In a nutshell, with automated software you can turn on your PC, activate the program and then afterward away while the software trades rather than you. This is the fundamental rule. The purpose of our article is to tell you more about the aspects of automated software so that you will be able to select the best automated Forex trading software in accordance to your requirements.
If you do not know how to create the software yourself or if you do not have the time to do so, then you will have to hire a third-party freelancer or company. You can either chose a local developer or a freelancer online. It is easier to communicate with, and reach the desired result, using a local developer that you can see in person. However, using a freelancer online can be cheaper. It can also allow you to chose a developer that is more experienced in trading software, as this is a fairly unusual skill.
Another great feature that FAP Turbo has is what they call as “stealth mode” that protects you from cheating brokers. Stealth Mode hides take profit, and stop loss from brokers such as they’re displayed as “zero” but actually are not. They’re inner fixed values. You can turn the stealth mode on or off. Another notable thing to mention is that FAP Turbo uses fixed stop loss values thus making trading extremely safe.
By default, retail FOREX traders fall under Section 988, which covers short-term foreign exchange contracts like spot FOREX trades. Section 988 taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners. An advantage of Section 988 treatment is that any amount of ordinary income can be deducted as a loss, where only $3,000 in capital gains losses can be deducted. Section 988 gains or losses are reported on Form 6781.
Trade Interceptor: A very popular iOS and Android trading app that allows users to trade currency pairs, binary options and commodity futures through a choice of forex brokers. Traders can set alerts for price levels or news releases, and the app provides access to the daily economic news calendar and real-time market news. There is also a feature that allows traders to do simulated trading and back-test trading strategies using historical price data.
If you've made money trading foreign currencies, then the IRS wants to know about it. TurboTax and other tax-preparation software make it fairly easy to track and report your gains, and your trading platform should provide the backup documentation, if needed. Keep in mind the important choice you have to make, as a forex trader, to treat forex gains as miscellaneous or investment income.