A Beginners Guide to Trading Platforms

So, you have decided to take the plunge and trade FX, and now you have segregated some discretionary funds to see if you can take advantage of the financial market, but you still don’t know where you should trade.  One of the key components to a successful trading strategy is to find a trading platform that is easy to use, is with a trustworthy forex broker, and has key features that provide crucial information like iForex.  A platform that provides you with real-time news, a financial calendar, educational material, advanced charting tools as well as online trading signals.

Checking Out Key Features

Prior to putting up your hard earned capital, give a trading platform a test run to see if the key features are what you are looking for.  Obviously you want to make sure the process of depositing and withdrawing your funds is seamless and without a hitch.  You also want to make sure that the customer service experience is smooth and you do not find yourself waiting for days to get an answer to a simple question.

You should also determine whether the trading platform has the tools that will allow you to make the most informed decisions.  First and foremost, you need to determine if the platform provides you with up to date market moving news.  Generally every current available piece of information is priced into a security and when new information becomes available, you want to know about it quickly. If you are short on time, try to watch a video which describes any recent news events.

Additionally, you want to know when market moving information is going to come out and one of the best ways to keep an eye on upcoming market moving information is to monitor a financial calendar.  For example, if you are trading the US dollar, you want to make sure to keep an eye on any important economy releases or monetary policy decisions that are coming in the near future.

Trading Education is Imperative

If you are new to forex, spend some time looking through the education section. Reputable brokers will have articles and videos that tell you about the forex market.  Make sure you understand how currencies pairs are quoted and how market orders work.  Also look for strategies that describe different ways to trade and you are comfortable using.  If you want to be active, find a strategy where there are many opportunities to trade and if you want to take a longer term view, find strategies that give you the best chance at succeeding over the long-term.

Many brokers also offer different types of trading signals. These are alerts that provide you with timely ways to generate transactions.  Trading signals will combine different types of analysis such as technical or fundamental analysis and generate an opportunity where the risk versus reward is in your favor. Make sure you are comfortable with a strategy before you risk your hard earned capital.