To start successful trading in the foreign exchange market, you need to install a trading platform. The trading platform is a set of software and technical capabilities that directly enable the trader and the broker to each other. There are versions of trading platforms running on smartphones, PDAs or other handheld devices.
When opening an account for a trader, the trading platform is provided by the broker for free. At the same time, such platforms can be both independently developed by brokers and purchased under license.
The main functions of the trading platform are as follows:
- Online trading platform displays information on market quotes in the market. This information is processed and presented to the user in the form of a graphic image, and the user himself can choose the time lag within which the data will be grouped. Such periodicity is called timeframe. That is, if you choose the interval of 20 minutes, then one candlestick or one bar will display information for a period of 20 minutes.
- The trading platform gives you the ability to control and carry out transactions through the use of orders, as well as monitor the account at any time, except weekends and holidays.
- Using the platform, you can make deals automatically using the so-called advisors. Built-in tools greatly simplify technical analysis for the user.
- Some functions of the trading platform may facilitate the trading process for the user. Such functions include sound signals when an important trading event occurs, generating reports on transactions, displaying news online, etc.
Today there are quite a few types of trading platforms, but we will focus only on the most frequently used ones:
- Power Trader. This platform is preferred by professional brokers, since it is most convenient for working with liquidity providers, that is, with banking organizations.
- JForex. Enjoys less popularity and is often used by foreign dealing centers. Its disadvantage is that it is focused on working with strategies developed on the basis of Java, whereas most of the automatic systems are based on MQL.
- MetaTrader. One of the most popular platforms used when trading Forex. It is simple and easy to use, has all the necessary tools for technical analysis and online trading, allows the user to create new indicators and expert advisors based on personal strategy. It has a solution for working on the basis of Android and iPhone
- Ninja Trader (NT). It allows you to trade on the Forex market, as well as on futures / options and stock exchanges. The platform is installed at more than 100 brokerage companies worldwide.
- ZuluTrade The trading platform for trading forex is a community of over 2000 traders who trade on real accounts with their brokers.
Thus, for a person taking the first steps in the field of currency trading, we would advise choosing the third option of the trading platform, since it is adapted to any kind of device, universal, easily fits with other software and works practically without errors.