This has led a lot of traders to set up their MetaTrader EA’s on a dedicated server, so that even in the case of a power outage, or loss of internet connection, their EA is still making money for them. You can find out more information about forex hosting here.

Another forex signal software provider is Zulutrade. Zulutrade make it even easier for you to trade forex with forex signal software, in that you don’t even need to download any software. With Zulutrade, you simply sign up for an account, and can choose as many forex signal providers as you like on one account. In effect, it is like managing your own hedge fund. For more information about Zulutrade, click here.