Some of trading system tools, i.e. software, are mechanical and some
are manual. What does it mean? The explanation won't offer any
extraordinary things. The first type can provide trading day and night
without one's control. Certainly, preferable data and settings are made
by a person. In this case, it is very necessary to use such kind of
trading system tools that function without problems and experienced
such stage as
trading
system troubleshooting. The second type needs one's
participation in the process. A detailed and close observation won't be
redundant, but emotions should be kept under lock.
One of the most powerful trading system tools is MetaTrader
and
its modifications. It was developed specially for
Forex trading,
but
its lat versions works with futures and CFD markets as well. MetaTrade
has mechanisms for creating its own trading advisers (mechanical
trading systems) and various indicators for technical market analysis
using embedded MQL language.
On the other hand, trading system tools are various methods of
analysis as follows: fundamental analysis (a method of foreseeing the
future price deviations of a financial instrument that is based on
economic, political, environmental and other essential factors),
technical analysis (a way of predicting the price deviations and future
market tendencies by means of studying charts of past market), Elliot
wave theory, Japanese candle analysis, chaos theory, Demark's
approaches to technical analysis etc.
