Using the right software can speed up your learning process, streamline your trading workflow and increase your efficiency. All of which can improve your trading returns.
I've used tons of Forex trading software over the years.
Back in the day, Forex software was pretty glitchy, so I would always keep my eye out for the next best thing. Whenever a new product came out, I would do my best to give it a try.
But software has become much more stable over the years and I find myself sticking with the same products because they work well. I still like to try new products, but I haven't found anything that is better than these products.
Here are my picks for the best Forex trading software products available today. I frequently revisit this list to be sure that it reflects the best software that I'm currently using.
Table of Contents
NakedMarkets Backtesting Software
In my opinion, backtesting is essential if you want to become a successful trader.
Speed up your education by testing and practicing on historical data.
Experience that you would otherwise take you months or years to acquire can be gained in as little as a few days.
My favorite backtesting software is NakedMarkets. Here's a complete breakdown of how it works and why I like it.
If you want to get a discount, use my coupon code here.
TradingView – Charting and Trading
TradingView is the future of charting/trading platforms.
It's becoming harder and harder to justify using downloadable software like MT5 and NinjaTrader, especially after you have used TradingView, even just a few minutes.
This video will show you the biggest reasons why I switched from MetaTrader to TradingView.
Click here to get a free trial of TradingView.
The bottom line is that I used to spend way too much time setting up MetaTrader, backing it up and solving issues.
On a day-to-day basis, MetaTrader is really clunky to use and I wasted a lot of time going through extra steps in the software. In addition, there are many features that require a third-party plugin.
It was so frustrating to have to always have to fix MetaTrader and find third party solutions that I felt should have already been included in the platform.
On the other hand, TradingView developers have done a great job of rethinking how trading/charting software should operate and have made it very intuitive. It's super easy to use and saves me a lot of time during daily trading.
Some traders don't understand why I pay for TradingView, when MetaTrader is free.
First of all, use whatever works for you. I'm not trying to convince anyone that they should use TradingView. But I have personally found that TradingView is a much more useful platform. For me, the cost is more than justified.
Second, trading is a business. You have the potential to make a significant income through trading. So as a trading professional, shouldn't you use the best tools that you can afford?
Third, if you use alert indicators with MT5, you are going to have to get a VPS and pay a monthly fee anyway. TradingView has these features built in and you don't have to setup and babysit a VPS server.
Even with all of these benefits, there is one big downside to TradingView. Their programming language Pine, is not quite up to the level of the MetaTrader programming language yet.
I think that it will get there at some point, but if you are going to do fully automated trading, then you will probably have to use MT5 for proper automated trading.
Otherwise, if you are like most independent traders and trade manually, I feel that TradingView is the best choice.
But don't take my word for it. You can see exactly what I mean by trying out TradingView for free here.
MetaTrader 4 Risk Multiple Profit Locker
This Expert Advisor is super useful. It locks in the profits of your trades by trailing your stop loss by risk multiple.
For example, let's say that you have a 100 pip stop loss and you want trail your stop loss by 2R, when price hits 3R.
So you would fire up this EA and place your trade. When your trade hits 300 pips of profit, your stop loss would be moved from -100 pips to +200 pips.
This would lock in a 2R profit, regardless of what the market did next.
If the market keeps going in your favor, this EA can keep locking in profits.
When your profit is locked in on a trade, you are free to take more trades because that first trade is now risk free.
Here's the EA in action…
Get more information about the MT4 Profit Locker here.
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