Online Platform

Using a Forex platform

Subtitle: What to look for in online Forex systems.

With all of the Forex platforms available, it can be difficult to actually know if your online system is actually creating a better performance for your trades. Technology can definitely assist the Forex trader in decision making through the use of charts, desktop trading, and analysis tools.

Standard Forex platforms are meant to optimize trading execution. Nowadays, traders have the power of direct order entry right through their desktop chart – in just a click or two. Trading platforms offer a variety of choices for the Forex trader. You can set up the number of lots to trade and specify an amount of leverage to use.

So, what should you look for in an online Forex platform? There are many factors to consider, but the most important qualities are what you can adapt to fit your strategy.

• Is it easy to use?
  The software should be able to handle flexible dealing rates styles, intuitive trading dialogs and "one-click" order placement. It should give you the ability to all outstanding positions at once.

• Does it allow multiple order types?
  Such as entry stop/limit, position stop-loss/limit-and stop-loss/limit-profit placed on entry orders?

• Is it truly multi-currency?
  Does it cover the full range of currencies, or just the major currencies? Does it offer the ability to monitor profit/loss and account exposure in currency of your choice?

• Does it support orders of any size, including those for mini accounts?
  It should also give you the ability to simultaneously trade the funds of multiple clients at one time.

• Does it offer integrated charting?
  Online Forex trading system charts should be based on real-time dealing rates and offer a variety of chart styles, including candlestick, bar, and line charts.

• Does it offer studies and scripting?
  What kind of indicators are built into the Forex trading platform? Does it allow for multiple indicators on one chart?

• What kind of on-line reporting is available?
  Is it accessible from the browser? The online reporting should allow any time frame and reflect trading results immediately.

• Is everything delivered in real-time?
  This should include delivery of quotes, position, and account status. The Forex platform should also include instant notification of connection failure, work well with firewalls and proxy servers, and work with unreliable connections.

The right Forex trading platform can help even the greenest currency trader make reliable, timely decisions. Starting off with the wrong provider can be detrimental to your system. Make sure that you find a platform that meets your requirements, and you’ll be able to follow a strategy for success. Print out this list and do a little research before you make your decision on the right platform for your trading strategy.