Forex Trading Platform - Recognize the One that You Truly Need
Forex Trading Platform - Recognize the One that You Truly Need
Mastering your currency trading platform is the first thing that you have to do before actually put your money on the line. Why? Because it is the one that connect you with the forex market. Therefore, not only you have to be proficient at using it, you must know which one can truly fulfill your need. Currently, there are a few types of trading platform that you can get from a forex broker:
1. Application at Your PC
The most typical form of forex trading platform is a free application that you could download and install at your home PC. The famous MT4 (MetaTrader4) is also one of them. Typically, this kind of trading platform offer pretty sophisticated features and you can use it for multiple purposes. In some cases, a broker can supply a few different application based trading platforms that you can pick.
Using this kind of trading platform, at the very least you'll get real time prices and basic charting feature that you can use for standard market analysis. It's also the most convenient trading platform. I highly suggest MT4 as the most recommended trading platform with a lot of advanced functions. The majority of the forex robots (expert advisors) also created to run on MetaTrader4. See my a review of FBS for the details of an outstanding broker that utilize Mt4.
2. Web Based Trading Platform
Web based trading platform provide quite similar features with the application type, but with fewer features and can't support expert advisor. It is much like a membership type, thus in order to access it, you need to go to the website and enter your login information. A good example for this would be trading platform from Xforex.
The main benefit of this type is you are able to access it anywhere across the world as long as you have a computer and internet connection. Do not forget that you don't need to install anything for it to works. If you travelling often, can't bring your notebook, or traveling to locations without wireless internet connection on a regular basis, usually internet shop is your only option. When it does, web based trading platform can definitely be useful.
However, understand that utilizing shared computer in an internet shop could make you prone to account hacking. So before you leave the computer, ensure that you at least clear your browsing data and remove your cookies.
3. Mobile Phone or Smart Phone Trading Platform
This is an application that you could download and install in your mobile phone or smartphone. If you are go out frequently but still within the coverage area of wireless internet connection, this option is way more safe than web based trading platform.
There are some broker that offer several trading platforms for their clients convenience; use it to your advantage and take the one that suits you. I highly recommend that you at least proficient at using an application based trading platform because it is the most stable one with more features to help you get the job done.
In addition, if you are going out often, avoid using web based trading platform and stick to mobile trading whenever possible. By knowing and getting used to the right trading platform that can fulfill your need, you can get rid of unecessary risk and trade more safely. Look into learn to trade the forex and sign up for step by step tutorial in making use of MT4 trading platform.
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