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How to Find the Best Forex Trading Platforms

27 November 2009 No Comment
Forex Trading Platforms

Forex Trading Platforms

Forex traders and brokers have many choices when trying to find the best Forex trading platforms. Brokers generally want high reliability and accuracy to minimize their risk. They also want software that is easy for their clients to use. Traders also want something that is reliable but also provides a host of good technical analysis tools.

The Best Forex Platforms for Brokers

The larger brokers invest in their own custom software solutions. The can afford to tailor their requirements to specifically what they need and what their customers need. They also like to have features included that provide them a competitive edge over their competition. Obviously, a custom solution will be expensive and labor intensive. Anyone familiar with software projects knows that they are also notoriously time intensive due to the high level of testing that is required.

The smaller brokerage firms usually rely on standard Forex trading platforms that are available to the market place. Standard software is usually ready to use right out of the box. Many companies use software that is based on open source attributes. This certainly lowers the cost and gives them commonality with software available to many of their clients. Some veteran traders see using common software as a liability. They believe that it indicates an unwillingness to invest in the latest software tools giving the edge to competitors.

Many brokers borrow from both approaches. They will use a standard software package and then have a coder customize the package to their needs. They customize the interface to make it easier to use by clients and therefore encouraging an increased level of making trades.

Choosing the Right Forex Platforms for Traders

Individuals that trade their own accounts usually go with the software provided by the broker. For this reason traders need to pay particular attention to the Forex trading platform offered by their broker. It should be software that is comfortable to use. There is nothing worse than using software that is cumbersome and difficult to use especially when your money is on the line.

For some traders the platform is so important that they are willing to accept a higher spread so that they have confidence in using the software.

If the trader is using a robot expert advisor (automated trading system) then the trading software becomes even more important. Having a common platform for the robot is a big plus. It allows the trader to try different robots. This creates the idea situation where the performance of the software can be analyzed. Experienced traders who have developed a profitable system of their own sometimes design a robot to automate their system for their own use. Most of the popular robots or expert advisors run on the Metatrader 4 platform. You need to download this for free in order to use most of the forex robots that you can buy today.

Automated system trading is best when the trader has a successfully established trading strategy that can be programmed into steps and then overlaid on the Forex trading platforms.

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