According to Statista’s insights on global OTC foreign exchange, the United Kingdom had the largest over-the-counter foreign exchange market in 2019, with an average daily turnover of $3.6 trillion (£2.74 trillion) from forex derivative trading. In fact, standard spot transactions only accounted for $1.1 trillion (£836 billion) of the total average daily turnover — positioning the UK as a thriving, advanced market for forex trading.

It’s natural, then, for experienced traders to use sophisticated forex software for their transactions. Most good forex brokers offer clients well-known, third-party platforms at no additional cost, which can help serious traders earn more money. While most of these tools are excellent, they tend to have similar features that make it difficult to find the best platform. At the most basic level, however, here are three key aspects of software to keep an eye out for:

Timely and accurate forex quotes

As prices fluctuate in a matter of seconds, having timely information is crucial in navigating the forex market. Trading software should provide accurate data for all currency pairs you wish to trade, down to the second. This helps you avoid the risk of requotes, initiate trades at the right time, and monitor your numbers adequately. You also want a platform that executes deals quickly, providing a reliable entry to all types of orders you may need.

cTrader is really good for this, because it incorporates all popular order types such as buy at market price orders, sell at market price orders, place buy or sell limit orders, place stop orders, buy stop limit orders, and sell stop limit orders. And given the recent partnership between Pepperstone and TradingView, you may expect a TradingView social charting integration for cTrader as well, although this is currently available in Australia only.

Key analytics features

The platform you choose should have a full set of fundamental and technical analysis tools, including charts, indicators, a news feed, economic data release calendar, and more — which should be updated on a real-time basis. Case in point, MetaTrader 4 (MT4) made FXCM’s list of top trading software for a reason. The MT4 offers interactive charts, multiple order types, and advanced analytics, making it one of the most popular forex platforms around.

Aside from the 30 built-in indicators, the MT4 also has more than 2000 free custom indicators and 700 available for purchase. These indicators provide traders a chance to study trend currents, and improve on their strategy. As a bonus, the platform should allow for data printout and summarisation for printing; a comprehensive breakdown of past transactions would help traders spot any flaws in their methodology and improve.

User-friendly and customisable approach

A trading platform should let you be hands-on with your account, so you can establish your position as the market moves. It would be good to find a software with functions you can customise. Moreover, any software you use should be easy to use and adjust depending on your preferences, especially if the platform accommodates several markets at the same time. NinjaTrader is a good example of this. Even the free version is highly-intuitive, offering plenty of advanced trading features and allowing traders to use several data sources on the platform.

With NinjaTrader’s recent acquisition of Tradovate Holdings, it’s likely they will further transform their product for accessibility; Tradovate Holdings is known for pioneering a cloud-based trading infrastructure for futures. Other things to look for in a user-friendly platform are minimal system downtime, 24/7 tech support, and strong data security.

For more tips on forex trading, it helps to seek out fellow traders. In our article on Top Ten Forex Forums, we recommended message boards and forums like Forex Factory and Babypips Forum, where you can exchange valuable information with other traders — so do check that out today.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

If you want to become an aspiring Forex trader, it is increasingly important that you start learning and using the various digital trading tools which have been designed and created to aid you in trading efficiently and more precisely. Let’s consider hte top digital trading resources. These tools help you to minimize a plethora of risks associated with Forex trading, that is if you make bad decisions and calls. Online trading resources will significantly aid you in keeping track of your trading portfolios along with your stock trades and give you valuable forecasts which you can use to your advantage.

Mentioned below are some of the best digital trading resources you can use to master Forex trading:

Trademiner

Trademiner was designed to locate different trade trends in the stock market. The fluctuations in the stock market happen in cycles. With Trademiner, you have the advantage of predicting when another cycle is going to hit and to determine whether you will make a loss or a gain. So, Trademiner is an excellent tool you should consider adding to your arsenal.

Market Club

This powerful tool is a subscription service which provides users complete access to various stock market charting platforms, gives them newest trend evaluations and effective scanning services. Using Market Club, you will be able to conveniently identify different changes and trends in the stock market and monitor stock prices over short and long stretches of time.

E*Trade

E*Trade is an investment website which provides useful insights pertaining to the stock market. Plus, it also provides users a number of trade analysis resources and reports which can help you in making the best possible decisions. Using E*Trade, you can monitor and analyze Forex market trends and also review your own portfolio’s trading history.

Scottrade

Scottrade was designed to give investment advice to traders along with equipping them with optimized stock analysis tools, different trading platforms and a number of other features to help them make better trading decisions. The Quota and Research options are excellent for predicting future market trends or analyze one off stock prices. Via Scottrade, you can supervise your entire portfolio quite conveniently.

TD Ameritrade’s Thinkorswim

TD Ameritrade provides its state of the art Thinkorswim which was designed to provide traders accurate analysis pertaining to stock trends along with increasing their knowledge base in investing. You can think of it as an educational trading resource and a trading tool. You can use Thinkorswim to forecast cycles and locate them in the market and seek prices which best suit you.

