Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

Which Trading Platform To Use

Written by Erik Larson, Community Blogger | Jun 12, 2017 2:21 AM

A Forex trading platform is the software that gives the trader the information to make their trades and is the tool they use to make those trades.  It is the source of all the information the trader needs to make their trading decisions and the interface for interacting with their broker so those trades can be executed.  The platform needs to be accessible for the trader on any device that they might want to use to stay informed at any point during the day or night. 

Most trading platforms have web based versions that can be accessed from any computer.  Trading platforms work with both Android and iOS are also the norm in the industry.  Since mobile access is an extremely important aspect of any software in this day and age, most trading platforms will be configured that way. There are platforms that are completely localized and installed on the trader's computer but generally those are only for professional traders in their offices and they probably have web access to other platforms as well.   

When a Forex trader chooses a Forex broker, the trading platform they offer is an essential aspect of that decision.  It is extremely important to examine the platform or platforms that the broker is offering.  The best platform for you is one you can use comfortably and easily.  That is going to mean different things to different traders.  Most brokerage firms offer their platforms for free and some have more sophisticated and complicated versions available for a fee.  Depending on their level of trading and understanding each trader should assess their needs and compare them with the platforms that are available. 

Many Forex brokerage firms have several choices of platforms leaving the trader with lots of options and a choice to make.  The brokers usually give traders the ability to test out a platform with demo trading. This is something that is very important to do.  Test both the platform and your strategy and how they work together before settling on a platform and a broker.  Each platform has its strengths and depending on a Forex trader's personal interests or needs they will choose a platform that is best suited to that type of trading. 

Meta Trader 4 is the most popular trading platform currently used.  MetaTrader is known for its EA's, Expert Advisors, or automated functionality.  It is best suited to advanced traders because they will know how to take advantage of the automated functions better than novice traders.  There are user guides for MetaTrader 4 available on the websites of those brokers that offer the platform and most also offer other forms of training to help traders make the most out of the features contained in MetaTrader 4.   

Easy Trader and Webtrader are both platforms connected with specific brokers.  These platforms come highly recommended for novice traders.  Usually a broker with a platform that is geared towards novice traders offers great customer support to those beginner traders as well. 

No matter what your trading level is, make sure you are comfortable with the platform that your broker is offering you.

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