What is the best software to use?

Discussion in 'Forex' started by Jon Reed, May 30, 2006.

  1. Jon Reed

    Jon Reed

    This is probably a very beginner question, but I was wondering what you guys thought was the best software platform to use for beginners and what's the best for advanced traders? Right now I'm still just playing around with the java version at forex.com.
  2. www.strategybuilderfx.com

    Download their demo of Metatrader, you can use it for as long as you are active with it. I recently opened an account and am still using it, plus it is a great charting package.

    I'm not affiliated with them in anyway. I just like demo'ing on the Metatrader platform.

    Alternatively you could demo at InterbankFX, but the demo is not unlimited like the StrategyBuilderFX is.

    Only negative with StrategyBuilderFX is they have 3 pip spreads on the demo instead of 2 like on the InterbankFX one.

    It's up to you though, good software to learn on though. I also think it's great for advanced traders. Oanda is a great broker for Forex, but I don't like their charts, which is a big issue for me, but for the very tight pip-spreads, it could be worth it for you to deal with them.
  3. Jon Reed

    Jon Reed

    thanks for the reply, i'm checking them out now, also, does anyone perhaps know of a software review site that gave un-biased reviews of the different platforms?
  4. Well, considering most brokers have demo's, it should really be no question. I've demo'd at least 20 equity trading platforms, and at least 10 forex trading platforms.

    It needs to feel right, and then if you like it, it's time to do research on ET and other resources to check with that company to make sure there are not lots of complaints, and bad executions, hidden charges, and all that stuff.

    I think Metatrader is a great package though, and can be used by different brokers, so in the future if you need to switch, there is the possibility of keeping MetaTrader, where'as if you go to a broker dependant platform, well you'll be forced to learn a new platform and all that.

    Demo everything you can though, there is no shame in doing your research and demo'ing platforms, I sometimes take heat because I know a lot about platforms, prop firms, and all that on ET, but it's your business, it is wise to do a lot of research and to know lots of things before you make your decision, so be sure to "try before you buy" in all cases no matter what you do. :)