Trading platforms

[GengstaTrejder]

Which broker in your opinion has the best trading platform?
I'd say virtual trader from cms is pretty nice, still I don't know if I'll choose them as my broker(I'm still trading demo, should start trading for real in about 2 months).

 

[Charlton]

Compare platforms using a list of criteria

Which broker in your opinion has the best trading platform?
I'd say virtual trader from cms is pretty nice, still I don't know if I'll choose them as my broker(I'm still trading demo, should start trading for real in about 2 months).

Gengsta
No matter how good the trading platform is it will not turn a bad broker into a good one. So it is necessary, first, that the broker satisfies your criteria on other fronts, such as:
- spreads, commissions and fees
- support and service levels
- order types
- currency pairs
- guaranteed stops
- ease of transfer of funds
etc

There are many traders who do not use the trading platforms provided by the brokers, but prefer to using APIs to/from their favourite charting and analysis software, many of which now allow you to place/monitor trades.

Having said that I agree that VT Trader looks fine. Others that appear to do the job are GFTForex, whose platform is Dealbook@FX2. In Europe this is provided by WHSInvest as WHS Forex Station. This has a very similar platform to CMS.

There is FXCM's Trading station, but for me it seems more "clunky" - charting doesn't seem so good

There is Oanda's FX Trade, which again seems to be a bit more "clunky".

On the whole the trading platforms are fairly similar and I think you need to provide yourself with a checklist of items you are looking for. Create a list of scenarios you might want to trade e.g. limit order at x with stop loss at y. Then try entering each of these scenarios through each demo platform - determine how easy and quick each is and how comfortable do you feel. Try looking at the list of trades and account balance after each trade to see how easy it is to follow what you have done and to determine the P&L. Try trading from both the chart and using the order entry screens. Try to set up your normal strategies and alerts ? See how easy it is to close positions including close all in an emergency. How easy is it to save templates, charts and to print them ? Update your list of criteria as you see what each platform is capable of.

Keep your analysis and reasons in case you want to revisit it in 6 month's time to see if things have changed.

Eventually you should come up with 1 or 2 platforms you feel you can work with and then, provided the other broker selection criteria are met, go with it.

Charlton

 

[GengstaTrejder]

Certainly there is more to a broker than just a platform, however I'm unfortunate to have dial up, so my bandwidth is pretty sparse, which means that I can't really do multitasking that requires my Internet connection.
Eh, what exactly API means?If you mean software such as MetaStock FX, they seem pretty expensive, and I think they also require broadband connection.Btw I'm not sure about their data feed, do I get it for a fee from esignal, or can I somehow plug in my broker's feed instead.

 

[Charlton]

Certainly there is more to a broker than just a platform, however I'm unfortunate to have dial up, so my bandwidth is pretty sparse, which means that I can't really do multitasking that requires my Internet connection.
Eh, what exactly API means?If you mean software such as MetaStock FX, they seem pretty expensive, and I think they also require broadband connection.Btw I'm not sure about their data feed, do I get it for a fee from esignal, or can I somehow plug in my broker's feed instead.

Gengsta

API means Application Programming Interface. It allows you to pass information from and to one application and another e.g. between a broker's site and other software you may have on your computer such as charting software, analytical software, Excel etc. The interface may be both ways e.g. pass information on prices, orders, your trading account positions from the broker to your pc OR pass order requests from your pc to the broker.

API may or may not be provided by your broker as part of the platform. The software on your pc, most usually charting software, may range from zero to thousands of euros. For example Medev Quote Tracker is a free charting program (http://www.quotetracker.com/) that links to Interactive Brokers via an API.

Amibroker is another one which costs about $150 (one-off price) and has APIs to various brokers, but you can also download End of Day data (EOD) free of charge from Yahoo.

Some data feeds are free from your broker e.g. Interactive Brokers provide free forex data. Other data feeds e.g. esignal forex requires a monthly fee ($50 per month). You will need to look at each broker's site that you are considering to determine how much each will cost. Most brokers will supply the trading platform including charting as part of their service, but these may not be as sophisticated as ones that you purchase.

Also if bandwidth is a problem for you, you might prefer to do all your analysis off-line on your pc, which will reduce the costs of your dial-up. Then you only need to dial-up when you are actually making trades. However if bandwidth is a problem you may need to consider how you can create a trading strategy best suited to your internet constraints.

Charlton

 

[Lenar Fatkhullin]

Hi there,

If you are looking for platform, you may use our MetaTrader 4. It offers, trading, tech analysis (50 analytical tools built-in), autotrading and mobile trading. And all of it is free. Data feeds? You may forget about it. Its a problem of your broker to provide you with data. BTW, its strange to hear that some platforms are still offered for money and brokers say to traders "in addition you have to buy data feeds". Very strange.

I agree with people, who says that many depends on broker (trading conditions, reputation and so on), but not only on his platform. However, i think that you will find your broker among 85+ companies/banks offering our platform worldwide.

Best Regards, Lenar Fatkhullin
MetaQuotes Software Corp.
http://www.metaquotes.net