Online Currency Trading Blog

Currency Trading Tip: Sell GBP/CHF

Forex Trading: Limit order 16/07/2010. Sell GBP/CHF @ 1.5970 , SL @ 1.6145 , TP1 @ 1.5875 TP2 @ 1.5810 TP3 @ 1.5740

The pair has been  trending downwards and has made a small retracement upwards.

We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.

The entrance point is located below the last bottom the pair has made on the 4 hour chart.

More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.

 The RSI is near 50 in neutral territory.

SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.

TP’s are located  slightly above the support levels the pair has.

All analysis is based on the 4 hours chart.

Current rate: 1.6075

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Forex Meta Trader4 Brokers: offering best Forex trading platform

There are several Forex trading platforms available in the market. Forex brokers offer such platforms to their clients to trade in the Forex market. There are certain brokers offer the Meta trader4 software to their clients and due to this reason they are now being called as the Forex Meta Trader4 Brokers in the Forex market.

A Forex trading platform is online software that helps you to watch over the Forex market and lets you see the open and close trades.  The popularity of the Forex Meta trader4 platform is growing day by day and hence most of the Forex brokers are now operating and providing this platform to their clients.   This software has not become the most popular platform over the night. There are certain reasons behind its popularity. There are some exclusive and exceptional features that this trading platform has to offer.

Following features make this software most recommended one.

1)      Meta Trader4 is for free. MT4 is free for download at most of the Forex Meta Trader4 Brokers. The clients can download it and create a demo account at the servers of the brokers. There are no different versions of this software hence a free download is a complete one. This is a great way allowing you to learn the trading and get familiar with the interface of the platform.

2)      Well integrated. MT4 is made to integrate with several Forex trading tools that will make your trading effective. You can easily access charts, technical analysis, Forex signals and other indicators. It not only tells you the market movement or the prices of the currencies pairs but also help you to access these tools to sound your upcoming trade. Just imagine you need not to have different software to access different trading tools all is done at a single window of MT4. This feature lets you trade with free mind and hence your chances of wining gets doubled.

3)       No price charged for extra tools:  The trading feature and the charts at MT4 are all free of cost. Earlier you had to buy other software for accessing charts of the Forex market or if you are using other trading platform then also you have to pay a fess to the broker to access the charts at that particular platform. Forex Meta Trader4 Brokers never charge the access fees to charts.

4) Automation:  Another important feature that is missing with other Forex trading platforms. In MT4 you can easily get you trading done automatically. It is able to monitor the market, place the order that you may instruct it earlier to do. Moreover it comes with stop loss feature. This feature saves your account from losses. You can preset a market’s movement value above or beyond which the MT4 will close your account to trade automatically. Also MT4 gives you the auto feature of time zone correction.     

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How to choose forex trading software

In order to trade in Forex you would require Forex trading account software. This software provides you with the medium to open and close your transactions and also watch the market. Without forex trading software you cannot make any transactions in the forex market.

When you open an account with a forex broker you usually get free forex trading software, however, some forex brokers may charge you for it. This software is also known as a trading platform and it comprises of all the tools that you will need to make your transactions.

Trading tools for guidance and other help applications are also available in the forex market that can be purchased online or through other software outlets. The applications work along with your trading software but have no real connection with your original platform.

Some forex brokers offer the platform only and other specialized trading software come for a price. They may also suggest you software from third party developers.

As a lot of options are available to choose from and you may have a hard time to decide the appropriate one for you. Here are some guidelines which can be used to decide the right software for you.

1)      User friendly: – The software should be easy to use. It should be something that you can easily understand and it should still provide you with all the needs directly at hand. The current rates should be available in real time and the buy and sell option should be near these rates. This is very important as you have to make your transactions at a quick pace without losing your chance on a good deal. For every new transaction a new trade window should not be needed, this is time consuming and time plays a big role in forex trading.

2)      Managing features: – the software should provide all the risk and profit managing options such as STOP-LOSS and Profit Taking features. These features are necessary and without them the whole point of having software is useless. Loss limit feature should be available which closes your transactions when you are going or about to face a major loss. These features will help in taking good decisions and can prevent major losses.

3)      Charting Tools: – When you trade in forex software you heavily rely on the charts displaying the price movements. These charting tools also have options of customizing the time line to provide rates and prices of different times.

Most of the software can be tested as they come with a trail period. Try the software first and check and understand all the facilities it has, if it seems compatible with you and all your work, then buy it.

The above guidelines only provide us with an idea as to what software can be used for the most easy and best forex trading. It does not mean that particular complex software is of no use in the dealings. As your expertise grows your demand for the right software would also rise.

Tags: forex brokers, forex market, forex trading