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The Gold Standard is Gone.  As you know, the Bretton Woods Agreement was an agreement entered into by many countries. All of the participating countries, including the US, agreed to stabilize their currencies using gold as a base.

In 1972 the world abandoned the Bretton Woods Agreement and in the 1970s the currency markets started becoming very volatile. This continued increase of volatility combined with deregulation made for a perfect profit opportunity. The only problem was, trying to keep track of the markets.

What to do?

Years ago when people traded Stocks or Commodities, they would subscribe to paper charts and call their broker several times a day for current price quotes.

Thankfully, that all changed with the personal computer. The personal computer allows you to use special Forex trading software to monitor your Forex account and keep track of the extremely volatile markets. Forex Trading Software became so advanced, that it can actually recommend and place automated trades.

With good Forex trading software, you can see every tick of the market in real time. And if you want, instead of calling your broker to place an order, you can have your computer automatically buy and sell based on your calculations.

Why Do You Need Forex Trading Software?

There are days when transactions total $4 trillion. With that much volume and those kinds of numbers, you can’t afford to be waiting for your broker to answer the phone. And who hasn’t heard of a bad fill?

And even if you’re watching a live currency data feed, how could you ever make those calculations fast enough to catch a trend? Not to mention that there are thousands of trades happening at the exact same time. There is no physical way to keep track of them all without a computer.

With automated software, you can simultaneously track thousands of trades at a time. You can easily track what’s happening in all the markets. No matter how volatile or wild the market gets, you can track it. 

And your software will automatically alert you to any opportunities that may exist.

And best of all, many of these software products can fill the order for you.

No more bad fills. No more hearing from your broker about how the phone lines were jammed and they had trouble getting through.
 
Now you won’t have to worry about it, because the order is programmed. The instant your computer finds a trade using your instructions, it can electronically send the order directly to the floor trader to be filled.

Imagine that the floor trader is talking on the line with your broker. He is taking several orders. While he is on the line his assistant looks at the computer screen and there is your order. He fills your order right there. All within a matter of seconds.

Jump to 2010. Now let’s look at today’s Forex Trading Software. Imagine that your broker is getting ready to call the floor trader. He picks up the phone. At that precise instant, there is a trade, with great profit potential, happening. Your computer sees the trade and automatically sends an order in. Only this time instead of sending it to a floor trader, it gets sent directly to another computer. Your order is received and filled before your broker even hits the first button on the phone. All in less than a second.

If you are serious about making money in currency trading, it pays to look into the different types of Forex Trading Software available. It will make it easier to watch the markets. If you are making money now, Forex trading software will increase your profits because of the early alerts and faster fills.

Of the vast amounts of money traded in currency, you would be amazed as too how little is actually devoted to the investing side. Only 5% of the Forex market, which roughly amounts between $50 and $100 billion, goes to the investor side of the market. This section is called retail. Successful currency trading is due in large part to the development and usage of Forex trading systems.

The beginning:

Software development started in the mid to late 1990s. It was at this time that the actual trading of currencies by banks started to transition to electronic trading. The firms involved in the retail currency markets wanted uniform strategies for trading inside their companies. By creating their own software platforms, they were able to ensure that currency traders were being conducted exactly the way that they wanted. The only problem that arose was that most of these firms were too busy making money to further fund the improvements of the early forex trading software.

Part two:

In the early stages, you had investment companies attempting to come up with Forex trading systems and software. The second group of the people to enter the retail currency market, in the early 2000s, were software companies attempting to come up with currency trading strategies (to then make software for). As you might expect, this didn’t go well. The software companies were not familiar with the currency market or the people that traded in it. Furthermore, the software reflected that. Because of this, most traders continued to develop their own systems and shied away from software.

What’s here now?

Things are finally coming together. Software companies and professional Forex traders are usually working together to develop quality software is more user-friendly. The retail Forex market has also expanded greatly. There are currently vast amounts of software options that allow trade in whatever style you are comfortable with.

Due in part to the profit potential when compared to traditional stocks, even some credit unions offer Forex investment options. In short, the best Forex software was created to give the best retail Forex firms an advantage in trading. With the right Forex trading software, you can have an edge as well. You simply can’t make profitable trades without the aid of one of the many Forex trading systems and software products on the market.

Learn more.