ForexNewsNow – A forex trading or dealing platform consists of a software package, website interface or even a mobile application that allows a forex trader to deal in the range of currency pairs offered by their online forex broker.
Furthermore, testing the trading platforms of a comprehensive forex brokers list consisting of online forex brokers that you are considering using is one of the main ways to perform a broker review in order to decide which of the many currency brokers you wish to open an account with.
Types of Forex Trading Platforms Available
Many foreign exchange brokers offer the use of their own proprietary forex dealing platforms to both their practice and live account holders that are either in the form of software than can be downloaded from the Internet or as a secure online interface. While those are common options, some currency brokers also support popular third party dealing platforms like MetaTrader4 and 5.
Many retail traders prefer to use the MetaTrader platforms that can be downloaded from the developer’s website at no charge since they can move between online forex brokers without having to learn how to operate a new trading platform.
Furthermore, MetaTrader is relatively sophisticated in terms of its dealing and market monitoring capabilities, as well as providing a customizable dealing environment that even allows traders who can program to implement their own algorithmic forex trading strategies.
In addition, much of the commercially available automated forex trading software packages — the so-called forex trading robots — have been written to operate within the MetaTrader environment.
Opening and Connecting an Account to a New Forex Trading Platform
Before operating on a forex dealing platform in a live trading environment, an aspiring currency trader will first need to set up an online trading account with the best forex broker they can find in order to begin actually trading the forex market. They should also have taken the time to learn about and test the broker’s dealing platform choices and to develop a sound and consistently profitable trading plan.
The next step to take will be to obtain access to the forex trading platform of their choice by downloading and installing it on their computer or mobile device or by obtaining access to it online.
They will then need to connect the platform properly to their online trading account held with their chosen online forex broker. Fortunately, most reputable currency brokers provide customer service staff that can assist new forex trading clients in getting their accounts connected to their chosen dealing platform and in correctly entering their first trades.
Starting to Trade on a New Forex Dealing Platform
Traders new to a particular dealing platform will first want to review and practice how to enter and close out trades, as well as how to enter each of the order types that they are interested in using as they trade. Depending on one’s locale and choice of online forex broker, the most common forex order types might include: limit, stop, entry, trailing stop and one cancels the other or OCO orders.
You can usually find out how to use a dealing platform by contacting your online forex broker’s customer service department and by reviewing the manual for the dealing platform software.
Once you have done that, perhaps the best way to practice trading using a new forex dealing platform is to use a demo account first, if possible. You can also practice by using your new live account and dealing platform to enter very small forex trades that will not cause much damage to your online trading account if they go against you while you figure out how to close them out.