Forex Trading Platform - Five Crucial Features It Must Have
Aside from the popular MetaTrader 4, lots of forex brokers have their own trading platform application
. Some of them also have their own web-based and mobile-based trading platforms. While all of them pretty much offer the same service, there are essential features and less-important features you need to recognize. In this case, it is important to make sure the platform got everything you need to trade properly.
Here is what you need
Charting function
Indeed, virtually all trading platforms have it, but a number of platforms only have very basic charting feature while others have all of the sophisticated functions. Usually, a web-based platform minimize this feature so they can give faster accessibility to their platform. Even so, I have seen some application-based platform with poor charting feature as well.
Depend on your strategies, you might be able to live with just simple charting or you must have all of that advanced analysis tools and indicators. A few platforms also let you trade straight from the charts. If you already used to this, it is pretty hard to change the habit and look for another button to make a trade.
Adaptable trading platform
I'm not sure about other traders, but I absolutely can't work on a fixed platform. I'll need to relocate several items and get rid of several others. For example, if I'm working with EURUSD and GBPUSD, I will have the dealing rates big and obvious in front of me. This will enable me to enter the market anytime to open or close a trade. When possible, I'd want a detachable always-on-top dealing rates so it can still be seen while I'm doing something else on my PC.
Support different worksheet
Whilst dealing with different currency pairs, you might need different data available and probably more comfortable with a specific layout. By saving this specific preference, you can open and close several worksheet easily or even having a few worksheets active together.
A variety of ways to enter a trade
A good platform lets you enter a trade through a bunch of distinct means. At the minimum, there should be huge "sell" and "buy" button on the active dealing rates. Then, you will also need to be able to carry out a trade from the dealing rates table. There must be a "trade" option on the toolbar too. And lastly, a number of traders may be comfortable trading from their open charts.
One Click Trading
One click trading is a button that lets you carry out a trade quickly. It won't bring you to verification window or anything like that; it just executes the trade at the current price. This kind of feature must be used by a professional trader only and not vital.
You could find tons of features on various trading platforms; nevertheless, only a handful of them are truly essential for your trading. Also, be sure to test the order execution speed and the platform's reliability. Open a demo account to check the execution time and see if it steady enough throughout the day. Get only what you need and keep it simple.
by: Ownen Moore
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