A Wide Selection of Analysis Tools
Fundamental analysis software programs should feature a wide selection of tools; the list should include different technical indicators, charts, forex calendars, economic news reports, validated back-testing methods, alerts, scanners, multiple time-frame methods, and informers. While (according to reputable fundamental analysts) it can be quite mentally draining and time-consuming, the analysis approach’s usefulness for a forex trader is unquestionable; it is recommended that the preferred program should always privilege you with essential findings.
Consider the employment of fundamental analysis software with online accessibility. An advantage of a web-based tool is its convenience; account access and management can be accomplished at virtually any place (with an internet connection). While the installation of such analysis software programs in Windows and Mac computers, as well as various mobile devices, is permitted, an online interaction is suggested.
Moreover, it hardly matters whether the fundamental analysis software is freely available or comes with a charge; granted that it is affiliated to a respectable forex software provider and is capable of providing assistance with fundamental analysis, acknowledge its offered services. The focus should be the acquisition of a particular program that shows real-time data and End of Day (EOD) data; the updated newsfeed allows more accurate forecasts.
Order Execution Method
The order execution methods for setting orders should be considered when choosing fundamental analysis software; regard techniques for the establishment of short and/or long positions, as well as the techniques for the placement of trailing stops, limit orders, and stop loss orders.
Ask questions such as “How do I intend for orders of sorts to be executed?” and “Do I prefer automatic or manual order execution?” While some are designed with One Cancels Other or One Cancels Another and other automatic execution methods, other programs may not include features that are suitable to trader preference.
Updated on 7. April 2020
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