Forex trading is a great option to make additional income and secure financial freedom for yourself and your family. Comprehensive trading education and a reliable trading platform is the key to Forex trading success. Visit Best Trading Platforms 2023 before reading this.
Numerous online Forex platform are currently available on the market. MetaTrader4 can be used by retail traders, Currenex can be used for institutions and high-frequency traders, 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, newbie, 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.
A good trading system should be able display consistent price information. A slight delay in price information can result in trade requotes and loss. A good platform should not have any downtime, so trading activity can be seamless and uninterrupted.
Demo versions of platforms can be used to test whether the streaming price quotations and trade execution time suit your needs. Find out if the Forex broker offers a no requotes/no reprice guarantee.
2. Market Analysis
Forex traders commonly use technical analysis in order 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.). The platform should also have a variety of popular technical indicators, such as Bollinger bands, ROC, Moving averages, RSI, Bollinger Bands, ROC, and ROC. These indicators are often 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. For instance, the Aussie Dollar, (AUD), has a strong positive association to the S&P 500. Conversely, the Canadian Dollar, has a positive relation to the price of crude oils, etc.
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.