Forex Trading – How to Trade from Excel and Make a Fortune
Forex is a huge, lucrative market. Now, a trader can tap into this market just by making a trade from Excel, Microsoft’s powerful and easy-to-use spreadsheet software. This article is a guide for anyone who wants to know how to do so, whether a novice or expert currency trader.
Why Participate in This Market?
The following are some reasons:
- Foreign Exchange is the world’s most traded asset, which means that lots of opportunities exist for buyers and sellers.
- More than $3 trillion in transactions per day.
- Transparent – no insider trading, like in the stock market. Information on world events and economies freely available.
- Unlike stocks, slump in the value of one currency sees upfront gain in the value of another. Thus potential for profit always exists.
- Low investment – One can start trading with $250 or less.
How It Works
The foreign exchange market is where the currency of one country is traded for that of another. Different terms such as Forex, FX and currency trading refer to this business.
To exchange one currency with another, one needs to know the “price” of the currencies. This is called the exchange rate. For instance, the rate of US dollars (USD) to UK pounds (GBP) at a given time might be 1 USD = 0.6625 GBP. Rates change every minute, based on various factors like the economy of a currency’s origin country, as well as currency supply and demand.
An index of exchange rates is constantly updated and maintained at the Interbank Forex Market. This is a network of several large banks and financial institutions located all over the world. To trade, all that is needed is a program that connects the trader’s computer to this virtual marketplace.
One such software is MetaTrader4. It is among the most popular trading programs worldwide, providing users with a host of powerful analytical tools. The advantage of using such software is that trading can be automated to follow a maximum profit strategy. However, most tools in MetaTrader demand the use of MQL4, a built-in programming language similar to C.
People without much programming experience may find it especially difficult and might have to hire professionals for the task. This can prove very expensive and time-consuming.
Trade From Excel
It is now possible to overcome all these problems by using a tool that allows the use of MetaTrader’s features via Microsoft Excel. This great MetaTrader 4 Excel alliance nearly eliminates the need for any programming.
The widespread popularity of Excel makes it a brilliant Forex trading platform. Its simplicity means prior experience is not necessary. The possibilities in Excel are vast, and one can easily develop complex trading strategies with no coding experience.
Through trade from Excel, one can save time and money by avoiding the problems of complex programming. What’s more, users can combine Excel’s phenomenal computing abilities with features like real-time data monitoring and historical price indexes. Predictably, this forex excel combination offers traders a substantial advantage indeed.