2005 revolutionised FX trading for non-institutional investors, as it structured the chaos of different system and applications existing until then. However, the program may be downloaded from tradefort forex charts website of the broker to be used for the trading account, thus benefiting from pre-configured currency pairs, IP addresses and other parameters.
When using the software package for the first time, a demo account can usually be opened with the FX broker, a few brokers may ask for a registration and account opening on their website beforehand. Charts Charts can be produced for all tradable items of the broker, their chart type, colours and similar can be configured at the user’s discretion. Also indicators can be added as desired, a variety of well-known indicators is already pre-installed. Nevertheless, instant execution orders and pending orders should be available as a minimum.
When placing an order, take profit and stop limit information can be entered in addition to the ticket size. Basically all users can develop their own Expert Advisors which will trade according to the programmed trading strategy. Expert Advisors can be very simple trading systems or complex strategies like neuronal networks and genetic algorithms. The use of Expert Advisors comes along with a number of advantages. EAs can monitor the market around the clock and react to specific market situation without the trader’s permanent presence. Since FX markets are active for 24 hours on business days, this allows the benefit from all trading opportunities in the market.
Additionally, there is no limit to the number of currency pairs and markets to be monitored simultaneously. Expert Advisors also permit the concurrent use of several trading strategies for further risk diversification. However, the crucial advantage is that Expert Advisors do not know any human emotions like fear or greed, and they will pursue a strategy without personal involvement, without panicking or increasing the risk. It remains at the user’s discretion to select the suitable Expert Advisors and to define the correct trading parameters.
A VPS can be compared with a flat share. The communication will be carried out using the remote desktop connection as offered by Windows. This offers the advantage of pre-installed services and applications, suitable support for the installation of MetaTRader 4 and partially also pre-configured EAs. In addition, these suppliers will also adapt their maintenance to the requirements of the FX market, while ordinary providers prefer to update their systems at 11 pm which coincides with the start of the Asian session.