FxPro Library

FxPro Library is an important trading tool created for stock traders who want to enjoy all the benefits of automatic stock trading, but lack the experience necessary to create their own EAs. FxPro has created a library of back tested EAs which were pre-built and created to increase your trading abilities and performance in the market. According to the research, it has been revealed that trading using proper EAs is far more effective than both manual and enhancing trading.

FxPro Quant

The FxPro Quant employs the use of cutting edge technology and is a powerful trading tool. The FxPro Quant enables traders to create and establish their own Expert Advisors (EAs) by simply using simple drag and drop options. You don’t need to have any sort of programming knowledge or experience at all.

FxPro Vault

FxPro Vault is a quick and efficient way to finance live trading accounts and is a one of a kind application in the Forex industry. The FxPro Vault is a powerful risk management resource which enables traders to transfer all the funds they are willing to risk to their Forex account, keeping the rest of the funds safe in the FxPro Vault to be used in the future.

FxPro Dashboard

The FxPro Dashboard is an important trade resource which allows traders to analyze the stock market and other trading activity. This trading tool will also enable you to analyze the Forex Market, including currency movers and client positions.

AutoChartist

>AutoChartist is an accurate charting and technical analysis tools in the Forex market. AutoChartist can also be used through FxPro’s MetaTrader 4 platform and also provides traders valuable information regarding lucrative trades through real-time Chart Patterns, Fibonacci Patterns, Key Levels and Market Alerts.

Trading Central

Trading Central is also a good trading resource designed to provide traders with specialized technical analysis pertaining to Forex trends. Trading Central is regarded as the best research tool available for traders who require detailed financial market reports.

So, these are some of the most important trading tools you can get your hands on and you should because it has allowed so many inexperienced traders to trade in the big leagues. They are a great help indeed.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Traders are normal people too, you know and they use mobile trading technology. And like normal people they too can’t sit in front of their laptops and computers, staring at the screen non-stop. They have to do other things too which requires leaving their terminals and sometimes their office. However, nothing is more unpredictable and uncertain than the Forex currency market and who knows, just after you leave, there is a sudden increase in the value of a currency, which could have been favourable for you. But you weren’t there to do anything. Tough luck, isn’t it?

However, there is a way around this. As a matter of fact, you already to know what it is and you use it every day to do most of your stuff. Yes…you have guessed it: using a smartphone. Thanks to some brilliant applications, you can now trade fairly easily and effectively using your phone.

Vast developments and improvements in cellular technology have made so many things that were considered impossible possible. For example, in just a few clicks and taps, you can view your account, initiate trading and simultaneously monitor your account. You can evaluate and follow your trading region from anywhere in the world without having to worry about anything. Thanks to technology, traders have now broadened their horizons with respect to the various methods they use to carry out business in an environment which is constantly evolving.

Information at Your Fingertips

The use of smartphones and tablets has become imperative for everyday Forex trading. You see, trading software used a decade or so ago was slow but now faster applications have replaced the slower ones. Moreover, a majority of these applications have been designed to mimic desktop versions. And thus, the demand for these applications grew exponentially because there is nothing more traders can ask for than trading using application which allow them to trade when they want and where they want.

The power of having the right information at the time you need it most is an exceptional feeling. It gives traders a sense of control they can enjoy over the currencies. Plus, this quick and easy access to information also allows them, or rather empowers, them to use any given or presented opportunity to the maximum. After all, the nature of the Forex market is to flourish on volatility and how else can you benefit from this fluctuating volatility than carrying around a smartphone or tablet anywhere and everywhere you go.

With applications designed to give traders a sense or real time Forex pricing, traders can now track their position in the market and simultaneously place orders. And because of this flexibility in technology, people now check their accounts and analyze the Forex markets while on their way to work on the train. On the other hand, with the increased benefits of using mobile technology in Forex trading, one also cannot look the other way when it comes to the risks associated with it.

For example, traders who rely heavily on the use of smartphone technology to track and analyze markets need to subscribe to reliable data package, which can be quite expensive. And because the initiation of trading orders can differ tremendously as the entire traffic has to be directed through the ISP, the network the trader relies on can be overloaded.

According to Michael Greenberg, who works for Forex Magazine, there will be a tremendous increase in the use of smartphones and tablets in trading this year and the next and this demand will ceaselessly rise as more advanced applications are launched in the near future. He also says the next best thing is the ‘mobile-first broker’.

Think about it. Amazon sells Kindles at a lower price so more people buy from their online store. A mobile-first broker will do the same, but in this case, it will be creating and promoting a trading experience which they will sell directly to the first mobile user who trades using a standard desktop trading platform. Another example of how mobile technology is rapidly changing the landscape of Forex trading is the StreamLink application by Caplin Systems, this application allows traders to create their own mobile trading application on a number of different trading platforms.

Forex.com, Saxo Bank along with IG Market released statistics indicating there has been a substantial increase in the use of mobile phone technology for trading. And according to the same reports, there were many brokers who said that 20% of their clients depend on mobile technology to trade daily.

The nature of trading has changed so much that you can now trade even if your 30000 feet in the air, travelling to your favourite destination for a quick summer getaway. And things are just going to get easier. There is no shred of doubt that mobile technology has indeed made an everlasting mark on Forex trading and has proved to be a game changer.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.