A trading software platform is used to help currency traders with Forex trading analysis and trade execution. Platforms provide charts and order-taking methods.
When it comes to decide which platform you should use, any trader has to take time to decide which one to go for; all platforms may seem similar on the surface, although all of them have their differences. Choose the right one is one of the first things traders have to do.
There are important factors you should consider when deciding on a Forex Trading Platform, they are: Compatibility, Usability and Latency. Make sure you research before settling your platform. An idea of each of these factors is:
Compatibility: Keep in mind that since the market is open 24hrs a day, you will need the ability to log into your trading platform on your mobile phone or tablet. This is becoming really important for traders to keep track of their accounts.
Usability of a trading platform includes how intuitive it is to use and how easy it is to customize, a platform needs to be simple, direct and easy to use. A good platform will be able to be modified, extended and customized to suit any strategy.
Latency, Is the amount of time it takes for the system to react to your actions and the amount of time it takes the system to report data to you.
Your platform is going to be a vital tool in your career as a Forex trader, therefore learn your system well and utilize it to its fullest extent especially with more complex Forex strategies.