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One of the important steps in strating forex trading is installing various forex trading platforms and see which one is the best. If you are planning to use automated trading system, this step is still important since your system still need a tool to connect to the market. A trading platform is software that connects a trader and the forex market by providing basic features such as live price, execute orders, and account management. The other features ranged widely depend upon the creator and the purpose; a few of them are built exclusively for specific market, the other can handle foreign exchange, futures, and CFD markets. Usually, forex trading platforms are given free by the brokers when you use their services. This can be in software form that you must install in your computer or an online platform. These days, these broker’s trading platform offers pretty comprehensive functions; at the minimum all of them are support basic charting which is the essential factor of forex market analysis. Using a free trading platform from your broker is not always available option though; for example: if you are using Expert Advisor (EA)/forex robot, usually it can’t run at the broker’s trading platform, so you have to use another popular platform: Meta Trader (widely known as MT4). So, what do you require from these forex trading platforms? These are some things that a platform needs to have: 1. Quick access to your account details and also orders summary. One of the important feature is it must display real time value of your account by calculating current price and your open positions. Instance: if you close your position at the current price, your account will obtain profit/loss by 20 pips. 2. User friendly interface to get to your preferable currency pair. It should give you real time valid updates on the currency movement and quick live chart for analysis purpose. 3. Easy to execute orders. When the market has hit the right price, you don’t have time to clicking various button and link across the screen just to make an entry. The means to execute order has to be accessible by various ways. 4. Quick and accurate to execute order. Some forex trading platforms can't fulfill these requirements on a steady basis. Usually, the problem is the trading platform won’t execute the order that you have specified; it will display the ‘waiting’ status while the market price keep moving and make you lose potential profits. This can be due to connection issues which can also be experienced by a credible broker, but there is also other probability: your account is in a scam brokerage. These brokers are designing their forex trading platforms so it will make it hard for you to have a winning trade or proper risk management. Sometimes it will not execute your stop loss order with various excuses afterwards. If you have experienced this repeatedly, simply withdraw your fund and get another broker. Aside from scam brokerage, there are still many credible forex trading platforms that owned by honest forex brokers; just go with a recommended broker and you will be fine. The user interface of the platforms might different for every broker, but as long as it is satisfy the four requirements that I’ve mentioned above, it ought to serve you well. Great trading platform is ineffective if the broker is deceitful. Check the list of honest broker on the top forex broker. Also, see how to identify a corrupt broker at distinguish online forex trading broker.
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