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As a novice forex trader, there are quite a few decisions that you will need to make in those early stages. Of these, you will find that selecting the right trading platform is one of the more important verdicts. See, the platform that you decide on will determine just how easy it is for you to place trades. In turn, this will directly affect the level of success you experience. To ensure that you end up with the trading platform that is most suitable to you, here are the guidelines to remember:

Opt for Recognisable Names

Most traders have to go through FX Australia brokers before getting access to a trading platform. Due to this, you will find that there are quite a few options for you to select from. Now, some of these platforms will be well-known and ones that many traders are familiar with. Then, there are ones that have been created by the brokers themselves. It should be noted that these platforms aren’t necessarily bad but you would be wise to stick with the more recognised platforms. These have been thoroughly tested and reviewed by numerous traders. Furthermore, they also tend to be more reliable, particularly since they are catering to so many traders.

Look for a Demo Account

These days, most platforms do come equipped with their own demo account. Nevertheless, it is still prudent for you to check on this fact during your search. See, a demo account allows you to execute practice trades with virtual money. This is so that you can get comfortable with trades and figure out a strategy that is suitable for you. Of course, it isn’t enough just to have a demo account. You will have to determine just how similar and feature-filled the demo account is when compared to the live platform. Keep in mind, the more comparable they are, the most useful it is to you.

Consider Good Resource Features

With forex trading, information is power. This is why you should focus on platforms that provide you with plenty of resources such as technical analysis tools. Such features make it a great deal easier to analyse the available information and to come to a more reliable conclusion. As a result, you will be able to have greater confidence in the trades that you are executing. Such tools also come in quite handy when you are trying to minimise your losses as well.

Can You Backtest Your Strategies?

A demo account can help you to form trading strategies but this alone isn’t enough. You will need to keep back testing these strategies to make sure that they hold up over time. Thus, when executing a trade you can use a particular strategy with a greater level of certainty. On this note, you should carefully look at the platform to see if this is a possibility for you.

As long as you follow these guidelines, selecting a suitable trading platform for yourself will be rather hassle-free. In turn, you will find that your trading will become just as smooth, leading to a higher number of profitable trades.

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