It can be
intimidating to pick a forex trading platform when you
start trading - here are some features
that any good foreign exchange trading
platform should have :
Security
Does the foreign exchange broker offer information about the security measures of its platform? Your trading and
personal data should be encoded, so that
your cash and identity are secure, whether you are paying and
being paid through PayPal or online bank transfers.
The foreign exchange broker should also offer
guidance on how to
increase your online security I'd be particularly
suspicious of one that did not because they may be
making themselves liable if there are any issues.
Also, are there
backup systems where your information can be stored in case of an IT problem?
Reliability
When are you able
to use the foreign exchange trading platform? As
forex is a Twenty four
hour a day market, 5.5 days every week, look for something you can use at any
point. Even when the market is closed, you want to be able to
place orders to open when the market does.
The trading system should
also be efficient if it is slow then the prices at which you are trading
might be outdated. A good forex trading platform should update several times a
second.
One-click trading
If a forex trading platform is unreliable, slow or
susceptible to interruption, a trader can miss a quick opportunity. A
platform that offers one-click trading will permit you to sell or buy forex contract with one click, which means
there's no need to deal a ticket, and you won't
miss the price you would like.
Trading style compatibility
Does the trading platform suit your trading style?
Is it simple to understand, or is it able to
only be understood by a Wall St retiree? Look for a platform
where it's not hard to search for your market, and,
if you'd like to trade more than forex, look for one that also permits you to trade
on shares, options and indices.
Where are you trading
from? If you utilize a Mac, can you use the
platform on it? Likewise, can the programme be referenced utilizing different browsers and different
smart-phone handsets.
Essentially, does it do what you want? A good forex trading platform
should be customizable to suit your trading
technique does it permit automated trading, and does
it permit you to micromanage every trade. The trading platform should be able to warn you of good trading opportunities , alongside accepting complicated orders, including the
various stops and profits the forex broker offers, so you can simply
reduce your risk while
increasing your profits.
Charts
Does the
forex trading platform have a separate charting
platform, and how straightforward is it to navigate? And, if you'd like to trade from your iPhone or Blackberry, can you access these from your handset? And, can
you trade straight from the charts, or is it necessary to deal a ticket?
Depending on your level of expertise, you
might want a charting package with a pattern recognition tool that can monitor the markets on your behalf, and could even
tell you when the chart patterns are indicating trading
opportunities.
And, if you'd like to trade forex
throughout the day, it's crucial the charts are updated in realtime.
Market Analysis
Does your forex broker offer market analyses, and is this
available using their trading system or is it necessary to visit their website?
A good
forex trading platform should include
market research tools, including news feeds, in-house research and
third-party research. As information is power, you need
to be able to access as much information as
practical and to have access to it without
crawling the web for the information you want.
Any trading that
offers market research should also have
historical information available, so you
can see the way in which the foreign
exchange was influenced when a similar event
occurred.
Price
Is the platform free?
Many online foreign exchange trading platforms offered by
reputable brokers are free, and your only costs will be if you make
a loss.
If foreign
exchange trading software isn't free, or if there's a
nominal charge, learn what the extra
benefits are. And, if it isn't free, is there a
refund guarantee if you aren't satisfied
with the software?
Price, part two
Does the trading platform offer the same pip spreads as the
broker has advertised, or is it necessary to telephone to
get the top deal?
A pip is a 0.0001
unit of currency, and the pip spread is the difference between
the purchase and sell price of your
currencies so if the AUD / Dollars is quoted at 1.0578 / 1.0579, the
sell price is 1.0578 and the buy price is 1.0579. For any spread, the price of the currency wants to make up the difference of
the spread before it's possible to turn a
profit. So, in the example, if you purchase at 1.0579, it is only necessary for the AUD to rise 2 pips from 1.0578 to
1.0560 for you to make a profit. If there's a 3 pip spread,
the currency would need to move by 4 pips before you
turned a profit.
Client
support
Is your foreign exchange broker just keen on getting
you an account, or will they provide ongoing support for
clients using the dealing system?
You might be
able to email and / or telephone your broker with questions
starting from placing trades to the button on your trading platform that isn't doing what
you want.
Trial account
Regardless
of how many questions you ask a customer support, it's hard to
learn how well a foreign exchange trading
platform will suit you without having the ability to try it, so
get online and see which corporations have demo accounts
available. The trial account should have all the
functionality of the full account, or close to it.
Improve your knowledge of the currency markets and how to place a fx trade with extensive education tools - open a free demo account to start trading forex today. Remember CFDs and forex are geared products and may result in losses that surpass your first deposit. CFD trading might not be suitable for everyone, so please make sure you understand the risks.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment