What We Need To Access the Market and Trade It - Part III

We Need Specialized Software to Access the Market

As you will realize, we need specialized software, but what do we actually require and what would be best?

Types of software for working in financial markets

Brokerages with on-line market access and other services offer different types of programs free of charge.

Some companies offer purely trading platforms without any market analysis functions.

Others offer both trading platforms and market analysis software. These usually consist of separate applications, which is a little inconvenient because you have to launch one program for trading and the other for analysis.

There are even brokerages which only provide a trading platform and advise clients to purchase additional software for market analysis & forecasting. As a general rule, stand-alone software is rather expensive and may require a one-time payment, a monthly/annual charge or both.

Therefore, the best choice is a stand-alone application that integrates both market analysis and the ability to execute trades.

My software of choice is MetaTrader 4. This trade terminal allows you to analyze markets and, at the same time, execute trades directly from the charts.