Forex trading systems need to be at the pinnacle of technological advancement to provide users with true returns. A lot of traders will start to switch platforms often due to the new, latest and greatest feature lacking form their current platform.
Small features missing can make a huge difference to a trader who needs to react quickly to market trends.
What are most trading systems missing?
This is hard to answer because systems will often start developing similar tools to their competitors if there is a growing demand for them. But there are certain tools in general that are missing from some platforms that make them less desirable and popular than the competition.
1. Custom Watchlist
How is the USD doing against the NZD? How is the Yen doing against the Australian dollar? A custom watchlist will allow you to track currency pairs as you see fit. This allows for an at-a-glance view of all of the items on your watchlist so that you can trade at the opportune moment to boost your returns.
2. Mobile Trading
Believe it or not, there are some platforms that still don’t offer mobile trading. There are even some that allow you to log into your account and view stats, but when it comes to making a trade, you won’t be allowed to do it without being on your browser.
There are also some platforms that do allow mobile trading, but it’s quite limited.
Traders need to make sure their mobile operating system is supported, and the device they use the most is supported, too. If you use an iPad, make sure that it will work with the apps designed by the trading platform.
3. Price Alerts
Trading requires you to be a sleuth that watches prices of currency pairs at all times. And it can be very difficult to do all of the monitoring on your own. A quick drive to the grocery store can cause you to lose out on a big opportunity if a price falls quickly.
Price alerts are a must-have for serious traders that don’t want to be glued to the screen on a Friday night.
You’ll know when a currency pair has hit a specific level and be alerted to take action.
4. Open API Options
An Open API is very beneficial to all users. This may seem rather trivial to you right now, and you may not even know what an API consists of just yet. Open API allows developers to tap into the platform to use data and build on their application.
For example, maybe a platform has an Open API that a third-party has tapped into so that you can view your account, make instant trades, or use in a new, intuitive manner. You may even be able to view your account right in your browser through a plugin thanks to the platform offering Open API.
5. Multiple Trading Assets
If you make money through Forex, you’ll likely want to expand into other investment options. Before you know it, you have multiple accounts you’re trying to build wealth through.
The problem is that it’s not always the best option to have your money in so many different places and not be able to leverage it.
A trading system that offers the ability to trade in multiple trading assets offers the utmost in flexibility. You’ll be able to leverage your account to trade in commodities or indices to make even better trades when the market is just right.
6. Education Materials
Trading blindly is never a good idea. In fact, you need to trade based on some sort of system or strategy so that you know how to correct for market conditions and the unexpected. Far too many traders risk their trading capital because they don’t have a firm understanding of the markets.
A trading system will provide you with the foundation to make smart trading options.
Technical analysis and fundamental analysis will need to be learned as well as charting to really lower the risk of losing all of your capital on one trade. Try starting with demo accounts. This way, you can analyze currencies, track them and do it all without putting any money into the process just yet.
Nothing is more educational than practice, and even charting out potential trades and seeing which direction they would have gone will teach you a lot without causing you to lose money in the process.