Recent financial news has revealed that the deepening crisis in the Euro zone means that the dollar is becoming flavor of the month once more and the appetite for risk has all but been quelled.
All of this goes to show the volatility of the currency climate and as a result, the concept of trading currency is becoming a very attractive proposition for those looking to make some extra cash in these less than ideal times. The trouble is that it is sometimes difficult to know which broker and trading platform to choose, especially if you are new to share trading.
If you take a look at the sheer amount of different share dealing platforms available just at this one broker then you’ll empathise with the challenges that new traders face. Just which platform do you start trading with?
Common sense instantly says – “register the demo trading account!” Stocks and shares can be a risky game – but if you have the cahunas and ambition to trade Pro then you’ll be wanting to dive into the deep end fast! With this in mind, here are some great tips to help you choose from the varying degrees of platforms available – wet your whistle!
Real Time Quotes
The onset of the internet means that traders can play the online markets 24 hours per day as there is always a market open somewhere in the world at any time of the day. With this in mind, it’s really important to have access to real time quotes that gives traders access to vital on the spot information so that they can make an informed trading decision. As the market moves so quickly, information that’s five minutes too late is no good to anyone, so always make sure that the information given is done in real time.
Ease of Usage
Many trading platforms can be complex to use and this makes trading hard work. Even experienced traders prefer to operate with simple trading platforms as they can then concentrate their focus on pinpointing the right trades and not worrying about what the platform is going to do. When it comes to beginners, try to choose a platform that takes hours to learn rather than days. Some of the better and most respected trading platforms will have online courses on how to use and get the best out of their system.
Costs and Fees
It is fair to say that different trading platforms have different costs and fees, so you will need to find a platform that offers account services, resources, and indeed trading costs at a price to suit you. It may be that the cheapest isn’t always the best option as the platform might lack certain elements that are going to help you become a better trader. Instead, you might want to look at reviews online, visit forums or simply ask around for advice on the best one to choose. By gathering all the information necessary and comparing elements, you can make an informed choice.
There are times that you may need help and advice when looking to get the best out of the system and as such it would be prudent to find a trading platform with a support network in place. It could be that the platform isn’t executing currency trades correctly in which case help should be at hand. As any of the best personal finance books will tell you – this is vital.
Getting the right trading platform is the key to your success as a trader and with the volatility of the current markets a trader needs to focus on the trade itself rather than the functionalities of the platform upon which they do their business.
Andrea Parker is a reporter for Zobuz. She previously worked at Huffington Post and Vanity Fair. Andrea is based in NYC and covers issues affecting her city. In addition to her severe coffee addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.