Forex trading platforms enables investors to gain access to the foreign exchange market. It can be used to open, close and manage trades using any device of their choice and contains alot of tools to allow them analyze and monitor the market.
What is a Forex Trading Platforms?
A forex trading platform is a software interface that is provided by brokers to investors, to give them access to the forex market. It may be a mobile app or a web portal.
What are The Best Forex Trading Platform for Beginners?
Beginners usually have an issue of choosing which trading platform to use and they will require a trading platform that is user friendly and can provide access to quality market research. Some of the best forex trading platforms for beginners are:
- Plus 500
The Best Free Forex Trading Platforms
Some forex trading platform can be costly while others are free to get access to. Some of the best free forex trading platforms available are:
- TD AmeriTrade
How to Use MT4 Forex Trading Platform
Meta trader 4 ( MT4) is a forex trading platform that was developed in 2005. It is a popular trading platform that can be used to automate trading. It gives access to many technical tools. The steps to using a meta trader 4 (MT4) are:
Create an account
This entails you choosing a broker and opening an account with them.
After creating an account, you then download the MT4 to your chosen device and log in your details.
Open a position
You will need to open a position, through the order option and then place a trade. There are some things you need to set while placing a trade.
Monitor and close your positions
To monitor your position, you will need to open the “view” in the toolbar and select terminal. Then you navigate to the trade tab. There you close a position or delete a pending order.
Modify stops and limits on open positions
You can modify your stops and limits on open positions using the “terminal” , then edit or delete any order which you are not comfortable with. Then you confirm your changes.
Customise MT4 charts
Mt4 offers opportunity to use various range of tools in trading, you can add indicators to your chart to help you analyse your trading positions.
Set up a price alert
On the terminal, you can customise the price alert to your favourite setting and save
View your trade history
Once in a while, you need to review your account history of your trades and see the progress you have made.
What are the Top Five Forex Trading platform to Make Money?
Some of the best forex trading platform available are:
• MetaTrader 4 (MT4)
The MT4 is one of the most reliable third party forex platform for online retail trading, it set the bar for everyone in the business, basically offering all tools and features that a basic trader needs to analyze markets and trade, such as one-click trading, exposure, account history, news, alerts, mailbox, market, journal, etc.
• MetaTrader 5 (MT5)
MT5 was specifically designed for forex trading and to provide traders with access to CFDs, stocks and futures. The interface is similar to that of the MT4, but has many more new features and changes.
• Ninja Trader
The Ninja Trader platform has been one of the rivals of the MetaTrader platforms for some years. Ninja Trader offers stock and future trading, besides just forex like the MT4. NinjaTrader platform is free to use for charting, market analysis, and live trading.
The Protrader platform allows traders to rearrange the platform as they wish, which means that it is fully customizable. Protrader allows you to execute several trades at once, which is good for news trading, as well as placing limit orders direct from the chart.
The main functions of the platform are two, charting and trade execution. Besides, traders are issued with tickets containing all the details and there is a map option available to analyze all the trade performance as a whole, for individual pairs, for a certain time and so on.
Forex platform comes in many shapes and forms, with different offers and products, so you need to pay attention to the various details of the platform before making a decision on which one to use. Always evaluate the benefits and risk involved before making a choice.