Trading the Forex market is one of the best ways to develop an additional source of income and ensure financial freedom for you and your family. As the most experienced traders will tell you; Comprehensive trader education and a good trading platform are the two main prerequisites for success in Forex trading.
Currently, there are several online Forex platforms available on the market. Some examples include the ubiquitous MetaTrader4 for retail traders, Currenex for high-frequency traders, and various proprietary broker platforms.
Each of these plans has its own advantages and disadvantages and are generally designed to target a particular type of trader (newbie, professional, technical trader, reseller, etc.).To know now more about the best forex traders in Kenya, you may check this link right here now.
Since this can be very confusing, especially for newbies, let's take a close look at some of the main features that go into creating an ideal trading platform.
1. Speed and reliability
The most crucial aspect of a good trading platform is its ability to consistently display accurate price information. Even a small delay in the displayed prices can lead to new quotes and losses. Similarly, a good platform should have minimal system downtime to allow for smooth and seamless business activity without major disruptions.
2. Market analysis
Most Forex traders use technical analysis to trade the Forex market. Therefore, it is imperative that a good platform has self-updating charts that allow the trader to analyze market data in multiple time frames (1H, 4H, Daily, Weekly, etc.). Also, the trading platform should have a large number of popular pre-set technical indicators (RSI, Bollinger Bands, ROC, moving averages, etc.) that are commonly used by traders.
Fundamentally, an ideal Forex platform should also have a reliable live news facility from a reputable news service that helps traders take advantage of economic events. Finally, a platform that offers one-click execution and also offers the ability to trade directly from a chart is a must for Forex traders using a scalping-based trading strategy.