Understanding Forex Trading Software and Forex Trading Platforms

[RusefTrader]

Online Forex brokers give clients access to information about market prices and the ability to make trades via their forex trading software offerings. Online Forex trading is fairly well established so there is general agreement amongst brokers about what kind of software is optimum for these purposes. The major division of the software is between client based and web based examples.

Of course, a primary need is for real-time, second-by-second access to market information. Forex trading is very fast paced and there is no room for a lag in delivery of information so that trading decisions can be properly made. Despite the claims of all Forex dealers that their particular software will perform speedily there are many things that can delay the receiving of data.

Having a newer computer, with adequate power and speed, is one critical consideration. Another is to have an Internet connection that is high speed so you can take advantage of all that your broker's software can offer you. Since distance from the broker's servers is another important point it is wise to have a broker in the same general area as you are. Having a broker half-way around the globe may cause you critical delays during times of rapid trading. This, of course, may be less of an issue as trading technologies advance.

A Choice: Client Based or Web Based?

Client based software offerings are those where critical portions of the software resides on your own computer. Web based packages run over the Internet and you can access your account on your broker's website from any computer with a web connection. Is one preferable? The trend is toward web based packages because these are much more convenient and reliable. If your computer is down for any reason you can still conduct business through a another computer. With client based software you would be restricted to the one computer.

Because the web-based software resides on the broker's system there is much greater security. The broker can secure the data by high-strength encryption so transmissions are always protected. A single trader's computer, on the other hand, is much more vulnerable to hackers, viruses, and other such security breaches.

The most basic features of a Forex trading software package is allowing a trader access for buying a selling and seeing real-time price information. So, of course, all packages should offer this ability. The trader can see up to the minute quotes for those currency pairs most often traded and can manage their accounts, either buying or selling by price or using stops and limits to enter and exit the market. Charting functions integrated right into the software are also very desirable.

Most brokers will offer a basic software package for free but there are higher-level, more capable programs also offered for a monthly fee. These more capable programs give you access to a large range of analytical functions and allow you to trade directly from the chart withing the Forex trading platform.

Since the heart of these systems are the data servers, Forex brokers' servers must be secure, with all transactions processed correctly and all data integrity maintained. Since every computer system can be crippled by events outside of the control of individuals there should be separate backup servers in different locations. This means that a natural disaster, or even a simple loss of power supply, does not cripple the operation. Data backups at regular intervals will also go a long way toward assuring that client data is preserved in an accurate state no matter what.

[Norm O'Neill]

We should try to use stuff that we are comfortable with. I am trading with OctaFX broker and under them; I use their cTrader platform which is amazing. It is advance and have all the latest technology which really helps and enhance my chances as per profit making is concern. I can make good profits due to that and never have to worry about slippage, re quote or any such issue which always keep me entirely comfortable as well with working.

[radex78]

If making comparison speed of server broker indeed can different between one broker to another, because might quality server and also distance of server with computer client, might this is also required more time to retrieved data because long distance

[Latham Lapard]

Yes such infrastructure can affect our trading performance especially during when we need it most, say during time of high volatility. Fortunately I am with FreshForex broker who is a true ECN broker and the trade gets executed at lightning speed in a fraction of second with no usual drawbacks like slippages or quoting price error! Then again there are low spreads/commissions and supporting market analytics to trade effectively with good customer.

[Sininfinity]

We should try to use stuff that we are comfortable with. I am trading with broker and under them; I use their cTrader platform which is amazing. It is advance and have all the latest technology which really helps and enhance my chances as per profit making is concern. I can make good profits due to that and never have to worry about slippage, re quote or any such issue which always keep me entirely comfortable as well with working.

 

I have never fully used cTrader. But can you tell me more about slippage on this platform? During volatile time (e.g. news time) how do they handle quotes? If there is no price at certain level then what happens to that trade? Does it open or gets cancelled?

[Anne Morris]

I have never fully used cTrader. But can you tell me more about slippage on this platform? During volatile time (e.g. news time) how do they handle quotes? If there is no price at certain level then what happens to that trade? Does it open or gets cancelled?

 

I am also using cTrader platform under OctaFX, so I guess I can help you out. It will be incorrect if anyone tells you there can no slippage because slippage is natural thing and it is not something you can stop. However, it is on certain situations, if you are regularly facing slippage than broker is not right. As per OctaFX and cTrader platform, I believe there is very little slippage to note especially on major events while re quotes are zero, so for scalpers and news traders this is ideal platform.

[Sininfinity]

I am also using cTrader platform under, so I guess I can help you out. It will be incorrect if anyone tells you there can no slippage because slippage is natural thing and it is not something you can stop. However, it is on certain situations, if you are regularly facing slippage than broker is not right. As per and cTrader platform, I believe there is very little slippage to note especially on major events while re quotes are zero, so for scalpers and news traders this is ideal platform.

 

Thanks for the information. I have one more question regarding cTrader. On MT4 price charts we can drag prices to modify pending orders and SL/TP levels directly from charts. Can this also be done on cTrader?

[radex78]

I am not use cTrader but still using mt4 so far, although I am hear if metaquotes will stop to development for mt4 and will focus on mt5 development, as long as still can using mt4 hence I will stick using this platform, although there are another platform like as ninjatrader but never use these platform

[aliforex]

I am not use cTrader but still using mt4 so far, although I am hear if metaquotes will stop to development for mt4 and will focus on mt5 development, as long as still can using mt4 hence I will stick using this platform, although there are another platform like as ninjatrader but never use these platform

For the use of trading platform, we can understand all the pasilitas that is in it, whether it can understand well and facilitate us in managing it, because all platforms have advantages and disadvantages, and we should be able to understand it as well as possible

[stevenchin]

Traders can have a simulated experience of trading sharply in the CFD market by gaining access to a demonstration account with FXB Trading. This experience for them is just as they would expect in a real live market situation. The website also offers security and protects the accounts of its clients.