On this post we will discuss platforms used by traders around the world to get their work done and make money on the Forex market. With a huge diversity on getting started in trading, the platform or software you use will help to increase your profitable and thus your longevity in the Forex money game.
Not all softwares are created equally. Some are more user-friendly than others, some have more technical information as opposed to others that have added fundamental information. Other software can only be maximized when used in collaboration with another. I have gone through a number of softwares and found particular preferences with some. I have also heard from other traders that have tested different trading platforms to see which they are most comfortable with. Below I will discuss some of the ones I've encountered starting with the most popular and widely used metatrader from MetaQuotes Software Corp.
This is an excellent trading software that can be used on multiple Operation Systems. It is the most popular trading platform out there and is used by the majority of Forex Brokers. It incorporates technical analysis tools along with historical chart data to provide the trader with all they need to make informed trades and develop their own trading strategies. To get the full potential of this software will take a little practice as it provides you with a wealth of tools such as indicators, expert advisors (trading robots) and technical charting tools.
The newest version of the terminal is version 5 which is commonly called MT5. However, I use MT4 (version 4) to execute my trades. it seems majority of brokers are still using version 4. This software is extremely customizable and will take you a far way in your trading experience. I would suggest you download the standalone copy and start experimenting with it so you can get use to the interface.
It also comes with the ability for you to write your own program (coding) using its proprietary programming language to execute trades on your behalf based on your own trading strategy. You can also get signals as well as additional expert advisors and indicators from its code base here. This terminal can also be used to trade commodities if companies offer it.
The picture below shows a snapshot of the MT4 terminal in use. You can get an in depth introduction to the terminal by clicking here. There's a lot to learn with this software but you don't need to learn it all at once to become profitable. You can take it in stages.
If you intend on starting your own Forex trading business they also provide the terminal that you offer to your customers.
WBP Online Terminal
This is an excellent program that i have recently added to arsenal of Forex tools. This is an excellent program that will assist you making profitable trades. The magnificent thing about this terminal is that it provides you with market sentiments or fundamental analysis along with technical analysis. these two branches are the foundation of the market works. If you can master both fundamental and technical analysis you are on your way to a lucrative Forex live. The terminal along with the metatrader is an unstoppable force for profitable trading. The WBP terminal does not execute trades, if it did it would probably be the only program i'd use. The provides historical data, chart analysis tools, studies, economic calendar, quotes on indices, commodities, Forex and Bonds. The terminal keeps you up to date with current news which is an integral part of being a good trader.
The snapshot below shows the interface of the terminal. You can download for free by clicking here. It is extremely user friendly and provides real-time market data.
Almost all other software are proprietary as most companies develop their program to do something specific that they would want it to do.
You can create a Demo account with Oanda to test their fxtraderpro terminal or hotforex to test their mobiletrader, etoro has a good online terminal and have been doing some updating. TDAmeritrade also provides their own trading platform that can me used on all devices. There are a plethora of trading programs to use and trade from. Find one you are comfortable with and that you can be profitable from. Use your strategy and test it in the program of your choice.However, if you are trading based on principle then the software is a mere formality. Almost all brokers provide a demo account so you can practice before going live and risking your own money. This demo account can be used on the MT4 or the broker software.
I have also been informed about the MTI (Market Traders Institute) software which i was told is an excellent program to trade with. There indicators are unlike any other, they provide you with live trade recommendations and they coach you while trading. However all of this comes at a cost but it pays to learn. You can check them out and sign up for a trial run to compare their platform. Along with that MTI provides an online university for you to attend and improve your skillset.
Look out for our next blog as we discuss choosing a broker to trade with.
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