How to Pick the Best FOREX Trading Platform for You?

Which integrated trading platform you select depends on many personal preferences and your individual want list. What features do you need, is obviously the first question. But do not be swayed simply by the feature set; other factors merit serious consideration. Stability has to be at the top of every trader's list. Beyond the requirements listed for full integration in Important FOREX Trading Platform Features, charts and annotation tools will be at the top of many lists.
Be sure the charts and tools for customizing and using them appeal to you, even if for subjective reasons. As a trader, you will be watching a lot of charts!

Much of the selection process is a subjective matter. Does it have enough brokers supporting it? Be sure one or more of the brokers in Selecting a FOREX Broker, actively support the platform of your choice. As in the case of brokers, I recommend you e-mail the trading platform vendor once or twice with any questions to get a line on the quality of support. Finally, do the brokers who use the platform support it wholeheartedly or is it just sort of there? Where vendor support is poor is a critical issue. Some vendors -- such as NinjaTrader -- support their platform directly; others -- like MetaTrader -- rely on the broker and forums to support the platform to the user.

Tip: Begin your due diligence with MetaTrader 4. If it is not to your liking or requirements, work next with NinjaTrader 7 or eSignal.
By Michael Duane Archer
Michael Duane Archer has been an active futures and FOREX trader for more than 35 years. He has worked in various advisory capacities, notably as a commodity trading advisor, registered SEC investment advisor, and branch manager for Heinold of Hawaii. He currently trades FOREX and futures and is involved in several technical analysis research projects.

Copyrighted 2016. Content published with author's permission.

Posted in ...