| In most cases when you sign up with a FOREX | | | | in most cases you are able to download the |
| broker they will provide you with software to | | | | software from the brokers site and then install it. |
| execute transactions as well as get market | | | | Web based software is rapidly growing in popularity |
| information. Since online trading has been around for | | | | as more and more brokers offer it. The primary |
| quite some time now, the brokers have a pretty | | | | advantages to web based software are convenience |
| solid understanding of what the traders need from | | | | and security. With web based software you can log |
| trading software. There are two primary | | | | in to your account and get market updates and place |
| classifications of software provided by the brokers; | | | | trades from any computer with an internet |
| web based and client based. | | | | connection. If you use client based software you are |
| One of the mandatory services needed by all FOREX | | | | only able to make trades from the computer that |
| software is real time market updates. Since the | | | | you have the software installed on. |
| FOREX market is so fast paced and volatile traders | | | | As well as being more convenient web based |
| must have data that is accurate to a few seconds to | | | | software also offers a higher level of security. During |
| make decisions on when to enter and exit their | | | | the actual transmission of data both web based and |
| positions. All brokers make claims that their software | | | | client based software encrypt the transmitted data |
| will remain updated with a minimum of delay but the | | | | with a high level encryption. On client software |
| reality is that there are a variety of factors that can | | | | though there is the risk of data being stolen from the |
| delay the software displaying updated information. | | | | client pc by hackers or Trojans. |
| The users internet connection speed as well as their | | | | The most basic software packages will provide you |
| geographical distance from the broker are probably | | | | with real time quotes and information as well as |
| the two primary issues that can affect the update | | | | allowing you to enter and execute trades. Up to date |
| time. If you wish to be successful trading FOREX it is | | | | quotes are provided for most currency pairs and the |
| highly recommended that you have a high speed | | | | software will allow you to open or close a position at |
| internet connection and a fairly up to date computer. | | | | market prices. The software should also allow you to |
| You might also consider selecting a broker relatively | | | | set up trades with limit orders and stop loss orders. |
| close to you; if you are trading from the US you | | | | More advanced packages will also offer charting |
| might want to avoid a broker based out of Australia. | | | | capability that can show you many different |
| During times of extreme market volatility this | | | | viewpoints. |
| distance could cause a delay significant enough to | | | | Any good broker will provide you with basic |
| cause issues with your trades. | | | | software free of charge just for using them as your |
| Web Based or Client Based? | | | | broker. Many of your better brokers will offer an |
| Web Based software is not actually installed on your | | | | advanced version of their software for a fee. The |
| computer it runs on the brokers web site. You only | | | | advanced version will give you extra capabilities such |
| need to have a browser compatible with the | | | | as executing trades right from the chart and |
| software to access and use this software. Client | | | | enhanced analytical ability. |
| based software is loaded directly on your computer; | | | | |