Danny Sullivan
Deciding which forex trading platform to use is the first thing many traders need to do. Most forex brokers have their own trading platform, which means that this decision can play a key role in deciding which broker to use. While most forex trading platforms may look the same on the surface, they all have their differences and features. When choosing a trading platform for forex, there are three main factors to consider: ease of use, latency and compatibility. Since changing systems and brokers can have devastating consequences, you should take the time to do research before switching to your platform.
The ease of use of commercial software includes intuitive use and ease of setup
The trading system should be simple, direct and easy to use. You want your business strategy to determine how you use the IQ Options platform, and not vice versa. You will already have many factors against you and your money; your platform should not add to this. A good commercial platform can be modified, expanded and configured to adapt to the strategies of any operator. You never want to be limited by the capabilities of your software, otherwise you will find the right key combinations at a critical moment.
The delay is the time the system responds to your actions, and the amount of time the system informs you about the data. Delay can be a problem with the broker’s network, as well as with the IQ Options platform itself. In an extremely fast market, delay is particularly damaging. Scalpers can completely override their methods even with minor delays, so it is very important to check the latency of your broker and your trading platform. For those who are long-term positions, delay is not such a critical issue.
Compatibility
Compatibility is becoming increasingly important, but this not only means that the platform runs on a PC or Mac. Cross-compatibility also includes the ability to log into your trading platform on your phone or tablet, which can be extremely important. Since the forex market is open 24 hours a day, it’s impossible to get stuck on a computer screen all the time. Those who have business strategies that require constant administration will find that applications for phones and tablets are practically necessary. A quick, error-free and reliable mobile application for your commercial platform can radically change your commercial opportunities, especially for sellers who may not know where they will be when news arrives.
Although your strategy and discipline will eventually transform or destroy you as a trader, your commercial software will become your closest friend and colleague. Remember that the limitations of your trading platform are its limitations. You should study your system well and use it fully, especially with more complex forex strategies. Although the right platform does not guarantee success in the forex market, the wrong platform will almost certainly lead to failure.
