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The role of advancing technology in forex trading – how has it made it more accessible and convenient?

The trading of foreign exchange is a process that is nearly as old as civilization itself but during the last 20 years, there has been a significant leap forward in the tools and software that the average retail investor has at their disposal.

Advancing technology has enabled forex traders to research trends, access live prices, conduct trades and manage their entire portfolio from the comfort of their own home with a single connected device. What was once a laborious undertaking is now streamlined, accessible and convenient for all.

This shift is highlighted in the arrival of new brokers on the market. Investors who select trendsmacrofx can access a feature-rich MetaTrader platform that offers different spreads based on account level and a range of relevant charts and tools. Reading a review from a reputable financial consultant will tell you everything about the tech available with this broker.

Ease of access

There was a time when only institutional traders acting on behalf of larger organisations had the ability to trade forex regularly but the march of new tech has democratized the process. Now, smaller private and retail traders can participate on a daily basis via PCs and laptops, and ultrafast fibre broadband connections and 5G mobile.

Forex expert Stephen Innes says trading platforms have increased transparency and improved access, which now means forex appeals to a “broader customer base”. It is now common for individuals to view forex as a viable form of investment, which was not the case 30 years ago.

Convenience

Technology has also given forex traders the flexibility to make trades either at home or on the move. And when they are not trading, it is now possible to monitor activity on mobile apps on smartphones. This is true too for the market information and data that traders analyse to inform their entries and exits from the market.

Before the internet, relevant, up-to-date information was either too expensive or too difficult to obtain, and thus very challenging to act on consistently. Now traders have a wealth of data at their fingertips and regular news articles and analyst opinion pieces that uncover trends in the market.

Advanced features

Tech is now moving forex beyond just convenience. Trading platforms offer automated execution of traders and the ability to copy other trader’s behaviour via comprehensive social trading tools. That means new traders who may not always be able to devote the time to day trading can still buy and sell currencies for profit.

More experienced investors are using these tools to make faster, more frequent trades based on their own tailored strategies. Forex trader Vito Henjoto notes: “Personally I have delegated more than half of my trades to an Algorithm that is coded to match how I trade.”

So rather than having to devote time into actually making trades, investors can now focus on research, analysis and monitoring their accounts for inconsistencies. And as technology will continue to evolve and even transform forex, traders can expect even more exciting developments in the future.

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