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The Forex market used to be the realm of governments, banks, financial institutions and very rich people. That was not so long ago either. Fifteen years ago, perhaps, maybe even less. The development that modified all that is the Internet. These days, the Forex market is played by small companies and even ordinary people as well as the huge players of former times.

Whether or not it is a level playing field for the huge and the small, you will have to decide for yourself, because so much shame has come to light recently about issues in other financial markets. However, the Forex is so massive that it is difficult to believe that it can be manipulated. (Although George Soros is held responsible for a run on the GBP in the primeval nineties).

It is likely that the huge players have more access to intelligence that the rest of us. Especially governments as they introduce the policies that affect the way a currency moves. Information is the key to profitable Forex trading. Therefore, you need to know the terminology of the Forex market; how to utilize the financial instruments that your broker makes acquirable to you and you have to be up-to-date on the news affecting your target currencies. Read more

A technical analysis software is a great tool for any trader to predict the future market movement; this can be done by examining charts, utilizing backtesting, etc. If you have learnt manual trading, you must realize how confusing it is to examine many charts, prices, and volume data in order to make a profitable entry decision.

Using a technical analysis software can greatly help you to make the ideal entry and exit decisions.

The features of this software might vary from the one that only help you in specific area to the one that will automate all the process for you. These are some features of a technical analysis software:

1. Charting
Charting is the bread and butter of technical analysis. Basically, no technical analysis can be done without charting. The chart form is a graphical interface that presents price, volume, and technical analysis indicator such as Elliot Wave, Fibonacci, Gann Fan, etc. There are time frame selection acquirable so you can pick the one that match your strategies.

When selecting a time frame, you can select from tick (seconds), minutes, daily, weekly, to monthly. Viewing historical data on a specific period of time is also possible; you just input the date range that you want.

2. Back Testing
Back testing is used when you are testing various trading strategies or systems. In order to do this, you convert your strategies into a set of rules and test it against a time frame of the historical data and see the results.

This is a good mehtod, but remember not to depend on it too much; it has proven to make many traders fails if not used carefully. The reason is they tested their strategies with historical data and keep altered it so it can be a profitable strategy during that time period. Most of the time, these tester will forget to test their altered strategy in current market condition. This is not a wise decision; a strategy that works well in 2001 but change at the current condition is as good as trash.

If you have a strategy that worked with historical data, open a practice statement and have it against current market; if it can survive and give you sufficient profit for at least two months, then you have a working trading strategy.

3. Alerts
Forex traders using signal software to notify them when the particular conditions are met at the market. For instance: the prices has gone through support or resistance line. This notification will be send to the trader via screen pop up, email, short messages, instant messenger, or any other communication means.

4. Custom Indicators
In a good technical analysis software, you can use, customize, or combine various standard indicators such as MVA (Simple Moving Average), EMA (Exponential Weighted Moving Average), LWMA (Linear Weighted Moving Average), etc. If you have superior skills, creating a new indicator to support your strategies is not impossible.

5. Broker Interface
Certain technical analysis software has feature that grants it to integrate itself with a brokerage platform, thus you can trades on a familiar platform. This will makes your trading process easier because you can input orders directly from the chart.

Using technical analysis software can make market analysis, deciding entry and exit prices, and predict future market movement a lot easier. If you enjoy examining market and don’t want to depend on somebody else for that, this software is a must have.