Choosing the Best Trading Platform: A Five-Point Checklist

When looking for a Forex broker, one of your main considerations should certainly hinge on the type of trading platform they use. After all, your comfort with the software is paramount to making the best decisions in your trading. Newcomers should certainly beware of tackling something that is completely out of their depth.

When choosing the best trading platform to fit your needs, always consider the following five factors:

1. Ease of Use – Obviously, this is the most important. Ask yourself how intuitive this software is. Even if you are prepared for a bit of a learning curve, does this look like a platform you could grasp fairly quickly? Tons of features are great… if you know how to use them. Otherwise, don't even bother with something that is much too complex.
2. Account Stats – You will want a platform that clearly displays your current balance, available margin and any gains or losses you've experienced. With this information clearly laid out on the program's interface, your trading will be quicker and more informed.
3. Real-Time Quotes – This is one of the main reasons why most of us depend so heavily on the Internet for our trading, so don't choose software without real-time quotes. This isn't the stock market, after all, so you need to stay current down to the minute so you can avoid delays and prevent yourself from being surprised by the price of your orders.
4. Instant Purchase – There is no use in having real-time quotes if your transactions don't take effect immediately. Be sure you are using a platform that allows your orders to be instantly executed. You will want to simply point and click to place an order, without your broker re-quoting it before it's taken effect.
5. Charting and Analysis – This is perhaps the biggest learning curve when it comes to understanding the Forex market. There are many different types of charts out there, but they are essential. Always go with a platform that offers charting and analysis that you can understand and utilize with maximum efficiency.

Previewing a platform before you settle on a broker is recommended. In addition to using the above checklist for selecting the proper software for your needs, you should also ensure that you have the right Internet connection to support it. A broadband connection is essential to Forex trading online. Without a fast and reliable online service, real-time quotes and instant transactions will be an impossibility.

(by:Heather Johnson)