Here’s How to Land the Best Forex Trading Platforms for You
Connecting with the right Forex trading platforms is more challenging today than it used to be, if only because there are so many great options to pick from.
Interestingly enough, even just 10 years ago when there were only a handful of Forex trading platforms to go with – and all of them were significantly less feature-rich and friendly to use – it was easier to land on one because they weren’t much different from one another.
Today though, you have to be really smart about the Forex trading platforms you choose to do your trading on.
Make the right move and trades become almost effortless and your whole experience is a joy.
Make the wrong move, though, and even big Forex wins aren’t going to feel that good.
Here are some tips and tricks to help you out.
Outline Your Needs
Not everyone is going to be able to make use of each of the best Forex trading platforms out there.
Some really amazing platforms are designed to help new traders hit the ground running while handicapping and handcuffing more successful traders because of their simplicity.
Other platforms are designed to give experienced traders all the tools and granular control they need to make it big in the Forex world, the kind of platforms that new traders would drown in choices with.
Outline your needs before you get started and you’ll be good to go.
Dig Deeper Into Platform Offerings
Another great tip to sort between all of the different Forex trading platforms out there is a dive a little bit deeper into specific platform offerings, making sure that they have all of the features and all of the capabilities you are after – especially proprietary ones that other platforms likely do not have.
If you’re going to do daytrading you’re going to want to make sure that you have a direct interface with the market. You don’t want to be sending your trades to a “dealing desk” for them to get bottled up somewhere along the line with you missing out on some big money.
Always analyze these offers before you sign on the dotted line or move any money into an account.
Make sure that they pair up nicely with your investment strategy and you’ll be all set.
Trial Run as Many as Possible
If you have an opportunity to trial run a couple of different Forex trading platforms it’s not a bad idea to do so, even if that means opening up a couple of accounts with a few hundred (or a few thousand) dollars just to see how they fit your needs.
Sometimes accounts will let you trade with paper money, giving you access to the full features without you having to risk any of your money whatsoever in the demo account. That can be a great way to try your trading strategies out without having to risk any of your cash upfront.
At the end of the day, the Forex trading platforms that you choose to use are going to be a big piece of your success or failure.
Make sure the platforms you use fit like a glove.
Forex analysis is the bread and butter of any successful trader’s research, huge piece of the puzzle if you’re going to create real wealth from this investment vehicle.
Sure, plenty of people get lucky every now and again trading Forex pairs and playing the market with a real random approach – just sort of hoping that lady luck will shine on them every now and again.
But that’s no ticket to consistently beating the market, winning your trades, and learning from the decisions you make (good or bad) to make better, smarter, more profitable trades moving forward.
All that comes down to Forex analysis.
At the same time, there are three critical types of analysis you have to master if you’re going to have consistent success in the market today.
Fundamental analysis is the first piece of the puzzle.
Take advantage of by all of the major traders (including institutional money), the fundamental analysis you’ll find on the Forex markets these days revolve around interest rates, GDP numbers, and other bits and pieces of economic data regarding the currencies you’re looking to move.
Fundamental analysis is so much more than just looking at the news to see which way the wind is blowing, though.
You want to make sure that you were keeping your finger on the pulse of each currency pair your thinking about trading, checking to see what the sentiment is like around the world, and regularly updating your fundamental analysis so that you don’t get caught making moves based off of “cold info”.
Technical analysis, on the other hand, is where the overwhelming majority of people focus when they first get into Forex trading.
This is the kind of Forex analysis that revolves around looking at charts, looking for technical indicators, looking at Forex signals, and other bits and pieces of “hard data” that track how Forex moves every day the market is open.
A lot of this kind of analysis is automated now and much more accessible to newbies they are not ever before.
That doesn’t mean that you shouldn’t learn how to do manual technical analysis on your own, though.
This kind of skill will let you double check all the information you’re getting from third-party sources, helping you confirm this data with your own trading disciplines so that you know it’s the right info to move forward with.
Weekend Breakdowns and Reviews
The third bit of Forex analysis you’re going to want to do has everything to do with analyzing your own trades, looking back at the moves you made in the decisions that led you to them, as well as planning how you are going to move forward.
Far too many people ignore this bit of Forex analysis completely, never looking back at the trades they’ve already made (and the ones that want to make in the future) to learn from their actual experience.
Don’t make that same mistake.
Weekend breakdowns and reviews will make you a much Forex investor (faster, too) than maybe anything else.