- Sep 21, 2021
The economies of many countries, including India, have been crippled by COVID-19. Tough lockdowns confine millions to their homes, cutting off their usual sources of income. Times like these highlight the value brought by remote trading tools. Not only can you make some extra cash from home. With the right platform, this activity can become your full-time job. But which software is best?
Discover five steps that will help you identify the best trading terminal. Making the right choice is crucial. With a flawed platform, profitable trading is impossible. You need a comprehensive system that will facilitate your every move. From market analysis to execution, all stages must go smoothly.
1. Think about your needs
What instruments are you going to trade? There are many opportunities beyond Forex. Currency traders should think ahead and consider versatile systems. Sooner or later, you may want to add stocks or derivatives to your portfolio. This is what every serious investor does.
Switching between systems may hinder your progress. Replacing MetaTrader 4 with MetaTrader 5 is relatively simple, as both platforms were designed by the same brand. In other cases, it is best to choose a multi-faceted system from the start.
Why do I need to add other instruments, you may ask. Of course, you may feel perfectly comfortable trading currencies. But wouldn’t you like to lower the risks? Diverse portfolios spread them over some assets and markets. This way, if one instrument underperforms, you can neutralize that loss with profits made elsewhere.
If you are on the move during the day, consider cross-platform terminals. These come in three forms: desktop software, an app, and a web-based terminal. Users can easily switch devices, as data is shared instantly.
2. Do not copy others
Someone else’s successful experience is not a reason to imitate their choice. Do not rely on a single recommendation. Request information from your brokerage, check user feedback in app stores, visit Forex review sites, etc. Make your decisions based on at least a few factors.
3. Test the interface
Popular trading systems have a demo mode which is free to use. Register a demo account through your broker, and test the capabilities of the platform. Is it easy to navigate? Is the interface understandable? All the basic functions should be immediately visible.
You may also download several systems and see how they compare. Naturally, there is a learning curve for every system. Still, if the terminal appalls you straight away, look for something better.
4. Core functionality and extra features
Beginners feel more comfortable using systems with basic functionality. Make sure the platform suits your style and needs at the moment. An overabundance of extra features may only impair your analysis. For instance, many Forex traders begin with MT4 and switch to MT5 later. This is an easy move when you use the most flexible Forex platform from ForexTime.
Here is a tip to help you see whether the system is truly useful. How much of its functions will you use regularly? Anything under 80% means that it may be too sophisticated.
5. Stability of performance
Glitches and system crashes can disrupt your trades and cause losses. During the test drive, pay close attention to the responsiveness of the platform. Even the slightest delay may change the result of your work. If the broker advertises instant execution, it should really be instant.
Glitches may also be caused by the device you use. Trading terminals need sufficient memory to function normally. Freezing is a cause for concern, but it may be connected to some malfunctioning of the hardware.
In areas with unstable internet or frequent power outages, trading is a nightmare without a VPS. Trustworthy brokers like ForexTime can store a copy of your terminal on their cloud-based server. This way, if any interruptions happen, they will not affect your trades. Nothing should distract you from market analysis, so a VPS is always handy.
As a rule, brokers recommend their clients work through a particular trading terminal. Reputable companies provide comprehensive support and guidance at every step of the way. If the quality of service raises doubts, try another provider.
6. Quality of support
The customer service team must be knowledgeable about the system they recommend, and handle queries promptly. It is also a good sign when you can reach them through different channels – e.g., email, Live Chat, and phone.
Choosing the Best Trading Software
This is one of the most important choices for a trader. You may find a legit broker, but what if their system looks like a maze? Your software should be easy to navigate, so you can focus on the trading process. Forex requires constant practice and laser-focused analysis. Choose a comfortable environment that really suits your personal needs.