Online forex trading is a lucrative business proposition, considering the fact that millions are traded in the market every day. However risks are an equally regular feature of forex as profits are. There is no shortcut to learning ways of avoiding these risks, but provided you’re willing to back your trading strategies with due learning then you can start to experience the real fun of being in this business.
Now, the choice of your trading platform remains one of the major factors influencing your fate in online trading. The platform acts as the channel of information between the traders and the brokers. You can get information regarding the charts and quotes, besides being able to access the market for executing the trade. As a trader you can either install a locally based computer or use it with the Linux, Windows or Mac.
What is the basic function of these platforms?
Besides, serving as the medium of information between the trader and the forex broker (Please visit websites like www.cornertrader.ch or dukascopy.com if you’re looking for reliable forex brokers) the forex platform should present the investor with the real time historic data, offering him all the kinds of orders that need to be available while he is actually trading. Listed below are certain aspects that you would like to check out.
Features of an Useful trading Platform
Flawless Order placement feature
The forex platform should allow you fast access of orders that you think are necessary for your trade. Stop losses, profits, trailing stops at minimum OCO are the some of the particular features that you one should look out for. OCO or “One Cancels the Other” feature helps you to avert the implementation of multiple orders for the same position.
No re-quoting issues
For all the currency pairs that you are interested to trade with, you must ensure that the trading platform is offering the correct quotes for them. You shouldn’t face the issue of re-quoting time and again, thereby inviting the risks of not being aware of the changing market conditions. If you are not aware of the present market scenario, you will not be successful in initiating trades which you think might turn out to be lucrative. The lack of knowledge in this regard would also mean that you aren’t monitoring risks properly.
Presence of Extraordinary market indicators
Good trading platforms should be accompanied by a comprehensive range of market indicators of the currency pairs that you are willing to trade with. You should be able to trade directly from the charts updated on a real time basis and tailored for different time frames.
No Down Time
The trading platform should not go down anytime during the trading hours. These systems perform at the optimal level when there are running on a VPS or virtual private server. If the system goes down during the trading hours, there are high chances that you will not be able to close a trade during the appropriate hour.
Educate yourself more about the impeccable features of these platforms so as to ensure the best results when it comes to your performance as a trader.