May 30, 2024

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How to Choose a Proper Forex Platform

How to Choose a Proper Forex Platform

One of the determining factors in choosing the broker to start our forex trading and especially to entrust our money, is certainly represented by the choice of the best trading platforms to carry out our trading activities.

The standard forex platform for every broker is surely the celebrated Metatrader, a benchmark for what concerns the automated trading because of its spread and reliability. If a broker offers a service that is not compatible with Metatrader, he will unlikely be successful in attracting new customers.

The huge competitive advantage that the Metatrader forex platform has accumulated over the years is mainly related to the chance of creating and using the so-called “Expert Advisors”, better known as “Trading Robots”.The programming language of MetaQuotes (Metatrader creator) allows us to create custom packages of software that can trigger our own trading ideas leaving human emotions aside.

In fact, the Expert Advisor will be able to operate automatically without any exception, leaving aside the typical emotions of the human behavior and especially the subjectivity in trading choices, something that inevitably leads, sooner or later, towards a total loss of capital.

Speed ​​of execution and accuracy in the calculation of technical parameters (supports, resistances, margins, prices, etc…) are two other crucial factors of this forex platform now spread throughout the world of online trading.

Finally, there is the possibility to monitor the effectiveness of our trading strategy through the backtesting of the Expert Advisor, a useful support that can prove whether we are working on a valid project or a defective one.

Even if no broker at all can offer a  proper service without the compatibility of the Metatrader forex platform, other names are emerging thanks to the spread of forex trading.

But what we should really keep in mind are the main criteria in choosing a valid and effective forex platform.

Simplicity in its use: easy to use interface, and the chance to draw high levels graphs. Making the implementation of numerous tests on the graphs possible by quickly adding or removing  markers, notes, etc … is certainly one of the most important factors for a forex platform.

Advanced Settings: the pro trader has special needs to upgrade performances of the platform. Then back test, possibility to create custom indicators, insertion of alerts are only some of the high-level functions that a platform must be able to provide.

Database: a large data base of historical data is fundamental to increase the statistical power of our technical analysis.

Accessibility: the spread of mobile tools such as tablets and smartphones makes the chance to access the trading platform anywhere in the world via an internet connection and a mobile device absolutely necessary. In this case the platform must be obviously simply and effectively usable, just like sitting in front of a pc .

These are just some of the basic requirements for a forex platform, with the main purpose to support the work and trading policies of each operator and offering the greater reliability and automation.