Best Forex Trading Platforms Strategy
Forex market is traded online, and the application with which it is traded is known as the Meta Trader 4 platform although we have the Meta Trader 5 also available. However, the Meta Trader 4 is still the most popular and virtually all brokers offer trading on Meta Trader 4. The best online forex trading platform till date remains the Meta Trader 4.
Best Forex Strategy
It is difficult to say a particular forex trading strategy is the best as no strategy will always guarantee 100% success rate. However, best forex strategy is any trading system that consistently guarantees high winning rate such that the profits it generates far outweighs the losses.
Best Trading Platform
Best forex trading platform is one that should be user-friendly, navigating the features should be easy, it should not requote, it should allow easy access to the market, it should be able to accommodate the use of Expert Advisor (EA), it should be able to display account details such as trade history and percent growth or depreciation of an account.
There are different types of brokers, and they offer a variety of account types, those who are Straight Through Processing (STP) offer the best online forex trading platform that does not requote, i.e., trades are executed directly without any third party manipulation of entry and stop prices. Those brokers who are dealing desk are not the best as they can easily manipulate prices and alter current market prices.
Best Forex Strategy Trading
Best forex strategy trading is a combination of a lot of analysis that involves both fundamental and technical consideration of the market, good money management, mental and psychological discipline among others.
Useful Trading Platform Features
A good trading platform should offer an excellent trading experience for traders. Best forex trading platforms should provide the following features;
- Accurate Forex Quotes – A good platform should display the correct prices for all pairs, commodities, indices, and stocks at all time.
- Reliable Deal Execution – Trade execution should be in real time without any form of requoting.
- Good Order Placement – A good trading platform should be able to offer options in the order types that can be used to trade the market. It should have options for pending orders, trailing stops and also allow adjustment of stops at any time as far is within the market trading hours.
- Technical Analysis Tools – The Best trading platforms should have varieties of technical indicators that can be used to analyze and trade the market/
- Fundamental Analysis Tools – Traders should be able to have access to live news feed from trusted news wire like Bloomberg, and Reuters from their platform. With this they traders can keep track of data release for key fundamental information.
- Strong Data Security – Live accounts should be secured under appropriate internet security information where account information such as login, and personal data can be backed up for maximum security to prevent data loss.
- Minimal System Downtime – The best trading platforms should not freeze during the release of fundamental data and also it should not be down during active trading hours. If the platform is down during trading hours, you will not be able to execute trades or manage open positions.
- Support for Trading Strategy Automation – It should as well be able to support trading using Expert Advisors (EA).