Forex Trading Platforms

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.

The Three Most Important Types of Forex Analysis You Need to Master ASAP

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

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 Analyses

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.

Three Simple Things That Make You Better at Forex Trading

Believe it or not, it’s a lot easier to enjoy real success in the Forex trading world these days if you focus on three core fundamentals – the three things we highlight in this detailed guide.

No, these three things aren’t going to guarantee that every Forex trade you made from here on out will be a winner.

That’s not how the Forex game works.

But we can tell you that if you implement these three simple things in all of your Forex trading you’re going to be a whole lot more successful than you would have been otherwise – and it won’t take you long to start piling up some real wins while you pad your bank account.

Bundle Up Some (Small) Loses

For starters, it’s never a bad idea to bundle up a couple of small losses every once in a while just to remind you that your money is ALWAYS at risk.

One of the biggest mistakes that new people to the world of Forex trading make is forgetting that their money isn’t necessarily going to produce a real or consistent return.

Sure, that sounds crazy on the surface.

After all, everyone knows that there’s the potential for loss in investing, right?

Logically that’s right on the nose – with humans often find themselves making decisions based on anything but logic, fooling themselves into thinking that they just can’t lose when Forex trading (especially if they haven’t in a while).

It might not be a bad idea to throw a couple of bucks at high risk trades just to see what happens.

If you win, remember that lady luck had her hands firmly on the wheel. And if you lose, remember what it feels like – and remember that your money is always at risk with every move you make.

That mentality will force you to be more serious and more focused on all of your Forex trading.

Ride Positive Feedback Loops

On the flip side of things, don’t be shy about writing positive feedback loops when you hit a homerun.

If you have taken the time to research and execute successful Forex trades there’s nothing wrong whatsoever with rewarding yourself, taking the time to pat yourself on the back, and really embrace just how much of a big deal that is.

Too many people start to get a little bit “jaded” in the world of Forex, especially if they haven’t been having a lot of luck of late.

It’s important to give yourself an opportunity to sort of lean into those wins and successes, only to fuel yourself to do everything possible to make sure those successful trades keep happening.

Always Analyze Your Previous Week on the Weekend

At the end of every week you should take a couple of days to analyze the trades and positions that you made.

Have a look at not only the actual Forex trading that you did, but the research that led you to make the decisions that you’ve made as well.

Doing this at the end of the week gives you the advantage of looking back at these trades with information you wouldn’t have had access to in the moment.

You’ll be able to tell pretty quickly if your decision-making was sound or a little flawed and then can adjust those kinds of decisions moving forward based off of this analysis.