Forex trading can be a great way for you to earn extra income and provide financial security for your family olymptrade. A good trading platform and comprehensive trader training are essential prerequisites for Forex trading success.
Today, there are many online Forex trading platforms. MetaTrader4 is a popular platform for retail traders. Currenex is for high frequency traders and institutions. There are also a number of proprietary broker platforms. Each platform is unique and each has its advantages and disadvantages. ). We know that this can be overwhelming, especially for novice traders, so let’s take a look at some key elements that go into creating a great trading platform.
1. Speed and Reliability
An trading platform that displays accurate price information consistently is the most important aspect. Trade re-quotes can be caused by even a slight delay in the price information. A platform that is reliable and has minimal downtime should allow for smooth and seamless trading without major disruptions.
You can try the demo platform to check if you like the streaming price quotes, trade execution speed and other features. You should also check to see if the Forex broker offers a guarantee of “no price re-quotes/no price repricing”.
2. Market Analy
Forex traders use technical analysis when trading the Forex market. It is essential that a platform has auto-refreshing chart which allows traders to analyze market data over multiple time periods (1H, 4H and Daily, as well as weekly, monthly, and so on). The trading platform must have a wide range of technical indicators such as Bollinger Bands and ROC. These indicators are often used by traders.
A reliable news service from a respected newswire service should be available for the Forex platform. This will allow traders to profit from economic events. Forex traders who use scalping as a trading strategy should look for a platform that allows them to trade from their chart with one click execution.
3. Multi-asset trading in different markets
Because the Forex market doesn’t function in isolation, there are many co-relations between different Forex currency pairs as well as other asset classes. The S&P 500 is a strong co-relation for the Aussie Dollar (AUD), and the Canadian Dollar has a positive correlation to the price of crude oils.
This is why it is so important to find a Forex platform that allows seamless trading across multiple asset classes, such as options, forex, commodities and equity. A platform that allows you to trade CFDs in high liquidity is an added bonus. All of these features are essential for any Forex trading platform. You can try out free demo versions on different platforms before you decide.
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