Forex Trading Platform - 5 Important Features It Should Possess
MetaTrader isn't the only popluar platform; many forex brokers also have their own popular trading platform. 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. You need to make sure that the platform has everything you need and not substitute it with some fancy features you don't need.
Here is what you need
Charting feature
Sure, virtually all trading platforms own it, but several platforms merely have standard charting feature while others have all the sophisticated features. Usually, a web-based platform minimize this feature so they can provide faster accessibility to their platform. Nonetheless, I have seen some application-based platform with weak charting feature as well.
Depend on your strategies, you could be able to live with just simple charting or you absolutely need all that complex analysis tools and indicators. A number of platforms also let you trade straight from the charts. When you already accustomed to this, it is fairly 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 move a few items and remove some others. For instance, if I'm working with EURUSD and GBPUSD, I will have the dealing rates large and obvious before me. This can enable me to enter the market at any time to open or close a trade. When possible, I'd want a detachable always-on-top dealing rates so it could still be seen while I'm working on something else on my Notebook.
Support diverse worksheet
While working with different currency pairs, you might need different information available and possibly more comfortable with a certain layout. By saving this specific preference, you could open and close different worksheet easily or even having a few worksheets active at the same time.
A variety of means to enter a trade
An excellent platform enables you to enter a trade through a bunch of different means. At the very least, there should be big "sell" and "buy" button on the active dealing rates. Next, you will also need to be able to execute a trade from the dealing rates table. There must be a "trade" option on the toolbar too. And finally, some traders might be comfortable trading from their open charts.
One Click Trading
One click trading is a button that allows you to execute a trade quickly. It's not going to get you to verification window or something like that; it simply executes the trade at the current price. This kind of function should be used by a professional trader only and not mandatory.
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. To sum it up: just keep the layout simple by having only what you truly need.
Here is what you need
Charting feature
Sure, virtually all trading platforms own it, but several platforms merely have standard charting feature while others have all the sophisticated features. Usually, a web-based platform minimize this feature so they can provide faster accessibility to their platform. Nonetheless, I have seen some application-based platform with weak charting feature as well.
Depend on your strategies, you could be able to live with just simple charting or you absolutely need all that complex analysis tools and indicators. A number of platforms also let you trade straight from the charts. When you already accustomed to this, it is fairly 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 move a few items and remove some others. For instance, if I'm working with EURUSD and GBPUSD, I will have the dealing rates large and obvious before me. This can enable me to enter the market at any time to open or close a trade. When possible, I'd want a detachable always-on-top dealing rates so it could still be seen while I'm working on something else on my Notebook.
Support diverse worksheet
While working with different currency pairs, you might need different information available and possibly more comfortable with a certain layout. By saving this specific preference, you could open and close different worksheet easily or even having a few worksheets active at the same time.
A variety of means to enter a trade
An excellent platform enables you to enter a trade through a bunch of different means. At the very least, there should be big "sell" and "buy" button on the active dealing rates. Next, you will also need to be able to execute a trade from the dealing rates table. There must be a "trade" option on the toolbar too. And finally, some traders might be comfortable trading from their open charts.
One Click Trading
One click trading is a button that allows you to execute a trade quickly. It's not going to get you to verification window or something like that; it simply executes the trade at the current price. This kind of function should be used by a professional trader only and not mandatory.
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. To sum it up: just keep the layout simple by having only what you truly need.
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