Forex Software and Trading Systems?

[robinlbird]

I am having an issue with distinguishing what the difference would be between Forex Software, and Trading systems. Are they not the same thing, why are they listed separately? If I am with a broker do they not have Forex Software, how do I integrate trading systems and forex software with a broker? Is it all one and the same...?

Fairly confused on how I use them together...?

 

[dkami]

Additional forex software besides what your broke provides you in the way of a trading platform can be purchased to help you build,test your trading system-strategy,Probably the most common forex software that you will come across will be EA's that automates a trading system

Forex software buyers beware although not all of it is junk most of it is so it pays to do your research on a product before purchasing your holy grail

P.S. Only software I use is MT4 provided by my broker that has all the tools I require for my trading system-strategy

 

[Pharaoh]

Dkami is correct - your broker provides a trading platform. This can be downloadable, like MT4, or it can be browser-based.

In addition to EAs, there are custom indicators and templates that work within your platform. There are also external pieces of software.

A trading system could be software based, but the FPA reviews categorize those as software. The Trading Systems section of the reviews is for systems that you can implement using only what comes with your trading platform.

 

[quicksilver]

I am having an issue with distinguishing what the difference would be between Forex Software, and Trading systems. Are they not the same thing, why are they listed separately? If I am with a broker do they not have Forex Software, how do I integrate trading systems and forex software with a broker? Is it all one and the same...?

Fairly confused on how I use them together...?

Its all about the figure of speech. What you call as 'Forex software' in reference to a forex broker is also commonly known as a 'trading platform' or 'trading software'

Forex software, has different meanings on how you use it. It could be EA's or it could be say a trade copier system or something on those lines.

Integrating trading systems is as simple as copying the right software (trading system/ea/indicators) into the right folders and activating them. Trading systems basically make use of some indicators and ones which are automated (place and close buy/sell orders on your behalf) are commonly known as expert advisors.

 

[robinlbird]

Any place I can go to read up on this in the forum.....your answer while I am sure correct don't make any sense to me so I assume I need to figure out how this works or what it is you are describing. I just look at a chart, draw trend lines, look at candlesticks, etc. Have no idea what you are referring to outside of that. I am working through the FPA Boot Camp but no mention of any of the above "stuff". Never heard of MT4 nor do I understand what that means?

Not even sure I now understand what a platform is (thought I did).

All I can figure out is that I sign up for a broker and they always have charts to use? Or so I thought?

 

[Pharaoh]

Different trading platforms have different abilities. There are trading platforms from some brokers that only show price, not charts.

MT4 is the most common trading platform out there and it's got charts. Lots of brokers will let you set up a free demo account using it.

One tip - while you are still learning, create a throw-away email address and give them a fake postal address and phone number. Otherwise, many brokers will start calling/emailing you within a few days of you getting the demo and applying pressure for you to fund a live account long before you are ready.

 

[joeragan]

Any place I can go to read up on this in the forum.....your answer while I am sure correct don't make any sense to me so I assume I need to figure out how this works or what it is you are describing. I just look at a chart, draw trend lines, look at candlesticks, etc. Have no idea what you are referring to outside of that. I am working through the FPA Boot Camp but no mention of any of the above "stuff". Never heard of MT4 nor do I understand what that means?

Not even sure I now understand what a platform is (thought I did).

All I can figure out is that I sign up for a broker and they always have charts to use? Or so I thought?

A platform is an interface between you and the forex market. This is similar to what you would need if you want to browse the Internet, you will need a PC hardware, you can run Microsoft Windows XP, or Linux, or Mac OSX then on top of it you can run Internet Explorer, Mozilla Firefox, or Google Chrome.

A trading system is a collection of things such as:
- trading strategy: what currency pair you want to trade, which time frame, how big is your risk to reward ratio, money management to use, etc
- trading plan: when are you going to enter and exit the market? Is it during a price breakout or a reversal?
- trading indicator: tool to help produce a signal to be used to determine the entry and exit, e.g candlestick, bollinger band, trendlines, etc

A trading system can be implemented by means of a piece of software that runs on a trading platform.

 

[Mr. Euro]

A platform is an interface between you and the forex market. This is similar to what you would need if you want to browse the Internet, you will need a PC hardware, you can run Microsoft Windows XP, or Linux, or Mac OSX then on top of it you can run Internet Explorer, Mozilla Firefox, or Google Chrome.

A trading system is a collection of things such as:
- trading strategy: what currency pair you want to trade, which time frame, how big is your risk to reward ratio, money management to use, etc
- trading plan: when are you going to enter and exit the market? Is it during a price breakout or a reversal?
- trading indicator: tool to help produce a signal to be used to determine the entry and exit, e.g candlestick, bollinger band, trendlines, etc

A trading system can be implemented by means of a piece of software that runs on a trading platform.

It is true, the required description of platform and system is posted in a very nice way, like brokers who use their systems on different platforms in very efficient way by using their signals and indicators for trading.