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Setting up the trading station |
Look for the following features:
- Ability to enter "Entry Orders" - and a place to view them openly (you don't want your entry orders hidden - since most entry orders are deleted before they are executed - as they should be. Entry orders allows the trader to reconsider their future trading position and gives them the ability to change their mind)
- Market order - don't go for "one-click" executions - unless you really know what you are doing - make sure it has atleast TWO steps - before you can place an order. Last thing you want to do is place multiple market orders because you were fiddling with your keyboard.
- Simple and Easy way to "close your trades" - again better go for a "confirmation" button before trades are closed - you'd also want a method which allows you to close "multiple trades" at the same time.
- Some brokers allow you to trade "both ways" - ie., sell AND buy the same currency pair at the same time - if your broker allows you to trade this way - do understand that you need to "close" your trades manually - not just do the opposite of your current trade. For example, if you are short on eur/usd - "buying" the same pair would NOT close your current trade - it will actually open a NEW position. so if you want to close your "short on eur/usd" - get acquainted with the "close" or "exit" button.
- A button that connects you to your brokers customer service chat room would be a good thing.
- A button or section that has the latest news and economic indicator releases - would be a good thing.
- Always look for a button that generates reports - its always good to track your weekly reports and analyse your strengths and weaknesses.
hope the above info helps you in choosing a good trading station - the best way to commit to a broker is signup for demo trading account - download their trading station and play around with it.
| Forex lessons in Opening a demo trading account |
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