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
Forex Backtesting Software: NakedMarkets
In my opinion, backtesting is essential if you want to become a successful Forex 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 Forex backtesting software is NakedMarkets. Here's a complete breakdown of how it works and why I like it.
Charting and Trading: TradingView
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.
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 is a cool Expert Advisor for MetaTrader 4. 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.
Virtual Private Network (VPN) Software
You may be wondering why you might need a VPN service/software. Well, if you only trade at home on a secure network and don't travel anywhere, then you don't need a VPN.
However, if you trade on public WiFi networks like at coffee shops, hotels or airports, then a VPN is a must-have. Even if you aren't going to trade on those networks, a VPN keeps your information safe.
They are like a condom for your web surfing.
A VPN acts as a layer of protection between you and the bad guys.
The way it works is that you connect to a VPN server first, via a private connection. Then you use the VPN server to connect to the public internet.
Using the VPN server allows you to hide things like:
- Your IP address
- Your physical location
- Your personal information
- Your browsing history
- And more!
It also prevents your data from being intercepted between your computer and the wireless router.
I've tried a few services and I love (and use) NordVPN.
In my experience, most of the top tier VPNs will provide a very similar level of security. The two areas where you will notice a difference are:
- Can you watch US Netflix (or any other streaming service) in another country?
First of all, NordVPN is fast. I normally don't notice the difference when it's on.
You might laugh at #2, but content blocking in other countries can be pretty strict…and frustrating. Even watching a simple YouTube video might be harder than you think.
But streaming content isn't the only content that is blocked in other countries. Some countries may even block access to your broker.
So it helps to have a VPN available when you have to enter sensitive information on websites, or you are on a sketchy public internet connection.
The great thing is that VPN services aren't very expensive and NordVPN allows you to protect multiple devices, for one low cost. Learn more about NordVPN here.
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