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Harold Hsu is the owner of ForexSystemProfits.com where he provides premium Forex trading tips and resources.
Online trading software have flooded the World Wide Web with offers from numerous banks and brokerages all around the world. It is not unusual to see advertising banners and attractive websites selling the services of certain trading platforms these days.
But with the increasing popularity of online trading, and as more and more Forex trading software are being introduced to the market, the quality of these software have become questionable.
Here are the 3 minimum requirements that all good trading platforms should have.
Requirement #1: Accurate Price Feeds
Not many traders know this, but the data feeds that show the fluctuating ‘live’ prices on their trading platforms are not always precise. I’ve often experienced huge price spikes of up to 600 pips in one hour! This was obviously an error, but some beginner traders may have taken it to be the real thing.
As traders, we rely on our charts to make good trading decisions. How can we make good money if our trading charts show the trading prices that were never actually traded? This would not be an uncommon occurrence especially if you are using a demo trading account.
So always check to make sure that the platform you are using has access accurate price feeds. Your trading success depends on it.
Requirement #2: Graphical Representation Of Profit Targets And Stops
Since we rely on the graphical representation of historical price movements when we trade, it makes sense that we should also be able to see where our profit targets and stops are, graphically on the trading chart.
This helps you to better estimate a better profit target with higher probability of being hit. For example, you may want to place you profit target near to the recent swing high or swing low, which can only be seen on the graphical trading chart.
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