{"id":12140,"date":"2010-08-18T13:35:36","date_gmt":"2010-08-18T17:35:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=12140"},"modified":"2010-08-18T13:35:36","modified_gmt":"2010-08-18T17:35:36","slug":"five-things-to-look-for-when-choosing-your-financial-trading-platform","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/08\/18\/five-things-to-look-for-when-choosing-your-financial-trading-platform\/","title":{"rendered":"Five things to look for when choosing your financial trading platform"},"content":{"rendered":"

By Jonathan Dayan – <\/strong>Finding the right financial trading platform isn\u2019t simple. These days there are a lot of platforms on the market and they all seem to offer something different. Whether you\u2019re an experienced trader or you\u2019re just starting to explore financial trading for yourself it can be a time-consuming process to find the right trading platform. The quality of the platform you choose can have a huge impact upon your trading experience, which makes it worth your while to spend some time investigating the options which exist. In this article we\u2019ll examine a few key features to look for when you\u2019re trying to identify the platform that\u2019s right for you.<\/p>\n

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1. A user-friendly platform<\/strong><\/p>\n

Not all trading platforms are equal. A good trading platform will make your trading experience much more comfortable and rewarding. In fact, choosing a trading platform is not altogether unlike choosing a car. Because you\u2019re likely to spend many hours using both products you want something which will be reliable, enjoyable to use, safe and secure, fast and legal. Unfortunately an alarming proportion of all the trading platforms out there fall short across one or more of these key criteria.<\/p>\n

Your trading platform should be as user friendly as possible, simple, intuitive, visual and rewarding. Too many trading platforms make the process of trading complicated and frustrating with complicated interfaces, compulsory downloads, slow loading times, outdated security protocols \u2013 the list is ongoing. Look for a trading platform which is widely used \u2013 there are few better stamps of approval than the trading community itself.<\/p>\n

3. A free practice account<\/strong><\/p>\n

Your path to success should always start with practice trading. Practice trading means a free demo account where you can get to grips with the trading platform which you\u2019ll be using without giving over your credit card \u2013 so beware of anyone offering a supposedly free account who immediately requests you hand over your card details. You should use your practice account to comprehensively test out the trading platform you\u2019ve selected, prior to depositing money. As a result, the one or two day practice trial periods which some brokers will offer you aren\u2019t sufficient for the purpose. Look for a broker who will offer you a trading period of between a week and a month. In addition, a very few brokers will offer you opportunities to earn rewards even from your practice account. You can use practice trading to develop the strategy which you\u2019ll be using when you start trading the markets for real, but remember that practice really does have its limits: the style which you adopt in practice trades will differ markedly from the way you trade when your money is on the line for real.<\/p>\n

3. Personal service<\/strong><\/p>\n

Personal service is extremely important when you\u2019re financial trading. Whether you need to urgently withdraw or deposit funds or there\u2019s a glitch in your system that you need remedied, fast, it\u2019s good to know that there\u2019s a specific someone at the other end of an email address or phone line who will handle your requirements personally. A lot of brokers say that they offer personal service but it is not always clear that their claims live up to the reality. Read the reviews and check the feedback of other traders you know rather than taking your broker on their word. In practice the majority of brokers will offer you a different service experience depending upon the service level they offer you. Brokers who offer Gold level and VIP level service will tend to extend the best service to those clients. Service is particularly important where withdrawals are concerned. Slow withdrawal times are one of the key complaints leveled against a lot of financial trading brokers so investigate this issue before you commit funds.<\/p>\n

4. An easy to follow training course<\/strong><\/p>\n

Sooner or later, you\u2019ll need to ramp up your trading knowledge to get serious as a trader. A simple, usable and preferably free e-learning course will help you progress as a trader and encounter new ways to analyze the financial markets. Many training courses are impossibly complex and seem to assume, and even require, an expert\u2019s level of knowledge even prior to embarking on the course which is pretty self-defeating. Look for brokers who offer well respected trading courses and for this purpose review the internet and check the feedback from people who\u2019ve used the products before. Don\u2019t expect miracles. Improving as a trader is an ongoing process and any product or broker that promises to transform you into George Soros overnight is probably not to be trusted. That said, you can get a lot out of a good trading guide \u2013 particularly if it\u2019s visual and does not require you to read through page after page on Elliot-Wave theory and stochastic oscillators.<\/p>\n

5. A community of traders<\/strong><\/p>\n

An active and open trading community offers an incredible range of trading opportunities to traders at all levels of experience, like the ability to see, follow and copy the trades of other experienced traders. It\u2019s an ideal opportunity for you to get ahead in your trading: fast. What makes community trading so exciting are the possibilities it offers for every trader to enrich their trading experience by cooperating with other traders to share hints and tips about the trading market. A large and active financial trading community can be the single most enriching feature offered by an individual trading platform. Because social trading communities enable you to interact directly with other traders, rather than going through brokers as an intermediary, they avoid the concern of possible conflict of interest which arises whenever a trader is in the position of relying directly upon their broker for accurate information about the market. The more dynamic a trading community is, the more opportunities it can potentially offer to a trader. To learn more about social trading communities visit the free to use eToro social trading<\/a> network OpenBook, the largest and most active financial trading community in the world.<\/p>\n

Article courtesy of<\/a><\/em> <\/a>eToro<\/a><\/em><\/span><\/strong><\/p>\n

Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don\u2019t trade with money you can\u2019t afford to lose.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Jonathan Dayan – Finding the right financial trading platform isn\u2019t simple. These days there are a lot of platforms on the market and they all seem to offer something different. Whether you\u2019re an experienced trader or you\u2019re just starting to explore financial trading for yourself it can be a time-consuming process to find the … <\/p>\n

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