Question:
I am new to forex trading and still trying to learn the tricks of the trade; however, I can relate to your story. I appreciate your down to earth approach to life. I started live trading recently and so far I have made 80% wrong trades. As you can imagine, I’ve lost $3,000 in one month. I just have one question. Can you recommend some type of software to assist with my forex trading choices?
Helio from Sunnyvale
Answer:
Thanks Helio. I appreciate my “down-to-earth” approach to life as well. When one looks to the simple as opposed to the complex to explain reality, life becomes simpler, and I appreciate simplicity.
As to your request, yes, I can recommend trading software, but before I do that, I want to give you a piece of advice. No matter which software you choose, keep in mind that it cannot do all of the work for you. A good software package will perform many tasks, but at this point in our technological evolution, software cannot think independently from what we tell it to think about. My point is that to be successful at trading, you still have to do a lot of work to do, even with the software.
There are many good choices out there. You have to decide what your budget is because the price ranges are huge, which reflects the range in quality. I am not saying spending more will get you more necessarily, but it might. Consider as well that a combination of software/tools might be what you want. Many traders utilize more than one software package, or they use software in combination with the tools their brokers provide.
Along with your budget, you must decide what you want in a software package. Forex trading can be tricky, so the more quality tools you have the more likely you are to be successful, especially if you combine quality tools with both a quality education and a real understanding of the global economic environment. Currency trading requires this understanding; otherwise, you are shooting in the dark, so to speak.
I encourage you to check out what is out there. Search the Internet and you will see the myriad choices. Having said this, I also encourage you to check out VantagePoint 8.0. Although I don’t use it for forex trading (I trade equities using VantagePoint.), many reputable people on this site and in the trading world do. The software has many quality tools, and it works.
Do any of you forex traders out there have a suggestion for Helio? If so, jump in and let him know.
Trade in the day; invest in your life …
