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Examining Trading Platforms: Features to Watch For

Stock-Markets / Trading Systems Feb 27, 2019 - 08:25 AM GMT

By: Umer_Mahmood

Stock-Markets Are you looking at getting into forex trading? Then you’ll need access to a trading platform. The struggle, though, is determining what type of platform to go for.

A trading platform is what people use to analyze and execute their trades. They provide all the information needed to perform a trade. You can look at these platforms as the middleman between the trader and the broker.




Each trading platform on the market serves a different purpose depending on the customers need. You’ll want to research the platform before you sign up so that you get the best one for you.

When looking at a trading platform, here are four features to watch for.

Reliability

One of the most essential features of a trading platform is its reliability. Because you’re dealing with real-time numbers, if your software froze or crashed, especially during a time when the market is buzzing, it could cost you your trade.

For those who are aggressive traders, the reliability of the software should be one of the first aspects you examine. Finding one that rarely crashes will be vital.

User-Friendly

No one wants to spend hours upon hours trying to figure out the basics of any software, let alone something that you need to make money with. That is why finding a trading platform that is user-friendly is another important aspect to look for.

When using the software, you should be able to open or close a trade with ease. There should be no issues in navigating the software, and it should be fairly straightforward when analyzing and optimizing any trades.

Security

Security should be of the utmost importance when you’re not just using a trading platform, but when you’re using online software in general. The last thing you need is to have a security breach which compromises crucial personal information.

Check the security and data encryption of the potential platform. How does it store your data, and does the software share it with anyone else? Does the platform have the ability to recover any lost data from another server?

Effective Analysis Tools

Being able to analyse trades is vital to the success of a forex trader. You wouldn’t go into a trade blind. So, you likely wouldn’t want a platform that offers little to no analysis tools for you to use.

Your platform should allow you to examine every aspect of a trade from the beginning until after it’s closed. Not having this option could cost you quite a bit of your profit.

Common Trading Platforms

Two common trading platforms for forex traders are the MT4 and MT5. Although both from MetaTrader, the MT5 came later and posed significant changes from the MT4. If you’re interested in either of these popular platforms, this article does a good job breaking down the differences between the MT4 and MT5 platforms.

Spend some time going through different trading platforms to see which works best for you. Each software will offer various features to draw in certain traders. You’ll want to find one that has the best mix of all your favorite features, all while still being reliable and easy to use.

By Umer Mahmood

© 2019 Copyright Umer Mahmood - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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