Digital technology
is gradually taking over all spheres of our lives. That is why trading in the
financial market moved from stuffy offices to the Internet. Anyone can get
access to securities and other traded assets through a trading platform. In
fact, it acts as a broker allowing you to work with currencies, buy and sell
them, as well as set up a stop-loss and take profit.
Upgraded trading terminals have built-in
functions for technical analysis, which is very important for making the right
decision about entering or exiting a trade.
Experts claim
that the advent of digital trading supplemented with trading terminals has
popularized one of the most respectable jobs, and now everyone can become a
Forex trader. All you need is money, access to the Internet, and free time.
Depending
on the way a trading terminal works, there are two types of software:
The web version is very easy to use because it does not limit the users
to a specific device, and they can enter the financial market from anywhere in
the world. However, the option has its drawbacks. A trading terminal running on
a broker's server cannot provide the speed required by intraday traders, let
alone meet the needs of scalpers.
In terms of
the device on which the trading terminal operates, the software can be divided
into two different types:
Most desktop trading terminals have a strategy
tester. With its help, you can check how successful any built-in algorithm is in
the market.
Mobile
applications do not always offer a large variety of available options, but
there is an advantage in using them: traders can constantly keep their finger
on the pulse, assessing the state of the market and detecting trends. In
addition, mobile versions of terminals will always have the minimum required
set of features:
It is more
common for professional traders to use desktop versions of trading terminals. However,
they monitor the situation using mobile alternatives during the day.
When
choosing a trading terminal that will give you access to the financial market,
it is important to pay attention to the usability of the user interface. This
is especially important for novice traders who do not fully understand the
specifics of entering and exiting a trade. It is advised to choose detailed and
customizable interfaces with a wide range of features, including the option of connecting
an additional desktop.
It is
equally important that the software allows traders to manage risk management
parameters. This will not only allow you to trade more efficiently in the
financial market but will also help to deal with your emotions as those very often
lead to rash actions.
The most
important parameter of a trading terminal is its performance. It must remain
stable at all costs, even if you make hundreds of trades a day or there is a
strong market movement.
When important economic news is released, the
number of orders on the servers increases hundreds of times. If the program is
not optimized enough, it can freeze at the most important moment and traders will
lose the opportunity to earn at best or their money at worst.
As we can
see, there are many parameters that you should pay attention to when choosing a
trading terminal. Taking brokers' word is reckless, while testing software
using real money can very well lead to losses. Therefore, it is better to
choose brokers that provide free trial access to their terminal to assess its
capabilities.