forex trading platforms
forex trading platforms
Forex platforms are programs that allow us to operate in the forex market, that is, they allow us to receive information and place various types of orders. The fundamental information that they allow us to receive is the price of the various currency crosses and their evolution over time.
But they can also give us other information, such as:
- forex market news
- opinion and technical and fundamental analysis
- opinions of other investors
- etc.
With regard to orders, the simplest order is to buy or sell at market price, but also, a forex platform can allow us to place other types of orders.
Orders
- purchase and sale at market price
- purchase and sale at a certain price
- stop loss
- etc.
In addition, usually, forex platforms generally allow us to perform technical analysis through the ability to graph indicators, draw figures and add personal notes. The most advanced platforms allow us to create our own indicators, perform backtesting and develop automatic trading systems. There are also forex platforms that offer the possibility of subscribing to a signal service.
While many forex brokers offer a platform that allows us to only operate with them (proprietary platforms), there are platforms that are used to operate with several brokers, such as Metatrader.
With respect to software, some platforms are based on internet, use java or flash, so we only need a browser (such as Firefox or Internet Explorer) to operate through these, while other platforms require a program that is independent of the browser. The first are generally proprietary platforms and have the advantage that they can be used from different computers without the need to install the platform in each of them. The platforms that are installed in our operating system can be proprietary or not. The latter usually offer more personalization options and greater speed to perform technical analysis. It can be said that the platforms that operate in a browser are usually designed for beginner traders, while the more advanced traders tend to prefer the platforms that are installed in the operating system and generally offer more options.
Many brokers offer several versions of their platform, for example, an installable one in the operating system that is the one that will give us the greatest convenience, one that can be used in the browsers of other computers, and another that can be used from a mobile phone in moments in that we do not have access to a PC.
Because you will spend hours in front of a platform and will depend on it for your operations, the choice of a platform will be paramount to your success or failure in the forex market. You should feel comfortable with the platform and know it well before starting to operate. You can evaluate different platforms before opening an account with a broker since they usually offer "demo" accounts to evaluate their platforms. You must pay attention to the reliability of it. You should also keep in mind if the platform offers everything you demand to operate in the forex market: Does it allow backtesting? Does it allow to elaborate personalized strategies? If you do not use these tools, either because you do not have the time or because you do not have the knowledge to apply them, this will not be an inconvenience, but if for example, you want to create an automatic trading system, many platforms will not serve you for this. But not everything is the platform: when choosing a broker, you should not only look at your platform or platforms that allow us to use but in other very important aspects, such as spreads, attention, bonuses, reliability, etc.
Here we present some platforms and their subjective and personal evaluations.
MetaTrader
It is one of the most popular proprietary platforms. It has a track record in the forex market and is very flexible, since it allows creating or applying, through a programming language similar to C ++, strategies, scripts, indicators and personalized alerts. It also allows operating automatically according to personalized strategies.
Metatrader not only allows to operate in forex but also in the markets of shares, options, futures, etc.
One of the advantages offered by Metatrader is the huge number of brokers that allow operating with this platform.
- Eforex
- Alpari
- Forex.com
- FXCM
- GCI Financial
and many more.
TradeStation:
It is not as popular as MetaTrader but also offers huge possibilities for customization and development of customized strategies. Some say it offers more possibilities than MetaTrader. Tradestation is not free, unless your broker offers it to you.
Some brokers that allow us to operate with Tradestation are:
- DBFX (Deutsche Bank)
- TradeStation Securities
- etc.
NinjaTrader:
It is also a very complete software. Its first versions were very difficult for operators to use, but the latest versions have been well received.
Some brokers that allow us to operate with Ninjatrader are:
- forex.com
- PFGBEST
- TD AMERITRADE
- Interactive brokers
- MB Trading (MBT)
- etc.
ICTS
It is not as well known as the previous ones-
http://www.actforex.com/
-GCI Financial
Web Platforms:
- FXCM
- OANDA
- Easy-Forex
- ACM
- Forex.com
- iFOREX
- GCI Financial
- Xforex
- Finexo
- UFXBank
- AvaFx
- and many more.
