Automated software has revolutionized trading to the extent where traders do not have to constantly read the charts, but simply receive the signals indicating the best times for entry and exit. No surprise that software, which offers analysis of such indicators as Elliott Wave, has been gaining massive popularity over the past few years. If you are an emerging trader who has decided to rely on Elliott Wave analysis, good Elliott Wave software might significantly increase your profits.
Automating one's trading process by means of special trading software is often beneficial, but, at the same time, it might result in losses. This depends on what kind of trading software is used. Some software producers provide customers with an Expert Advisor that simply marks the wrong entry and exit points, which leads to negative profit. In reality, technical analysis is very complex, and every trader uses it in a different way. This is why any trading software should be customized for a particular trading style. Elliott Wave analysis, which is discussed here, is no exception. Below, we will dwell on the basics of EW analysis and provide an inspection of the best Elliott Wave software for Forex trading that is currently available.
Elliott Wave analysis was first introduced by Ralph N. Elliott in 1920s and have been widely used ever since by a great number of Forex traders. Elliott's Wave Theory, whose author was R.N. Elliott, applies understanding of the mass psychology to the trading patterns and uses it to explain seemingly chaotic behavior of those patterns. In simpler words, emotions of traders and investors are always reflected in the charts. People's mood swings up and down in repetitive patterns (in waves), and predicting the traders' sentiment will help one to foresee the price movement. When traders have a positive attitude and commitment to an asset, this asset will eventually go up in price.
Aspiring traders find EW analysis a bit too complicated; it may indeed be so in the beginning. This is why trading software exists: it serves both as a learning tool for identifying waves and as a way to avoid mistakes that lead to losses.
On the other hand, experienced traders prefer Elliott Wave trading software as well. The fact that they know perfectly well how to identify waves and make entries and exits does not mean they wouldn't want to save their time and to automate the process.
No matter which strategy you use, your goal as a trader is to make more profit over a smaller time frame. When you are looking for good Elliott Wave software for Forex trading, you probably have that very goal in mind. Besides, you might want the software to be fit for the machine and operating system you are using, or be available as a plugin for your browser or MetaTrader 4. That would help you avoid overloading your computer with too many applications running at the same time. It is also desirable to be able to test-run the application, or at least to have a free preview. The trading software industry is a muddy ground with lots of scammers around. They often offer sky-scraping payouts (which sometimes exceed 50% per day) while their Elliott Wave software for Forex trading costs some $25. Promises like these should raise suspicions in traders.
In reality, the price for any technical analysis related software is rather high. If you are going to make profit of thousands US dollars each month, you need to accept that a monthly investment of $100 or $200 is a sensible price you pay for your earnings. In the current article, we are going to review the best Elliott Wave software that is not cheap. The good thing is that it has a free trial version which, however, provides you with limited possibilities. In any case, it might be enough for you to get a taste of how the application works. Better see it for yourself.
MotiveWave is considered by many the best Elliott Wave software for Forex trading and technical analysis. It has proved to be effective for predicting the situation in the market.
The history of MotiveWave software goes back to 2008. Its founder has created the application to fill in the gap of good EW software that he himself could not find among the available options. He designed the program and equipped it with tools and instruments he used himself. A year later, he decided to offer his solution to a broader circle of traders around the world, rather than use it on its own. This led to the public launch of MotiveWave in 2010.
Even despite the fact that it was not a full-scale trading platform, but a piece of software developed specifically for Elliott Wave analysis, it still collected a significant amount of positive feedback. MotiveWave has gained attention from different audiences of traders who didn't get intimidated by the fact they have to use two separate applications. MotiveWave developers started to implement some of the trading features in 2011, which turned the application into a comprehensive piece of Elliott Wave trading software. The development process hasn't finished, and the team continues to release new upgraded versions of MotiveWave, in order to meet all their users' expectations from a trading platform and ensure the improvement of their users' trading experience.
MotiveWave is a professional trading application designed for a very broad audience. It has a number of available packages and customizable options for meeting every trader's individual needs. You can choose the package with selective features to suit your trading manner. In this case, the sum you will pay depends on the range of features you have selected. For example, if you only need the application for its Elliott Wave analysis capacities, you can get a basic package of EW charts at $99. Alternatively, you can obtain a full-package MotiveWave suit at $1,595 which includes lifetime service and upgrades.
Probably the best thing about MotiveWave is that it comes in various packages, which can be picked according to a trader's needs. For those who are not certain what option suits him/her best, there is a good alternative to get the basic edition and add modules later. There are eight additional MotiveWave modules which come at different price. They include plain Elliott Wave, Auto EW, Gartley, Gann, Commentary & Markers, Advanced Fibonacci, Advanced Charts, and General Analysis. Thanks to this customizability, MotiveWave has been established as a strong competitor on the Forex trading software market.
Unfortunately, there is no trading software that is perfect. In case of MotiveWave, it is the price that is rather high. Besides, the software will cost you even more if you are going to request regular maintenance and updates. The cost of this support will start at a monthly price of $29 and grow till $199, depending on what kind of edition and modules you have purchased. The good thing though is that the first year of use, support, and updates is free. You will start to pay only after the first year is over.
The main advantage you get from this particular Elliott Wave software for Forex trading is education. Being the MW customer allows you to use the extensive amount of learning materials on Elliott Wave Theory, EW analysis, and the basics of technical analysis in general. The library available on the website offers aspiring traders access to guides, video lessons, webinars, and tutorials. Some of the materials focus on MotiveWave, its use and its tricks, while others deal with practical and theoretic aspects of trading analysis. This way, MotiveWave will help you to get a grasp of EW analysis over a very short time.
We have already mentioned that the main disadvantage of MotiveWave is its price. Free 14-day trial of the software balances out this shortcoming. This period will be enough to test all main modules and features of the application and decide whether it meets your expectations. You will be able to launch your strategy in a demo account and see the possible results of using the software. Besides, with the trial version, you will be able to decide which of the MotiveWave features you will need the most and pre-customize your own version of this Forex trading and FX analysis assistant accordingly.