How to choose a Forex trading platform

A Forex platform, in web terminology, is a computer program that is designed to provide the ability for you to engage in Forex trading online. Basically, someone creates a program or software that enables you to come along and use that program or software as a tool to build your Forex business.

Essentially, a Forex trading platform is the way you execute your Forex business affairs.  In order to trade Forex successfully you will have to take some time and research the platform that is right for you. Unfortunately, like all good things, the Internet is filled with shady trading offers, and trading platforms aren't exempt so you need to make sure you know how to wade through the garbage to find a reliable Forex Trading platform.  Remember buyer beware!

What makes a Good Forex trading platform?

A good Forex trading platform has at minimum the basics covered.  When looking for a Forex platform a trader should choose all the necessary parts s/he’ll need to qualify his or her trading position. The software at the very least should include charts, trading execution capabilities, a log of trades, and of course, the currency pairs you are interested trading.

Don't worry about if it'll be difficult to find a trading platform.  I promise there is a Forex platform that’s a perfect fit for you.  Unfortunately,  it’s not going to jump out and demand your attention, though. The best way to determine which platform is right for you, is to open a demo account and get started trading.  Seriously, this is the only way to tell which Forex platform will enable you to execute smart moves.  So I suggest you make a list of possible Forex platforms you’d like to try and then take them for a trial spin. One by one and compare and contrast them.

How to know which Forex trading platform is right for you?

Here are a few tips that can help you on your search for a good Forex trading platform:

  1. Determine your trading preference.
    • Are you the type of trader that needs to stay on top of your Forex trades and like to be right in front of the computer?
    • Or are you the type of trader that trust your knowledge in Forex enough to invest in a platform that enables you to trade using a more portable means such a cell phone or your Blackberry?
  2. It’s a good idea to make sure there is also a web based trading platforms available in case your computer goes down. That way you can still have the same access to your account by using a different computer.
  3. Also check to see if the platform offers you the ability to see current market news that keeps you in the Forex loop. This is an important tool because what’s being talked about in the market news often influences the way the market behaves. Also when there are sudden seemingly unexplainable moves in the market having access to a platform that incorporates Forex news is a huge benefit. A knowledgeable trader is a successful trader.
  4. The Forex trading platform you choose should allow you place an order quickly and easily without making you jump through hoops. Always look for a platform with ease of use.
  5. Check to see if the trading platform you’re interested in offers you technical analysis tools so you can make informed decisions, if you so choose to use them.
  6. A reliable platform should allow you to be able to see your profits and losses.
  7. Look for a Forex trading platform that will give you price alerts. This just means you’ll be notified via your cell phone or through some other method of communication about changes going on in the Forex world.
  8. Look for a platform that offers you speedy withdrawals
  9. Look for a platform with no or low commissions/fees to pay. Also you‘ll want a Forex trading system that has low spreads.
  10. Look for a Forex trading platform that will give you a twenty-four live customer service and not one that only offers only automated help.
  11. Make sure the Forex platform you are interested in allows traders to open a demo account. Traders need to take the Forex trading platform they’re interested in for a test drive. This way, you can try out a few different platforms under different market conditions and see which one works best with your trading style and knowledge.   Get comfortable with the navigation, tools and platform layout.  Understand the terminology of the software and how to do some basic troubleshooting of the platform.
  12. Don't forget to check for reliability.
    • Have there been any problems in the past that other traders have experienced with that Forex platform?
    • How does this Forex platform perform as compared another platforms you have tested?
  13. Is there a cost to use this platform?
    • What is it as compared to another?
    • Does the one with all the bells and whistles has the exact same capabilities as the platform that costs less or is free? ( In this case you can take the most  cost effective one that'll get the work done. )

Each broker will have a Forex platform you can try out.  Not all brokers will use the same Forex platform, so this will give you the chance to try them out and see which platform you prefer.

A Forex platform offered by a broker acts as a bridge that links you to the broker. Through this link, you’ll be given access to information that will equip you to become a better trader.

Keep in mind: When you’re trying to decide on a Forex platform that will make your currency trading more profitable, keep in mind that different platforms may have certain computer requirements.  Just like any other computer software, trading software is not compatible with all types of computers, a Forex platform is not guaranteed on every computer. One Forex platform might work with Windows, while another might not.

Whichever Forex platform you end up choosing, if you take the time to shop around and try out a few different ones by way of their free demonstration account, you can be sure you’re making the right choice that is perfect for you.  Take your time with this process.  Be well informed.

Choosing a Forex trading platform that is the best fit for your trading style is vital.   Trading activity can occur so fast at times, so it is critical that you choose a platform that is user friendly and is capable of performing the tasks you need in order to have a very successful Forex career.

Tips for Choosing the BEST Forex Trading platform for you……

To increase your odds at profitable Forex trading success…The Forex trader should:

  • Research different platforms to be able to compare them
  • Read all important information on the platforms website
  • Open a demo account and test all the capabilities of the platform
  • Contact the platform’s customer service. Use this as a determining factor in picking the best platform.
  • Understand the platform; the terminology, set up, compatibility, and the ease of the platform

 

 

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