If you are serious about trading in the Forex market and becoming successful, then the trading platform that you choose to execute your trades will be one of the most important tools that youíll rely on during the process. When it comes to choosing a trading platform, they can either be provided to you by a Forex broker, or from independent software programs, depending on which is the better option for your needs. Those new to trading Forex may choose to go with a broker to cash in on expert advice, however, donít rule out independent programs which can be just as good for the novice trader. To help you make the right decision, weíve listed some important features which every good trading platform should have.
#1. Technical and Fundamental Analysis Tools:
Being able to thoroughly analyze before initiating a trade is a crucial step for any successful Forex trader. Reputable platforms, such as MT4, will provide a full, featured set of all the technical analysis tools that you need, which should include charting and a wide range of popular indicators for the currency pairs that you intend to trade.
MetaTrader 4 also offers a range of advanced tools including chart customization and custom made automatic trading strategies. If possible, opt for a platform that offers the additional feature of being able to trade directly from your charts, and ensure that the charts are updated on a real time basis. If youíre using fundamental analysis, choose a platform that offers access to a high quality live news feed from a reputable news source.
#2. Accurate Quotes:
You will want to choose a trading platform that provides accurate trading quotes for any currency pairs that youíre interested in trading. Itís important that you are able to avoid the risk of requotes, and you should always be aware of any crucial market changes in order to initiate your trades in a timely manner and be able to adequately monitor your level of risk.
#3. Minimal Downtime:
A trading platform that is regularly taken down during market trading hours will increase your risk of being unable to close out a trading position at the appropriate time. Because of this, itís crucial that the platform that you choose has minimal downtime. In fact, any good trading platform will have an uptime record as close to one hundred percent as possible during trading hours.
#4. Strong Security:
If you plan to trade Forex using a live trading account, then itís hugely important that you are concerned about the safety of your money, account login, and other personal information. Before choosing a trading platform, itís absolutely paramount that you ensure it operates under strict internet security protocols. Itís also essential to ensure that any sensitive information is backed up, either to the cloud or physically, so that you can access it in the event of a data breach or loss.
With Forex trading increasing in popularity, all you need is a computer and an internet connection to become a Forex trader. The trading platform that you select can seriously affect your success, so be sure to look out for these vital features.