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Several traders use software for the purpose of trading in foreign exchange. This software is also known as forex trading platform. This software provides information like charts and quotes. The software also acts as an interface for inputting orders to be carried out by forex brokers.
Forex Trading platform can be locally based or web based. Local based platforms are installed in the trader’s computer and can be accessed with the help of systems like Windows, Mac and Linux. On the other hand web based platforms make use of Java language. Web based platforms offer the flexibility of use in any computer, which has Internet access. Whilst a number of trading platforms are available for free, those with greater functionality can be purchased for a price too.
Third-party forex trading software is another option available these days. Third part systems have an application program interface (API), which permits traders to incorporate third party or even proprietary software into the forex trading platform.
Key factors to be kept in mind while selecting your software are:
1) One of the important factors to consider is the price. The software should be inexpensive and should offer enough functionality. Ease of use and value for money spent is critical for the success of the software.
2) The software should be capable of showing technical trading details in the form of charts. These charts are indicators that can help you make profits.
3) The software should offer versions that work with various operating systems like windows, Linux and Unix.
4) The software should have the capability to give to a historical perspective of things.
5) Another extremely important factor for any good forex trading platform is the ability for Back testing of forex strategy. Any forex trading platform you decide on must allow back testing of strategies.
6) The platform should support interfacing with other third party application program interfaces.
Most forex brokers also provide free trial, which will help you test the various platforms before you begin actual trading. You can also ask for demo account, which works like the real account without any financial risk. With the help of demo account you will be in a position to test the software system / forex trading software before you begin actual trading.
