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.