Some would say a platform is a platform is a platform. What is a trading platform? The trading platform should help you to analyze the market so you can determine places to enter and exit trades into the market. Some trading platforms are divided into different modules. Other platforms combine all the modules into one location. All platforms should contain some basic items. For example: an area for some charts, some tools to customize your charts, an area to place trades, an area to manage open trades, an area to review your closed trades, and an area to manage multiple accounts.
If you stop to think about it, you would realize that if you don’t have a trading platform then it would be very difficult to trade online. There was a time when you had to pay for the trading platform and the data feed. This would run into hundreds of dollars a month. That was just to get started. You would have to pay that expense while you learned how to trade. Then after many months of losing or just breaking even you finally would be able to start paying for the trading platform and data feed.
Today you can still buy trading platforms and pay for data feeds but you do not have to. Most foreign currency brokers offer free trading platforms and data feeds.
Many brokers have more than one trading platform. This is because they added different trading platforms as the demands and needs of their clients changed. There are multiple trading platforms because technology has improved and made it easier to offer more to the end user.
Many traders take their forex trading platform for granted. If it were not for the trading platform then most of the retail market traders could not trade the foreign currency market.
We feel that the ability to use the trading platform with some skill greatly enhances a trader’s ability to be successful at trading. We find that if a trader does not know how to use the platform then they are always frustrated in their trading. They are worrying about what button to click on the platform to do what they need to do to trade well. If they slow down and learn how to use the trading platform then they can concentrate on their trading strategy.
Learn the trading platform first then learn a trading strategy second. This sequence in the education process will greatly accelerate the learning process and shorten the time to become successful.
Another advantage of the forex trading platform is that you can use a demo account to learn how to trade and in most cases it is free. There is no need to pay for these great tools.
Nice article. Thanks for sharing information about free trading platforms. Such platforms are very helpful to learn and practice Forex trading.
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