Hi JcLyons Forex Signals,
Last week we looked at how you can develop your own profitable Forex trading strategy and we discussed how technical analysis can be used to perfect that strategy. This week we will look at a piece of software that is available as a free download that will help you to analyze the trends and predict the next market movements.
Using simple charting methods will never allow you to predict movements with any decent level of accuracy. Too many of these methods are based upon theory rather then fact and the results are often very inconsistent.
It is here when you should be thinking of looking in more detail from a variety of angles in order to gain more certainty in what you are trading. Forex Tester is a piece of software that can do just that for you with relative ease and best of all you can get it on a free download!
With a comprehensive history of 18 different currencies (plus gold and silver) and their historical prices it is easy to analyse and spot market trends to help develop a strategy and practice your trading skills.
With built in wizard software, Forex Tester means that even a beginner in Forex analysis can set up the software and use it with complete ease. Unless you are experienced in using this kind of software this is absolutely critical to your success.
The advantage of software such as Forex Tester over simple signal analysis is that you can easily test your theories without risking losing any money. The software is able to to tell you how your trades would have performed should you have chosen to lay out the cash which is a god-send if you are looking to develop your own currency trading strategy.
Whether you are looking to develop your own trading strategy or simply want to analyze the market in more detail for informed trading the Forex Tester software will be very useful to you.
Next week we will look at both Technical and Fundamental analysis and the pros and cons of each.
Good luck and happy trading!
The Instant Forex Income Team
15 Newstead Court, Somersby Road, Nottingham, Notts NG5 4NF, UNITED KINGDOM