Forex platforms are programs that allow us to operate in the forex market, that is, they allow us to receive information and place various types of orders. The fundamental information that they allow us to receive is the price of the various currency crosses and their evolution over time.
But they can also give us other information, such as:
- forex market news
- opinion and technical and fundamental analysis
- opinions of other investors
- etc.
With regard to orders, the simplest order is to buy or sell at market price, but also, a forex platform can allow us to place other types of orders.
Orders
- purchase and sale at market price
- purchase and sale at a certain price
- stop loss
- etc.
In addition, usually, forex platforms generally allow us to perform technical analysis through the ability to graph indicators, draw figures and add personal notes. The most advanced platforms allow us to create our own indicators, perform backtesting and develop automatic trading systems. There are also forex platforms that offer the possibility of subscribing to a signal service.
While many forex brokers offer a platform that allows us to only operate with them (proprietary platforms), there are platforms that are used to operate with several brokers, such as Metatrader.
With respect to software, some platforms are based on internet, use java or flash, so we only need a browser (such as Firefox or Internet Explorer) to operate through these, while other platforms require a program that is independent of the browser. The first are generally proprietary platforms and have the advantage that they can be used from different computers without the need to install the platform in each of them. The platforms that are installed in our operating system can be proprietary or not. The latter usually offer more personalization options and greater speed to perform technical analysis. It can be said that the platforms that operate in a browser are usually designed for beginner traders, while the more advanced traders tend to prefer the platforms that are installed in the operating system and generally offer more options.
Many brokers offer several versions of their platform, for example, an installable one in the operating system that is the one that will give us the greatest convenience, one that can be used in the browsers of other computers, and another that can be used from a mobile phone in moments in that we do not have access to a PC.
Because you will spend hours in front of a platform and will depend on it for your operations, the choice of a platform will be paramount to your success or failure in the forex market. You should feel comfortable with the platform and know it well before starting to operate. You can evaluate different platforms before opening an account with a broker since they usually offer "demo" accounts to evaluate their platforms. You must pay attention to the reliability of it. You should also keep in mind if the platform offers everything you demand to operate in the forex market: Does it allow backtesting? Does it allow to elaborate personalized strategies? If you do not use these tools, either because you do not have the time or because you do not have the knowledge to apply them, this will not be an inconvenience, but if for example, you want to create an automatic trading system, many platforms will not serve you for this. But not everything is the platform: when choosing a broker, you should not only look at your platform or platforms that allow us to use but in other very important aspects, such as spreads, attention, bonuses, reliability, etc.
Here we present some platforms and their subjective and personal evaluations.
MetaTrader
It is one of the most popular proprietary platforms. It has a track record in the forex market and is very flexible, since it allows creating or applying, through a programming language similar to C ++, strategies, scripts, indicators and personalized alerts. It also allows operating automatically according to personalized strategies.
Metatrader not only allows to operate in forex but also in the markets of shares, options, futures, etc.
One of the advantages offered by Metatrader is the huge number of brokers that allow operating with this platform.
- Eforex
- Alpari
- Forex.com
- FXCM
- GCI Financial
and many more.
TradeStation:
It is not as popular as MetaTrader but also offers huge possibilities for customization and development of customized strategies. Some say it offers more possibilities than MetaTrader. Tradestation is not free, unless your broker offers it to you.
Some brokers that allow us to operate with Tradestation are:
- DBFX (Deutsche Bank)
- TradeStation Securities
- etc.
NinjaTrader:
It is also a very complete software. Its first versions were very difficult for operators to use, but the latest versions have been well received.
Some brokers that allow us to operate with Ninjatrader are:
- forex.com
- PFGBEST
- TD AMERITRADE
- Interactive brokers
- MB Trading (MBT)
- etc.
ICTS
It is not as well known as the previous ones-
http://www.actforex.com/
-GCI Financial
Web Platforms:
- FXCM
- OANDA
- Easy-Forex
- ACM
- Forex.com
- iFOREX
- GCI Financial
- Xforex
- Finexo
- UFXBank
- AvaFx
- and many more.
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