If forex trading platforms aren't the easiest thing in the world to use, that's saying a lot. In fact, most forex platforms, if they're really good, are extremely difficult to use. I have been involved in forex for almost fifteen years and each year the difficulty level increases. It's not just about getting the software to make trades; it's about getting the charts to work and the platform to be easy to understand. The problem that I consistently find is that most people don't even know how to test the forex platform themselves before buying it.
So, here are the keys to making your forex trading experience a success or a failure. Number one is that you have to select a forex broker that you're going to trust with your hard earned money. While there are many reputable brokers on the market today, you can't rely on just any one.
Most forex brokers provide demo accounts at which traders can practice forex trading with real trades before committing to a real forex account. Forex brokers that provide this option are much more popular than those that don't, primarily because forex trading is less liquid than other markets. You may have heard the phrase "liquidity" several times over. It means that there are fewer people willing to close on their foreign exchange trading positions. That's why these types of forex brokers are particularly appealing to new traders.
Another key factor in picking your forex trading platform is the ability to set up your own charts. Most forex trading platforms provide the ability to customize the charting data that you get. If you want to see what the markets look like before making trades, then you will want to be able to customize the charts that come up on your platform. These are very helpful for beginners who are just learning about forex trading.
A few minutes after setting up your charts, traders can execute trades by clicking on "buy" or "sell". Usually, the platforms will also allow traders to make their own analysis on where the market is headed. They can do this by browsing through real time quotes from exchanges. However, not all platforms provide this functionality. For instance, some are strictly charting platforms and won't let you do anything else.
What's the best way for you to find out what the best trading platforms for forex are? One option is for you to use MetaTrader4. This is the most popular and sophisticated platform for forex analysis and trading. It is also the most intuitive, which makes it very friendly to beginners. If you're interested in forex analysis and trading, then MetaTrader4 is definitely the tool for you.
However, some brokers have difficulty affording these high-end trading platforms, so there are still a lot of brokers in the market who don't offer the top of the line software. The second option is to use discount brokers that have the same software as the higher priced platforms. These brokers will offer some basic platform features like live quotes, but they will not have all the bells and whistles of the higher priced platforms like MetaTrader. These brokers are typically lower in price, which means they are more affordable for beginning traders.
Forex trading platforms allow traders to enter and exit trades in real time. They allow you to make your own decisions based on real time quotes from the markets. When you have the right trading tools, you'll be able to make better decisions and enjoy a greater success in the markets.