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Choosing the perfect trading platform as a novice trader

Discussion in 'Accountancy, Finance & Tax' started by jamesthomas, Jul 2, 2018.


    jamesthomas Applicant

    May 16, 2017
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    Forex trading platform is a tool that allows the traders to buy and sell currency pairs at different rates. They are very important to your trading as they are the tool that gives you the chance to make the profits. Most traders start their career with a complicated platform and they cannot go further. There are many options, the choices are hard to make and they are also not easy to understand for a beginner. The result is they get thrown off their trading comfort before they can even learn the basics. An overly complicated trading platform is not better than a simple trading platform. They all offer the same opportunities but it is the traders with strategy and plans that make the difference. This article will you what is the right trading platform for beginners. We cannot directly suggest any name as that will be advertising. We will tell you some of the characteristics of a good trading platform that can help the novice traders to build their career.

    Chose a reputed broker

    The new traders never understand the importance of reputed broker. They are always looking to cut down their trading cost by choosing the low-grade broker. But if you trade with the reputed broker like Saxo you can easily access their premium trading platform SaxoTraderGo. Its true high-quality broker will charge little bit extra fees but if you know the proper way to trade, there is nothing to worry. You have to do some online research and find a classic broker who will offer you the best trading environment.

    The importance of robust trading platform is enormous. The premium brokers are spending the huge amount of money to give the best possible trading environment to the retail traders. As a full-time trader, you need to choose your online trading account very carefully. If you day trade the market it’s better to go for the tight spread broker. On the contrary, if you chose to become a long-term trader you should consider the overnight carrying charge. But the senior UK traders always prefer elite class broker regardless of the fees and charge. A single trade is enough to mitigate the extra cost charged by such quality broker.

    It should be plain and simple

    The novice has started their career and the trading platform should be easy for them. It should not be hard, have many choices with complex conditions and moreover, it should be plain and simple. A trading platform that is simple but has all the necessary tools is an ideal platform. Beginners can practice their strategy and they will also have a good time in understanding the trend. Remember you do not become professional if you are trading with a professional and highly advanced platform. It takes years of practice and consistency to reach that level. Novice people should begin with the very basic platform. The only focus should be on the currency quotes, the patterns, and the trends.

    Not complicated with indicators and patterns

    They are a useful help in your analysis but overusing them in the chart can make you lose focus. Professional traders make money with as much fewer indicators they can. Their focus is only on the trend and novice traders should trade with as much fewer indicators as they can in their platform. The indicators are not a great help as they only occur after the events. Your platform needs to have only the important indicators like the Japanese candlesticks to for analyzing. You can set your own indicators but many platforms come with advanced patterns.

    Real-time streaming of effective prices

    You have to make certain that your platform is showing you the live streaming of updated prices of pairs and the profits and losses. Every moment is precious in this industry and if you are a second late, you can miss a wonderful opportunity.

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