9 Ways how to find the very best Forex trading platform.
Limited choices in the past
I started online trading Forex trading about 14 years ago there were limited Forex trading platform choices.
We had 2 basic choices, the FXCM trading platform or MetaTrader 4 forex trading platform. Most broker trading platforms provide two basic functions:
- Trading charts
- Order processing
In those days FXCM provided by far the best order processing available at the time. You could specify your targets and stops in pips and could 1 click order processing. Using FXCM for order processing was much easier and more efficient. The problem was the FXCM (now deceased in the US Forex Market) had extremely poor charts with very poor integration between the order process function and the charting processing.
MetaTrader however had really good charts ideal for Forex transaction identification. You could use profiles and templates and a big selection of indicators. Really good chart which has not changed much over the years. The order processing was however tricky are you had to enter price level values for your stops and targets. Pending order processing was also challenging in that unique terminology.
So what we did was to do the transaction identification on MetaTrader charts. We would then process our orders in the FXCM order processing system. Not ideal but this is what we did.
In those days MetaTrader Expert Advisors and scripts we still not that well used so we could not just write a quick MT4 script to help us process our orders effectively into MT4.
Improved Functionality and Forex trading platform choices
Over the years Expert Advisors and MT4 scripts became easier to develop. We developed those to provide easy order processing using MT4 exclusively and we moved away from FXCM. What is nice these days is that you can actually move the stops and targets on the charts until they are at just the right support and resistance levels.
When selecting the very best Forex trading platform for yourself your need to pay particular attention to Trading chart integration into the order processing process. The Forex trading platform you chose must be easy to use. You should be very comfortable at processing orders quickly and accurately. Placing stops and targets should ideally be done at the same time as the entries. Some order systems do this in a 2 step basis requiring a lot of concentration.
Always demo trade your best Forex trading platform for a number of transactions so that you don’t need to think too much when processing Forex trading orders.
Recent developments
Brokers have recognized the need need to give clients a choice of the type of Forex trading platform they can use. Pepperstone now offers no less than 7 Forex trading platforms. Pepperstone Has The Best Forex Trading Platforms And Features. A comparison on 04/01/2017 of the best Forex brokers found Pepperstone offered the best Forex trading platform for currency traders. There are 7 of the best trading platforms on offer which include MetaTrader 4. They also have been found to have the fastest execution speeds.
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