Its is essential for Forex traders to have the most updated and organized Forex trading statistics at their disposal. For this reason it is useful for them to use Forex trading software. Forex Strategy Trader is a free Windows software that provides a comprehensive trading platform in conjunction with MetaTrader. As you might know, MetaTrader is an e-trading platform that is used by Forex traders. MetaTrader was created by MetaQuotes and was made available in 2005. MetaTrader is provided to clients by foreign exchange brokers, who have MetaTrader usage licenses. MetaTrader runs on a client server basis and as is obvious, the broker runs the server component, whereas, the client is given the client end of the software. MetaTrader client users can stream prices, place orders, manage their account, and view stats in the form of charts.
Coming back to the Forex Strategy Trader software, it is capable of automatically executing and sending trade orders depending upon user defined strategies. The main interface of this application provides ease of creating user strategies in just a few easy steps. A good thing about thing software is that it does not require any complex coding by the end user and provides an easy to use GUI (Graphical User Interface) for creating an electronic advisor. This is indeed a blessing for users who may have found it hard to create an “Expert Advisor” with the help of MetaTraders.
- Step 1: You will require a MetaTraders account. So make sure that you have a registered MT account or register for one.
- Step 2: You will have to install MetaTrader.
- Step 3: Install the FST application (Forex Strategy Trader)
Step 4: Make sure that you copy these two files within the MetaTrader’s directory: MT4-FST Library.dll and Expert.mq4. It is worth mentioning here that under normal circumstances the installer should copy these files for you. However, a manual copying of these files may be required if an operation fails during installation. Place these files can be found at the following system locations:
- Place “MT4-FST Library.dll” in “C:\Program Files\MetaTrader\experts\libraries”.
- Place “MT4-FST Expert.mq4 in “C:\Program Files\MetaTrader\experts”.
Note: The system location and MetaTrader folder may be different, depending upon your broker or system drive on which Windows is installed. Make sure that you compile “Expert Advisor”, once the MetaTrader terminal starts.
The basic strategy of this software is to obtain important indicators from the end user, in order to deliver him/her with an output best suited to the individual. Rules and combinations can be created by using the respective drop down menus located at the top of “Forex Strategy Trader” interface. For example, you can reload and check custom indicators, open the source file folder, check the custom indicator forum, view the loaded custom indicators, allow multiple working copies of FST, enable application alert sounds, access the command console, install MetaTrader files, reset data and stats and application settings from the Tools drop down menu.
Once you have created your strategy, just connect to the MetaTrader terminal and hit “Start Execution” option. The software follows the trade automatically for as long as the user is connected to the internet. This software is even useful for novice traders and end users who can easily create their trading strategies with minimum effort. At the same time, advanced traders and end users of MT can forge strategies can save themselves from hours of work related to formula writing. FST (Forex Strategy Trader) also enables importing strategies from the developers website and forums. You can also apply some advanced tweaks such as setting the trading amount in terms of lot size, or according to the percentage of a total account. Furthermore, you can also set a specific time for your dealings.
This application provides users with countless combinations of managing for forging a Forex strategy. Forex Strategy Trader provides as many a hundred indicators and many logical options for every indicator. What novice or even experienced traders may find of particular interest is the fact that many seasonal traders from all over the world enter new indicators on a regular basis. These indicators are uploaded to the developer’s website and hence, becomes available for the users of this application. Many handy indicators are also entered in forums from where you can find useful indicators. Forex Strategy Trader works on Windows XP, Windows Vista and Windows 7.