How To Select The Best Forex Trading Platform
Forex trading is a great option to make additional income and secure financial freedom for yourself and your family. Complete trader education and a reliable trading platform is the key to Forex trading success.
Numerous online Forex platform are currently available on the market. MetaTrader4 can be used by retail traders, Currenex can be used for high frequency traders or institutions, and there are many other proprietary broker platforms. Each platform has its pros and cons and is designed for a specific type of trader: pro, novice, technical trader or scalper. ). It can be quite confusing, especially for beginners, so let us take a closer look at what makes a trading platform great.
1. Speed & Reliability
The most important aspect of a good trade platformis its ability to accurately display price information on an ongoing basis. Trade requotes and loss can result from even small delays in price information. A good platform should not have any downtime, so trading can be seamless and uninterrupted.
Demo versions of platforms can be used to test whether the streaming price quotations and trade execution times suit your needs. Find out if the Forex broker offers a no requotes/no reprice guarantee.
2. Market Analysis
Forex traders rely on technical analysis to trade the Forex markets. An excellent platform must have auto-refreshing tables that allow trader to view market data at multiple times (1H, 4H daily, weekly, daily, etc.). A trading platform should also have a variety of popular technical indicators, such as Bollinger bands, ROC, Moving averages, RSI, Bollinger Bands, ROC, and ROC. which are frequently used by traders.
The fundamental aspect of a Forex trading platform is that it should have reliable live news facilities from trusted news wire services. This would enable traders to capitalize on economic events. Forex traders who trade on scalping should have a platform that can execute orders in one click and allows them to trade directly from the chart.
3. Multiple asset types can be traded in different markets
Forex markets are not isolated and there are many inter-relations. The S&P 500 index has a strong positive co-relation with the Aussie Dollar, while the Canadian Dollar is positively correlated to the price crude oil.
Keep this in mind when choosing a Forex Trading Platform. It’s important that you can trade seamlessly across multiple asset types such as equity, commodity, Forex, and options. An additional benefit of an IA platform is the ability to trade in liquid CFDs. Forex trading platforms that have all the features mentioned above will be very successful. To test the features of the various platforms, you can download free demo versions before you commit to a purchase.