Every trader starts his or her life in the forex market with choosing a good reliable broker and building a trading strategy. Opportunities vary much in broker companies and their services. However, a beginner trader should examine not only a broker’s reputation but also a trading platform offered by a chosen broker.
Every broker or advanced trader describes his or her platform as the best forex trading platform. Nevertheless, it is better to make a choice by yourself not relying on a couple of advertising reviews. For this a trader should make a list of characteristics and parameters (as well as opportunities), offered by platforms’ creators. The second step is to point out which criteria are priority and then draw up your own platform rating.
What is a trading platform?
A platform, created and developed for trading in the forex stock market, is called a forex trading platform or a trading terminal. It is actually a computer code programmed by professionals. Its main aim is to inform a trader about changes in the market and notify which next step will be better and more profitable.
The main components of platforms
Different trading terminals have a varied set of components. Nevertheless, the main parts are the following:
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economic calendar (it allows to follow and examine all events that take place in the economic life and to forecast currency changes on the base of this information)
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indicators (special programs, which a trader can use to analyze the changes in prices and get according signals (whether to buy or to sell) in a particular period of time)
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advisors (robots that make all calculations automatically and can make deals without a trader’s personal participation)
It is no doubt, that the better and more stable trading platform is, the easier and more profitable the trader’s work will be. That is why best binary options brokers have their own-programmed terminals with the working and productive set of components. However, a trader is able to make such a set by himself.
Terminal’s characteristics
Basically all existed platforms are pretty convenient to use. Every trader or broker can pick what he prefers the more: tastes differ. However, there are some objective parameters that should be taken into consideration:
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A program’s speed and average productivity. Some programs have a low speed, what leads to delay of graphical representation of quotations. So, timeliness of deals is always questionable. Besides, such slowdowns make traders nervous and in the end they make silly mistakes.
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Functionality. The crucial aspects here are the quantity of analytical instruments and diagrams and how many timeframes are in the graphs. A trader should check how many windows with quotations might be open. A good terminal should support an opportunity to create trader’s own indicators and auto trading advisors. It should also depict rates and types of orders. There must be a service of fundamental analyses together with an economic calendar, coverage of financial markets and other trading platforms. The more financial instruments the better.
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Convenience of the interface. It is of high importance if the interface of the terminal is instinctively clear and there is an opportunity of individual tuning. In addition to that, a choice of colors is not the least of factors that influences the comfort of trading in the forex market. So, the first impression depends on the design.
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Security of deals and confidentiality are programmed in the platform, though these factors are dependent on a broker’s company.
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Mobility. A trader should have an opportunity to install the platform on mobile devices and gargets. Besides, the terminal should be compatible with different operating systems.
So, to succeed in the forex currency exchange any trader is in need of a trading platform that must be:
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Reliable
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Functional
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Convenient
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Safe
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Mobile-supported
With time when experience comes, and when thoughts become actions, a trader changes the elements in the terminal making his trade more productive and in the consequence becomes prosperous.
