Before the tasking of choosing a trading platform to access the forex market it, it is important that traders take their time to study the forex market and understand in great depth the theoretical aspect of the market; at least its basics. After that, one can go ahead to pick a trading platform and a broker to register with. It may be hectic trying to pick the right platform and that is the focus of this article. We will focus on the things traders have to consider before going live with a new forex trading platform.
SOME FACTORS TO CONSIDER WHEN LOOKING FOR A NEW TRADING PLATFORM ARE
- THE COST OF THE SOFTWARE
Traders must understand the basic features of a platform and what is obtainable in most of the trading platform. Most of these platforms are free of charge, but if the one you are considering is not, find out what makes it different from other platforms and how that difference will benefit you. If there is really a useful difference, and you can afford to, then you can go ahead with it. If not, there are a thousand and one brokers ready to offer you amazing platforms at no cost at all.
- THE TECHNICAL INDICATOR AND CHARTING COMPONENET
There is need for technical indicators and charting components in the forex market. The more of these trading tools, the easier it is to trade the forex market. The availability of these tools and the skillful knowledge of how to apply them really go a long way to make trading a worthwhile experience.
- THE OPERATING SYSTEM
This is another important thing every trader must put into consideration before going for a new forex trading platform. Is the platform compatible with your operating system?
- AVAILABILITY OF HISTORICAL DATA
As a new trading platform, there is probably not much history from your own trades, but the availability of historical data from other traders can help you make your trade decisions with your new trading platform.
Other things a trader must consider before going for a new trading platform are as follows
What is the chart like and can one trade from the charts?
What types of orders are available? What is the order interface?
Can one back test strategies with this new trading platform?
How communicable is the graphical user interface?
Does the platform have an API that allows for additional programming?
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.