Wordwide FX is an online translation service specifically specializing in foreign currency exchange, particularly in the major worldwide languages of English, French, German, and Italian. This service offers two solutions: Words liquefy and direct export. The first is for the immediate location of the trader who has entered the Forex markets via the website of a broker. The second is for overseas investors or companies who want to have a more personal approach to global investments. A third option is also available, called local optimization.
Words liquefy allows a trader to get data on currency pairs of interest. He can specify the currency pair that should be translated. The program matches the specified currency rate with the corresponding translation for another language. It also provides information about pairs that are at a historical high point or that are declining but that still make for profitable trading opportunities.
Forex traders can tap into an entirely new market by exchanging their currency for another from another country. They are able to trade in foreign currencies that have little correlation to their own money, so that their risk is reduced considerably. Some brokers also provide access to a “cross” currency pair. This means that if you exchange one currency and get back another, the exchange rate will be based on how much you paid for it, not on how much you would like to get back. This is known as spot fixing. Some brokers offer cross currencies through their software interface.
The second solution, direct export, enables a Forex trader to receive a file containing all of his transactions, in both text and audio format. It is a handy tool for a trader who wants to conduct a lot of trades on the same market, so he can keep track of where he stands at any given moment. With direct export, a trader can import or export data very quickly, because he only has to enter or save a file instead of an entire table. In addition, he can preview the data and check how it looks. If the market moves against him, he can immediately adjust his orders and exit the trade.
The final type of Forex software is geared toward those who wish to manage multiple accounts, including ones managed by customers. A good example is one called TradeStation. This is an online program that allows a customer to manage multiple accounts in real-time, all from the same interface. The customer can also use this software to view market graphs and data and to make insightful decisions about trades. Many traders use TradeStation to manage all of their investments.
Forex software solutions allow a Forex trader to look at the market and make educated trades, but they also give the trader tools that he can use for his own research. For example, direct export lets a trader take files from his computer, copy them to a flash drive or other storage device, and then transfer them to a broker’s computer for trading. This allows the trader to do more than just receive quotes; he can also make insightful decisions based on his studies of the exchange. Direct export is an important part of Forex because it eliminates the need for a broker to have to outsource much of the work to someone else. Without this function, the exchange would not be as liquid.