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How to Choose Your Trading Platform

To the inexperienced and the uninitiated, the complex mechanisms of the foreign exchange can seem almost indecipherable. It’s easy to believe that the markets move according to the whims of fate, as opposed to being driven by a thousand external real-world factors, but the latter is indeed true.

This absence of luck can feel daunting, because we all need a helping hand from time to time, but in fact, it’s a major boon for traders. The fact that it is skill rather than fortune that determines successes means that it’s entirely possible to tip the odds in your favour, and translate these into profits.

In order to do so, however, you’ll need the perfect platform to support you. If you don’t know where to begin, then here are a few important points to consider…

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#1: Tools

When it comes to unravelling the secrets of the foreign exchange markets, you need the right tools at hand to help you, and these can vary markedly from broker to broker. What suits one trader may not always complement the methods of another, so it’s important to work out what you require in order to succeed. Demoing accounts is one way to help you find your ideal fit, so don’t be afraid to try a number of different platforms before you settle on your final choice.

#2: MT4 and MT5

Forex platforms are categorised as either MT4 or MT5. Although the latter was released in 2010 as the successor of the former, both have remained in existence due to the continued popularity of the original. There are a number of significant differences between them, and although it’s impossible to say whether one is really superior to the other, everybody has their own preference. The best way to decide which of the two is best for you is to research both options, compare them alongside each other, and then choose the one you would be happier to use.

#3: Software Compatibility

Once you’ve settled on a broker and platform, you need to ensure that you have access to compatible software. Although you may want to upgrade your existing equipment, it’s best to look at what you’re using at the current time, so that you can get off to an immediate start. Most companies will provide a variety of software options to choose from, from mobile applications to the Mac platforms offered by brokers like AxiTrader, so simply pick whichever one will suit you the best.

Choose your forex platform with care, and there is nothing to stop you from taking the currency markets by storm.

 

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