Selecting best forex trading platform

Forex trading platform is an extremely important tool you use in trading process. They are usually provided by your forex broker with no additional charges. They can also be from independent software developers like the popular MetaTrader 4 or MT4 forex trading platform.

When choosing a trading platform you must look for useful features that help you to enhance your trading experience. These are as follow:

Accurate forex quotes:
Avoid risk of re-quotes and chose a trading platform that has accurate trading quotes for all the currency pairs you are interested in trading.

Manage Accounts:
If a trading platform allows you to manage your trading account directly then it can save your considerable time.

Trusted deal execution:
Any trading platform you chose must execute your deals quickly and reliably without the need for potentially costly requites.

Strong data security:
Traders who use live trading accounts should be concerned about the safety of their personal data and account login information. So make sure that the platform operates under appropriate internet security protocols and in case of data loss, your account information is backed up for additional security.

Good order placement:
Your chosen platform should allow the quick entry for all types of orders that you think you might need. That would typically include take profit, trailing stops and stop losses at a minimum, with an OCO feature as an added benefit to avoid the execution of multiple orders for the same position.

Minimal downtime:
Trading platforms should not be taken down during market trading hours due to the risk that you will not be able to close out a trading position at the appropriate time. Look for a trading platform that operates with minimal downtime.

Support for Trading Strategy Automation:
A trader must be very careful in choosing platform because there are some trading platforms that allow traders to program their trading strategies into the platform for automatic execution for transactions.

Technical analysis tools:
Many good trading platforms will provide a full featured set of technical analysis tools that should include charting and a good range of popular indicators for the currency pairs that you are thinking of trading. Charts should be updated on a real time basis for a variety of time frames, and a useful additional feature is to be able to trade directly from your charts.