Using financial software for Forex trading can provide you with a way to create a passive source of income. Trading with Forex software is generally easier than learning how to trade manually, but there is a definite learning curve involved when using foreign exchange software. Here are a few tips on how to use this kind of program effectively.
Downloading the Software
Once you research a piece of software and you know that it's going to be the product that allows you to make unlimited income in the Forex market, it is time to buy. After buying the Forex robot, you will need to download it to the appropriate location.
Most of the time, the seller of the system will have a download page that you can go to and download the package. You will typically right click on a link and then select "save as."
You then can choose the appropriate place on your computer to save the software. If you're going to be installing it right away, putting it on the desktop is generally easiest.
Read the Directions
If you bought a quality piece of Forex software, it will usually come with some comprehensive directions. It is a great idea to read through the whole manual so that you can see how to use it. These directions are meant to be a general guideline for most foreign exchange software and does not replace any instructions that you got from the system seller.
Installing the Software
After you have downloaded the software to your desktop or some other location, you need to install it into your trading platform. The majority of Forex software is used on the Metatrader platform.
Double click on the icon of the program and an installer will usually pop up. For most software out there, you simply have to choose the appropriate folder to put it in. This usually means selecting the proper Metatrader folder for the broker you are using.
Some software will not put the program in the correct folder. This will typically require you to go into the "experts" folder in your Metatrader folder and manually paste the program in there. You may also need to copy and paste a .dll file into the "library" folder.
Setting Up the Software
Now that you have your software installed, you will need to put it on a chart and get it started. Open the appropriate chart on your trading platform. You can right click on the currency pair and select "New chart."
On the left side of the screen you can click on "experts." Your software program should appear in the drop down menu. You can now click on your software program and drag it over to the chart you opened.
Adjusting the Settings
Depending on what type of program you bought, you may not need to adjust anything. Some programs need you to input some settings such as the lot size you want to trade or the risk level you would like to trade at. You can read the manual to find out more information. After you're done, click on "OK" and make sure that your "Expert Advisors" tab is selected on the top of the platform. You should see a smiley face in the top right of your chart now. If you see the smiley, it means everything is good to go and your software should start trading at the appropriate time. If something is not working, your financial software Forex trading may have to be on hold until you can get some answers from the vendor.