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Forex trading platforms software

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This is really important to know as you want to get the best deal when placing trades. On each trade, you execute you will first have to cover the price of the spread eg. What is my proficiency level? Am I a beginner, intermediate level trader or advanced trader? The requirements of different types of traders are varied. For instance, there is software that is especially dedicated to beginners or pros. Beginners Beginners will certainly require a stripped down simplistic version of a trading platform.

It will need to be user-friendly and simple to understand. Beginner traders will not necessarily need indicators and will probably not execute complex orders. Beginners can find trading sentiment bars showing how other traders are trading and copy trading services particularly useful. Pros Advanced traders will require much more functionality on their platforms, including advanced indicators on their charts and tools.

They will usually require a source of news directly on the platform and may even wish to trade directly from charts. What types of software are available for trading? There is quite a list that covers: Platforms Proprietary platform eg. Charting technology that finds patterns in the trend lines eg. AutoChartist Market analysis software like Trading Central which gives you trade ideas Auto trading or copy trading software that lets you choose other traders to follow, while you sit back and let the trading be done for you.

Signal services which send you to trade alerts by SMS or email to identify trading opportunities for you. Trading Tools like economic calendar, currency converter, earnings report stream, commission calculator etc. Does my preferred forex broker offer the trading platform I am used to?

If you want to trade for instance with MetaTrader4 as many traders do, first check if your broker of choice offer this. You can also refer to our broker reviews which shows you all the technology offered by the brokers. Is the software free? If not, how much will the forex trading software cost? Platforms are almost always free to use. Signal services usually require a subscription fee as do charting software and auto trading services.

How much capital do I have? Remember most brokers do also offer demo-trading accounts to test drive their platforms before you commit real cash. A market maker broker will offer a micro or mini account for this capital. This is considered the standard account for beginners and more experienced traders. This account type will come with some added benefits like better trading conditions and extra trading features like signals.

Will I be trading a single account or multiple accounts simultaneously? Are you a money manager? If so you will require a PAMM account which gives you access to trading multiple accounts with your email address. For instance, the MT4 Multi-terminal enables the trader to implement a single trade on several accounts at the same, which gives better handling than if several instances of the MT4 were to be used to trade all the accounts.

Does my preferred trading platform offer the financial assets I intend to trade? Do you have preferences over the assets you like to trade? If so check that the platform you are trading on gives you access to them.

Some brokers decide to go this route so as to give something extra to their clients beyond what the turnkey platforms offer. You will not find a replica of this software anywhere else. The Plus proprietary platform for web, PC and mobile are extremely user-friendly which makes it perfect for new traders, plus it has enough capability for more experienced traders to implement indicators and strategies onto the platform charts.

There are pros and cons to the use of proprietary platforms. Let us use the Plus platform and the MT4 to illustrate this. Proprietary Pros Built to spec — Brokers design and plan their proprietary platforms carefully to meet the needs of their traders.

They will factor in a whole range of functionality in order to cater to different types of a trader and sometimes will offer a simple and a pro version of their platform catered specifically to a beginner or more expert traders. Additional Features — For proprietary platforms, traders may be able to get some features that they would not get anywhere else with a particular broker. They offer their proprietary technology across multiple platforms eg.

Execution types — often proprietary platforms will allow traders to trade directly of charts and may give them the option for one-click trading or confirmed trade execution. Cons Restrictive Platforms — Proprietary platforms can be restrictive. They may be stripped down or oversimplify the trading process.

Or they may not have as much functionality as the popular platforms. Suitable for all — Suitable for all levels of trader from beginners through to advanced, can sometimes be a little complicated for absolute beginners as it contains many features Country Restriction — Some brokers offering the MT4 will not allow traders from certain countries to open live accounts.

Affected traders can simply search for another MT4 broker that does not have such restrictions and open their accounts there. This is an advantage seen with commercial platforms. Cross-Platform — Commercial platforms are usually available for download, web and for mobile trading too.

Asset Selection — Usually feature a wide variety of assets covering a broad spectrum of markets Fast and robust — Usually fast execution times and low slippage with low downtime. Cons Basic Features — Tend not to be ultra modern or feature advanced trading tools such as calendar, news feeds, reports, tutorials Generic — The turnkey platforms are often very generic and are not broken down to cater for beginner or expert traders.

They are also not highly customizable as proprietary usually are. Popular Trading Software Now that we have some information about what software is used in the forex market, what are the most popular trading software used in forex today? E-Trade is available for both online and mobile trading at all times.

What this means is that cTrader will not permit any dealing desk intervention, automated or otherwise. The charts on offer are also customizable and allows traders to display different charts side-by-side, or toggle between them. NinjaTrader NinjaTrader is a resource rich trading platform focused on both futures and forex. These range from automated strategies for order executions, education and training as well as s of indicators, signals and strategies to personalize the platform.

NinjaTrader provides traders with unlimited free access to real-time and historical forex market data without a brokerage account. Thinkorswim For those who are interested in trying out algorithmic trading can do so by using either TD Ameritrade or Interactive Brokers. Thinkorswim operates under the parent company TD Ameritrade, and is perfect for those interested in trading stocks, options, futures and forex, as they can comfortably keep all of their trades together under one concise account.