Choosing a Forex Trading Platform

An Expert's View about Banking and Finance in the United States

Posted on: 15 Jul 2012

Learning and becoming accustomed to a new trading platform can be a huge investment of time and money. While there are a few third party forex trading platforms that are widely supported, most brokers have their own proprietary trading platform. Due to this, the forex trading platform you choose can also affect which broker that you are going to use.

A trading platform is naturally complex, but it should still be simple to use and intuitive to learn. A clunky interface or confusing procedures may slow you down at a critical point. If the software itself suffers from lag on opening or closing orders it can be extremely detrimental, especially to scalpers. A trading platform should also have sufficient alerting options, to keep you advised on the status of your trades.

In addition to the basics, a good forex trading platform should have detailed and easily customized charting features. While it is possible to use an external charting program in tandem with your trading program, it will be confusing and add an extra layer of obscurity into an already challenging mix. Above all, you want to be able to follow your trading strategy without making concessions to the software that you are using.

Mobile application access can be a significant bonus to a solid trading platform. The ability to access your account on a smartphone or tablet can open a wide range of trading possibilities to seasoned traders and hobbyists alike. Caution must be taken in testing these platforms, however, as many are buggy and prone to crashing. You should also never rely upon them for critical alerts.

When seeking a forex trading platform, you should comprehensively test each option available to you. Most trading platforms and brokers will allow you to open demo accounts, and trade with fictional money. This can be an invaluable way to compare different options and become familiar with the trading environments, but you should keep in mind that the demos don't always reflect what you will really receive. In particular, latency or lag tends to be minimized in demo accounts compared to live accounts.

Your forex trading platform and broker are going to be immense influences on the success of your trading, second only to your strategy itself. A good forex trading platform can augment your abilities just as much as a bad platform can hinder them. Patience and caution should be used in choosing the platform that works best for you and your techniques, as all traders have different needs and preferences.

Useful links:

  • MetaTrader Forex Trading Platform : MetaTrader Forex Trading Platform and CFD products to provide its traders with a range of professional and innovative means to conduct successful trading.
Posted: 15 July 2012

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Pamela Kinley, Consultant