One type of forex software keeps you updated on current trading activity. The function of computer programs such as Forex News Software is similar to the ticker tapes and news reports you see on Television or other video sources.
Forex News Software Components
Squawk box – This is the scrolling headlines similar to what you would see on some Internet video or television source. It is an instant update provided in real time to help you make the wisest trading moves possible. You receive new information up to eight times per hour, at a minimum of five times per hour.
Order board – This includes information based on hearsay pertaining to Fortune 500 companies transactions. It also shows activity based on major hedge funds. This is a great tool for finding out where the stops are on significant and sizeable investments or potential trading moves.
Daily features – You can go here before making any trade. Reports here give a summary of previous activity. Likewise, they also help you keep on the lookout during current trading sessions. You can learn what is going on in all markets around the world-in North American, European, and Asian markets.
Trading outlook – This portion of Forex News Software helps you keep track of activity on seven major currencies. Therefore, you can keep track of transactions made involving the Yen, Euro, Swiss Franc, and British Pound. You can analyze the movements amongst these to help you make wiser trading choices.
Tech Levels & Analysis – Information you need which helps you more closely analyze 13 different currencies is lined up here. You can study various statistical aspects of trading such as moving averages, fibonachi retracement levels, RSI, and support/resistance.
Options-You can keep up with options quite nicely using this portion of the Forex News Software. Risk reversal pricing, volatility levels, and strategies are analyzed here. There is also a market commentary provided pertaining to trading activity, levels, and interests.
Global calendar and data bank – Quite a bit of information is provided here. You can find data pertaining to interest rates, economic numbers (stats), meeting dates and times, decision makers, and more.
M & A Flows – This section of a very useful computerized system helps you track various global economies. You can find out where in the world the condition of the economy is the best as well as where it is the worst. You can also analyze flows of funds that circulate around the world.
Strategy Reports –These are generated on a daily or weekly basis. In them is provided coverage on numerous strategy variations such as those pertaining to stops and limits. You also can refer to these for information on a variety of other market moves.
Pros and Cons
This is a very detailed service. However, it may be costly for some people. There is a free trial available to those who want to try it out before using it.