What Software You Need For Forex?

For centuries, money is regarded as the most important commodity you need in survive and live comfortably. 

Besides buying what you need and want, you also need to provide for your family, spouse and kids if you are married as well as for transport, bills and credit purchases. 

All other material comforts are regarded as luxuries outside those essential needs zone. 

Since money is important to have, you need to know how to earn. 

Problem is schools, social and mainstream media, and people around us only conditioned us to get a job as the one and only ideal solution. 

The other is setting up business which requires capital for operations and overheads before you can even reach out to people as prospects and potential customers. 

Most entrepreneurs will borrow from their peers, government and banks to fund those with no guarantee that their business will flourish and they will pay back the loans within certain deadlines.

The third way is investments as in buying stock, properties and currencies. 

However, before the rise of internet, digital technology and artificial intelligence, these are made exclusive only to rich since they have more resources and bigger capital by banks and major financial institutions. 

Now the rules have changed. 

But along came new challenges. 

Most people overtraded and ended up losing more money than what they invested due to ignorance and emotions. 

Which I will get to that in a while. 

But for now, let me explain why of all investments, forex is still regarded as the easiest and fastest way to earn though it too carries the risk of losing money as well. 

Firstly, it is the core engine of all money markets coming together like a central nerve system of body that all organs and bones are connected. 

Everyday, millions of transactions are taking place globally from US to Europe to Africa and Asia. 

Most importantly, it is open 24 hours a day from Mondays to Fridays and amount transacted totals up to trillions of dollars. 

Unlike say stock markets, the Forex market is not easily manipulated by big financial institutions and allows anyone to trade with as little as $100 capital. 

Now having read those, you may be asking if that is the case, why do most people lose money?

I boil down to 3 simple reasons. 

1. Most people do not know how to trade properly as there is no formal education by schools addressing this,

2. Because people lose money, they have the wrong perception that Forex and any investment to do with money are gambling and scams,

3. They do not know how to place and manage their trades should market goes against them. 

Though there are many online courses teaching how to trade Forex, most people do not have the time and discipline to go through and complete them either due to work, family, and other life distractions. 

So, what did they do next?

They followed other professional traders’ signals or entrusted their capital to those traders to trade and make money for them. 

It even so, they still lose money when the signals did not deliver and the people they entrusted their money with turned out to be scammers. 

Then came artificial intelligence in FX trading robots. 

Though the early versions were released in 2010s, they are more prominent at time of me writing this. 

They are designed by professional traders and software developers working in trading firms. 

As in programming the software robots to trade exactly like the pros. 

1. Analyzing all the major currency pairs based on the countries’ economies, world news and possible measures by governments to address crisis, inflation and unemployment,

2. Entering when the market shows signs of going up or down via candle sticks, 

3. Putting Stop Loss and Take Profit on every currency pair trade

4. Editing Stop Loss to Entry Price to minimize losses in market. 

To profit consistently in Forex, you need the right knowledge and various strategies should market goes against you and still profit. 

Problem is not everyone has the time and discipline to master those. 

That is when AI robots come in. 

As to which robot suits you best, this is where you need to do your own due diligence.