Trading forex Platforms
The existing Forex brokers offer different trading platforms for their clients along with extensive tools and research. These trading platforms almost always feature real-time quotes for several currency pairs, integrated charting and news, technical analysis tools, a deal log and even integration for automated trading systems.
Real-time exchange rate quotes are not the only feature a retail platform should provide. Closely examine the screen layout in search for an account summary with your current account balance with realized and unrealized profit and loss; the margin available and locked in open positions; leverage; rollover charges in open positions; open position sizes, and performance reports.
One of the reasons why some of the trading software applications look similar is because some dealers, instead of creating their own software, prefer to offer other platforms for client use which were created by the same manufacturer and "white labeled". Regardless who is the creator, the important factors are always the same: intuitive design, ease of use, speed and reliability.
Most trading platforms are either Web based (in Java), or download trading platforms you can install on your computer.
Which one is better? This is something you should decide by yourself. Web based software is hosted on your broker's server. You won't have to install any software on your own computer and you'll be able to log in from any computer that has an Internet connection.
It should be pointed out that, in most cases, you will only find trading platform applications to run on Microsoft Windows. Using another operating system, you won't be able to install the application and a web based or Java-based trading platform is the solution for those cases.
Java-based software tends to be less vulnerable to attacks from viruses and hackers during transmissions than client-based software. But on the other hand, the client-based programs run faster.
A client-based software will only allow you to trade on your own computer, unless you install the program on every computer you use.
Whether download or web-based, make sure that the trading set-up has every trading tool you need, including charts, news, available currencies etc., and that you have a high speed Internet connection. The Forex market is a fast moving market and you will need up-to-the second information to make informed trading decisions.
Speed is thus a little bit more subjective and can depend on the speed of your computer and Internet connection. But the actual technology is probably less important than knowing how fast someone will pick up the phone should you have a problem with the software and need to get out of a trade.
You are free to use a charting platform and an execution (trading) platform from two different providers, and even add a news feed from a third source.
Nearly all brokers align their hours of operation to coincide with the hours of operation of the global Forex market: 5:00 pm EST Sunday through 4:00 pm EST Friday.
Perhaps other valuable differentiators for you are trailing stops to lock in profits, real-time news, wireless trading, or pattern recognition charting.
One of the backbones of any trading platform is the ordering system, whether you can hedge positions, increment or reduce the size of a position, trail stop loss orders, close and invert a position, etc. Get a feel for the options that are available by trying out different demo accounts. Order types will be covered in next chapter in more detail, but for now remember that the decision about what order types are best depend on each trading style.
Brokers usually also provide technical and fundamental commentaries, economic calendars and other research as part of their service. Ask them if the information is freely available or only to costumers, and compare it with other sources.
Before committing to any broker and opening a real account, be sure to request free trial accounts, so-called "demo" accounts, to test the platforms and its many features. The demo account should be free at least for 30 days, so you can paper trade the platform and test if it fits your needs.... next
Broker Trading platforms
" Speed is thus a little bit more subjective and can depend on the speed of your computer and Internet connection. But the actual technology is probably less important than knowing how fast someone will pick up the phone should you have a problem with the software and need to get out of a trade".
The existing Forex brokers offer different trading platforms for their clients along with extensive tools and research. These trading platforms almost always feature real-time quotes for several currency pairs, integrated charting and news, technical analysis tools, a deal log and even integration for automated trading systems.Real-time exchange rate quotes are not the only feature a retail platform should provide. Closely examine the screen layout in search for an account summary with your current account balance with realized and unrealized profit and loss; the margin available and locked in open positions; leverage; rollover charges in open positions; open position sizes, and performance reports.
One of the reasons why some of the trading software applications look similar is because some dealers, instead of creating their own software, prefer to offer other platforms for client use which were created by the same manufacturer and "white labeled". Regardless who is the creator, the important factors are always the same: intuitive design, ease of use, speed and reliability.
Most trading platforms are either Web based (in Java), or download trading platforms you can install on your computer.
Which one is better? This is something you should decide by yourself. Web based software is hosted on your broker's server. You won't have to install any software on your own computer and you'll be able to log in from any computer that has an Internet connection.
It should be pointed out that, in most cases, you will only find trading platform applications to run on Microsoft Windows. Using another operating system, you won't be able to install the application and a web based or Java-based trading platform is the solution for those cases.
Java-based software tends to be less vulnerable to attacks from viruses and hackers during transmissions than client-based software. But on the other hand, the client-based programs run faster.
A client-based software will only allow you to trade on your own computer, unless you install the program on every computer you use.
Whether download or web-based, make sure that the trading set-up has every trading tool you need, including charts, news, available currencies etc., and that you have a high speed Internet connection. The Forex market is a fast moving market and you will need up-to-the second information to make informed trading decisions.
Speed is thus a little bit more subjective and can depend on the speed of your computer and Internet connection. But the actual technology is probably less important than knowing how fast someone will pick up the phone should you have a problem with the software and need to get out of a trade.
You are free to use a charting platform and an execution (trading) platform from two different providers, and even add a news feed from a third source.
Nearly all brokers align their hours of operation to coincide with the hours of operation of the global Forex market: 5:00 pm EST Sunday through 4:00 pm EST Friday.
Perhaps other valuable differentiators for you are trailing stops to lock in profits, real-time news, wireless trading, or pattern recognition charting.
One of the backbones of any trading platform is the ordering system, whether you can hedge positions, increment or reduce the size of a position, trail stop loss orders, close and invert a position, etc. Get a feel for the options that are available by trying out different demo accounts. Order types will be covered in next chapter in more detail, but for now remember that the decision about what order types are best depend on each trading style.
Brokers usually also provide technical and fundamental commentaries, economic calendars and other research as part of their service. Ask them if the information is freely available or only to costumers, and compare it with other sources.
Before committing to any broker and opening a real account, be sure to request free trial accounts, so-called "demo" accounts, to test the platforms and its many features. The demo account should be free at least for 30 days, so you can paper trade the platform and test if it fits your needs.... next
Broker Trading platforms
" Speed is thus a little bit more subjective and can depend on the speed of your computer and Internet connection. But the actual technology is probably less important than knowing how fast someone will pick up the phone should you have a problem with the software and need to get out of a trade".