This article will help you to choose the one online trading platform, which will meet your requirements the most. You are going to know, which criteria should you consider when looking for an appropriate platform.
5 steps to choose the right trading platform
1. Don’t imitate others. Don’t choose a platform only because it is recommended by others. Always choose a platform basing on your personal needs. Evaluate the information, talk to your broker, consider his/her experience, and pick the most suitable for you platform.
>See also: The top five rules for CFD trading
2. User-friendly interface. Find out if a chosen www.fxpro.co.uk/trading/platforms/mt4/desktop platform is comfortable enough to work with it daily. All features and functions must be easy and understandable for you.
For example, look at the platform and decide whether you like it at the first sight or not. If the answer is «No», then definitely check something else. Of course, in the future, you will have to learn the details of any platform to work with it professionally. But basic buttons and options should be understandable for you immediately after opening a board. Don’t forget to check the graphics too.
3. Basic functionalities and additional features. A platform should correspond to your trading situation at the moment. You don’t need to care about additional features, which you are not going to use for trading now.
If you are going to upgrade it in the future, you will be able to do it anytime. A sophisticated platform is a good choice for those traders, who use all the features of that platform in real time.
Otherwise, it will only complicate your trading experience. If you are not sure whether a chosen platform is too sophisticated or not, test how many functions you are going to use daily. The answer should be 80% at least.
For beginners, it is always better to start with something more simple to learn faster. Thus, you will show better progress in less time.
4. Stability of performance. Make sure that a platform corresponds to your software. You have to be sure that a performance of a platform will be stable and smooth. This is one of the most important things in trading.
5. Support. Your broker should be equipped to work with a platform which you are going to choose. Not only you but also the team should know the platform too. Now you’re ready to pick a new trading platform.
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