After formulating a strategy every Forex investor must put it to the test by trading in the market through platforms offered by brokers all over the net. This fact alone makes Forex platforms a vital factor in order to have a successful experience
when trading currencies online. As we have previously discussed functionality, tools and ease of use are amongst the most important factors when choosing the right platform for your trading style. In this article we are going to further our discussion on the key features to look for when choosing a Forex platform.
Expert advisors: Most Forex brokers today promote the Metatrader platform as their main trading software of choice making it extremely popular amongst most retail traders today. The most widely used version of the platform in the market today is MT4. One of the great advantages of the Metatrader 4 platform is that it can be easily programmed using its own custom programming language called MetaQuotes Language Version 4. Savvy developers and corporations took advantage of this opportunity and developed software tools usually in the form of plug-ins, called expert advisors or simply EAs. These tools can execute trades on behalf of the user based on calculations on a variety of data and market information. If you are considering expert advisors then Metatrader is the platform to choose but make sure to do proper research and test the software on a demo account before investing any real money.
Security: Being secure is an important factor when it comes to Forex trading. As with most online businesses and financial sectors, Forex is prone to abuse, attacks and scams. Make sure to check the security type offered by your broker on their platforms and request clarifications if something is not clear. In most cases reputable brokers offer 24/5 support.
Execution Speed: Execution of trades is a key factor in trading. Delays while opening or closing an order could be significant as you can miss opportunities or find yourself with an empty account balance. Key volatile points to keep in mind are important news and announcements such as unemployment numbers, nonfarm payrolls, government bonds and economic reforms as delays or freezes are possible. It is essential to test the platform on a demo account, trying to see how it will react in key points throughout the day. Most brokers in the market today claim instant execution with no delays but in many situations that might not apply.
Richard Broomstick is a financial writer. We provide articles for Forex trading. Check out our eToro review.
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