Forex trading platform features

If you are determined to trade forex in the US market, the online trading platform you choose for your forex trades is an extremely important tool. For this reason, you need to ensure you go for the one that offers the best tools and features.

A trading platform can be made available by your broker for free. Also, you can get one from software developers. Regardless of how you get your trading platform, you need a platform that will translate into profits from your trades.

Trading platform features to go for

When examining an online trading platform, there are some useful features you would want to look for. These features help advance your trading experience and make it easy for you to trade.

These features include:

1.    Accurate quotes on forex

It is important for you to go for a trading platform that gives you accurate forex quotes for the currencies you want to trade. This avoids the need for requites and also ensures you know the changes in the market. In turn, you are able to initiate trades and monitor your risks correctly.

Also, online trading platforms use the internet to be accessible to users. Therefore, it is important for you to ensure your provider has reliable and super speed internet access. This ensures that you get timely price data transmissions.

2.    Reliable order placement

A good platform allows for quick entries of the orders you would like to trade in. These include stop losses, take profits, as well as trailing stops in the least. Go for a platform that offers ‘once cancels the other’ or OCO feature. This allows you to execute once command for one order as opposed to executing multiple commands for one order.

3.    Deal execution that is reliable

The best trading platform must have the ability to quickly and effectively execute trade deals without the need for requotes and delays.

4.    Manage account

You can save a considerable amount of time if you choose a trading platform that makes it possible for you to directly manage your trading account. Once you have an established forex trading position, it needs to be managed as you track your account balance. Therefore, the best trading platform has to offer suitable functions for account management as this helps you to keep an eye on your trading portfolio.

5.    Tools for technical analysis

A good trading platform should provide technical analysis tools that have all the features you need for easy trading. Some features to look out for include round the clock technical support charting features and good currency indicators for pairs you may be interested in trading. Charts must be updated in real time for different time phases. You should also go for a platform that allows you make trades directly from your charts.

6.    Data security guarantee

If you are using a live trading account, you need to be concerned about your data’s safety. For you to trade, you are required to give your personal information. Therefore, it is paramount for you to go for an online trading platform that operates under strict information security guidelines. Also, ensure they offer additional security to backup your data and protect it from data loss.

7.    Little or no system downtime

Trading platform should have the ability to operate without having downtimes during trading hours. A trading platform with too many downtimes when trading makes it impossible for you to close a trading position in good time. This translates to no trades and sometimes losses. Go for a trading platform with an impeccable record in terms of system performance, especially during trading hours.

8.    Trading strategy automation support

There are some trading platforms that allow you as a trader to program your trading strategies for easier transaction executions. If you would like to automate your forex trade platform, you need to ensure that your trading platform allows for automation. Also, an automated program works best when running over VPS (Virtual Private Server) to minimize downtime caused by unstable internet connections.

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