A Foreign Exchange platform is computer software that serves as a channel of Forex market information used for online Forex trading. A platform gives information like the current exchange rate of currencies and other charts and data regarding the Forex market. Some platforms are locally connected through a network of computer. But since a lot of traders are scattered world-wide, another alternative for network platforms are online Forex platforms. You could download a web based Forex platform from different Forex websites. It is usually available for free but sometimes brokers with a more advanced platform charges traders who download it for a minimum fee. This is really beneficial to those who has internet access and wanted to trade without going out their homes. FACTORS TO CONSIDER WHEN CHOOSING FOREX PLATFORMS 1.DOWNLOAD CHARGE Try to differentiate the Forex platforms that are for free and those who have download charge. Those with charges typically come with additional features, so this is another thing you might want to reconsider. 2.COMPATIBILITY Since Forex platforms are computer programs, another important factor to consider is its compatibility with your current operating system. Before downloading, check first the system requirements indicated at the download page to see if your Operating system is compatible with the platform. 3.HISTORICAL DATA It is best to keep track of the records of your trade so if your platforms supports historical data to be kept, there would be no staggering problems. Since trades are done real time, it is very important that you know what is the exact date and time you traded your currencies for future references. 4.TECHNICAL INDICATORS Technical indicators enable traders to study the effects of the movements of your trades. It shows the movements of the prices from the past and could help you predict future price movements. So it is really an advantage to have this feature in your platform. 5.GRAPHICAL USER INTERFACE (GUI) The platform should be pleasing to look at. Since you would be making charts for comparison, the tools in your platform should also be readily seen and easy to maneuver. 6.BACKTESTING Backtesting is a strategy wherein traders are allowed to simulate past trading strategy based on past data to see its effectiveness if it will be applied in the future. Check whether your platforms supports backtesting because it less money and time consuming to verify your data tests. GETTING STARTED WITH FOREX PLATFORMS Be sure to download different platforms so that you could compare which one is better with their features and tools. Most of it has trial periods so you better take advantage of it. Open a demo account first before starting with real money. Try your knowledge and skills first to see if you would end up with good trades. When you feel that you are confident enough to trade for real money, start up with a micro or mini account with small leverages. Start from the bottom to the top. In this way, you could guarantee yourself profit and avoid getting your money lost.
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