Forex trading is a great way to generate additional income and ensure financial freedom for your family. Comprehensive trader education and a great trading platform are two of the most important prerequisites to success in Forex trading olymp trade.
There are many online Forex platforms on the market today. There are many options, including MetaTrader4 for retail traders; Currenex for institutions or high frequency traders; and a variety of proprietary broker platforms. Each platform has its own pros and cons. They are designed to target specific types of traders (newbies, professionals, technical traders, scalpers, etc. ).
This can be confusing for newbies especially. Let’s take a closer look at the key features that make a trading platform ideal.
1. Reliability and Speed
A good trading platform must be able to show accurate prices on a regular basis. A small delay in prices displayed can cause trade re-quotes or losses. A good platform should also have minimal downtime so that trading can continue seamlessly and without major disruptions.
To test the platform’s demo version, you can use it to determine if streaming price quotes or trade execution times are right for you. Also, make sure to check if the Forex broker offers a “no-re-quotes/no-re-pricing” guarantee.
2. Market Analysis
Forex traders often use technical analysis to trade in the Forex market. A good platform should have auto-refreshing charts that allow traders to examine market data in multiple time frames (Hour, Hour, Daily, Weekly, etc.). A large selection of pre-set technical indicators should be available on the platform (RSI and Bollinger Bands, ROC and Moving Averages, etc.). These are the most commonly used indicators by traders.
An ideal Forex platform must also offer reliable live news from a trusted newswire service. This would allow traders to take advantage of economic developments. For Forex traders who are using scalping strategies, it is essential that a platform offers single-click execution as well as the ability to trade directly from charts.
3. Trade Multiple Asset Types in Different Markets
The Forex market is not a closed system. This means that there are many co-relations among different Forex currency pairs and other asset types. The S&P 500 has a strong positive correlation with the Aussie Dollar (AUD), while the Canadian Dollar has a positive relationship to the price for crude oil, etc.
It is important to ensure that your Forex trading platform allows you to seamlessly trade across multiple asset classes such as equity, commodities, Forex and debt. Additional benefits include the ability to trade highly liquid CFDs with an IA platform. A trading platform with all of the above features will be a great Forex trading platform. Before you make your final decision, check out the demo versions of different platforms.