Forex Trading Platforms – Selecting A Trading Platform
One of the important steps in strating forex trading is installing various forex trading platforms and see which one is the best. You can’t skip this even if you have an automated trading system ready because your system will need a tool to access the market. More about automated trading at automated trading system.
A trading platform is software that connects a trader and the forex market by providing basic features such as live price, execute orders, and account management. The other features ranged widely depend on the creator and the purpose; some of them are built solely for certain market, the other cover forex, futures, and CFD markets.
Usually, forex trading platforms are given free by the brokers when you use their services. It can be comes in two forms: online platform or a software that you must download and install to your computer. These days, these broker’s trading platform has quite complete features; at the very least they are all support basic charting which is the bread and butter of forex market analysis.
Due to various circumtances, you can’t always use trading platform from your broker; for instance: if you utilize Expert Advisor (EA) or forex robot, you must have it run under Meta Trader 4 (MT4), a popular trading platform.
So, what do you need from these forex trading platforms? These are some things that a platform should have:
1. Easy access to your account information as well as orders summary. One of the important feature is it must display real time value of your account by calculating current price and your open positions. Example: if you close your position at the current price, your account will get profit/loss by 20 pips.
2. User friendly interface to get to your preferable currency pair. It must provide you with real time accurate updates on the market movement and live chart to support your analysis.
3. Easy to execute orders. When get the right entry/exit price, you won’t have time to click various menu or buttons across the platform interface just to execute an order. The means to execute order has to be accessible by various ways.
4. Quick and accurate to execute order. These are problems that experienced by many traders that use various low quality forex trading platforms. Usually, the problem is the trading platform won’t execute the order that you have given; it will display the ‘waiting’ status while the market price keep moving and make you lose potential profits.
This can be due to connection issues which can also be experienced by a credible broker, but there is also other probability: your account is in a scam brokerage. These brokers are designing their forex trading platforms so it will make it hard for you to have a winning trade or proper risk management. Sometimes it will not execute your stop loss order with various excuses afterwards. If you have experienced this again and again, just withdraw your account and find another broker. Read about knowing your broker at online forex broker.
Aside from scam brokerage, there are still many credible forex trading platforms that owned by honest forex brokers; just go with a recommended broker and you will be fine. The interface of the platforms might different for each broker, but as long as it is fulfill the four requirements that I’ve mentioned above, it should serve you well. I recommend you to read about a forex broker with the world leading trading platform that support forex robot at 4XP review.
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