You really need to know how to choose the best forex trading platform. When it comes to foreign exchange currency trading, every advantage should be grabbed with both hands, but the importance of the choice of platform can often be overlooked by preoccupied traders.
With so much to take into account, including which pairs to trade, whether to go long or short and defining entry and exit points as well as controlling leverage, it`s no surprise that few traders stop to really consider the effect that the platform has on their ability to make a profit. Yet, while all the technical factors undoubtedly play a major role, the platform itself can hinder or help a trader to a significant degree.
You can consider an online forex trading platform. There are many different types of forex platform available from simple web-based access to those that can be viewed on mobile devices. Many traders favor a web-based platform even though it cannot be viewed offline because it means they can access their account from different locations, should they need to do so.
The alternative is a client-based platform, but this will need downloading and installing into a specific PC, tying your trading to just one place. Therefore, before selecting a platform, it is a good idea to think about where and when you will want to access your account and making sure the platform is readily available in the format you need.
Although it may sound obvious, remember to check whether the platform is compatible with the operating system on your PC or Mac. Not all types of software and OS are the best of friends, so you may have to either alter your choice or where you plan to trade.
As the place where trades are executed and money is won or lost, it is imperative that the platform is easy to navigate and responsive with a high level of reliability. Finding the software freezing at the crucial moment could be disastrous and leave you raging with frustration.
Fortunately, you can determine what the best forex trading platform is. There`s two easy ways to find out how user friendly and dependable the software is. Firstly, have a good root through the forums and chat rooms. Chances are if there are any niggling problems, people will be talking about it. If you can`t find any feedback simply post a note asking other traders what their opinion is. While you don`t have to take notice, it can be useful to know what others think.
Secondly, test the software yourself before going live. The majority of brokers offer a simulation account facility. This is a good way to familiarize yourself with how the platform works but also test it for bugs and accessibility. Don`t be afraid to get in touch with customer support; judging their response to any questions or queries can be a good indicator about how helpful they will be if you encounter any serious problems.
Finally, a platform should be more than just a place where trades are executed. As well as opening and closing positions, a good platform should offer a wealth of other services including up to the minute forex news, charting options and live market streams to help you make the most of your trading experience. If you find the platform lacking in any area, or simply a little light on some of the more useful features, don`t be afraid to swap. There are quite literally hundreds of forex trading software tools in the market today. If you aren`t happy, the chances are that you will easily find one you are better suited to.