Are you enthusiastic to have finally entered into the most liquid financial marketplace in the world? Do you feel that you have a firm grasp of the most intelligent trading strategies? Have you set aside the proper working capital to begin Forex trading? If so, the final step is selecting the most advantageous electronic platform. This is a critical consideration, for your success will rely upon the decisions that are made. Let us examine some key metrics to take into account when perusing the online architecture that is available.
The best systems will provide users with a host of trading tools to use at their disposal. This is quite important, for there is much to be concerned with besides the price and the movement of an underlying asset alone. Some common instruments that should be present can include:
Automated chart predictions
Numerous options strategies
Automated trading capabilities
Profit and loss analyses
In addition, all of these aspects should be customisable to suit the needs of the specific trader.
Fees and Commissions
It should be obvious that the best trading platforms are also associated with manageable fees. High commissions and charges can quickly eat away at profit margins; especially if you are involved in short-term strategies such as day trading. So, it is wise to understand any such charges and how they will be included within a trade. Also keep an eye on deposit and withdrawal fees. These could likewise prove to be counter-productive over time. Reputable companies will always make these figures clear from the very start.
The Number of Investments
Those who enjoy success within the financial markets tend to have very diverse portfolios. Any online trading platform should directly mirror this approach. The number of assets available is another area to address. Some common sectors include Forex pairs, CFDs, ETFs, bonds, futures, stocks and commodities. This variety is also an excellent way to hedge against volatility by using one position to offset the losses incurred by another.
Mobile electronic commerce is an emerging trend and modern systems should be able to accommodate this need. Be certain that the trading platform is compatible with both iOS and Android operating systems. How much memory will the application require and is it as fast as trading through a static computer? Are automatic alerts able to be customised around your trading strategy? These questions are even more relevant for those who are focused upon the liquid world of the Forex markets, as positions can change within seconds.
Above all, choose systems with a solid reputation such as those offered only through CMC Markets. In this sense, word of mouth can go a very long way. Any trader is only as profitable as the platform which is employed. Keeping these guidelines in mind is the best way to start off on the right financial foot.