So, You Want A Forex Excel System, Huh?
If you have been looking for info on currency trading or forex excel systems,, this article will help you know how to trade from excel.
What Is Forex, Anyway?
If you’re not sure what we are discussing, here is a brief background: foreign exchange, forex, fx, or currency trade –- all mean the same thing. These terms refer to the business of bartering one country’s currency for another “foreign” currency.
Suppose one decides to get into the exotic spice import business. One may import spices from India, but the local spice seller there may only accept Indian rupees (INR), not US dollars (USD). So one will have to convert USD into INR. This transaction is called currency exchange, and the price of buying currency is known as the exchange rate.
Exchange rates constantly fluctuate based on various factors. For example, the rate today is 1 USD = 45 INR. Supposing the Indian economy booms several days later because inflow of huge foreign investment. The INR would then gain against the USD, and the rate may become 1 USD = 38 INR.
So if one had changed 1,000 USD to INR at the old rate, the increase in INR value would be a profit. Changing the same INR back to USD at the new rate would earn $1,184, a gain of $184.
How To Trade From Excel
All this is very interesting, but the good part is that one can trade in forex, right from the comfort of one’s home. All that’s required is a computer, and some software to connect to the online forex market. Such a program that enables users to engage in currency trading called a forex system.
The most important fact is that none of this requires any special know-how or programming skill. This is possible through a really cool program that lets one trade right through Microsoft Excel!
Traditionally, fx systems have always been quite complicated to use. Even the widely popular Metatrader 4, used globally by thousands of traders, can be quite difficult to work with, particularly for users with no programming knowledge. This is because many of the program’s features involve the use of MPL4, a complex programming language.
However, it is now possible to exploit all of Metatrader’s features, without having to deal with its difficult interface or write much code. A neat little utility allows users to port Metatrader functionality into Excel.
The advantages of this are numerous. Other than the fact that Excel is user-friendly, it’s also very versatile and powerful. One can use all its statistical analysis tools with real-time data and historical price databases extracted through Metatrader. What’s more, simple formulas written in Excel replace most of the complex MPL4 code, and one can even create “expert advisors” for automatic trading.
Here Is What You Need Along With This Utility To Create Your Own Forex Excel System:
- Windows XP/Vista or Windows 7
- MS Excel 2007
- Metatrader 4 installed
- Microsoft .net framework 3.5 or higher