In forex trading, there a lot of auto trading platforms which ranges from fair, good, best and fraudulent. Most forex traders are majorly disappointed by the fraudulent activates of auto trading platforms used for forex trading at this period of time.
in the following points you will read How to choose best auto trading platform.
HOW TO CHOOSE BEST AUTO TRADING PLATFORM EFFECTIVELY FOR FOREX TRADING
PROPERLY EVALUATE THE AUTO TRADING PLATFORM
Best auto trading platforms are known to include essential features like a data feedback for currency quotes and indicators, forex trading charts or charting capacities of major indicators, current trade balance and positions with the inclusion of an order entry. The order entry system of the auto trading platform should make room for stop-loss order, stop limit order and trailing stop. Every forex trader trying to choose the best auto trading platform should make sure that the above properties enclosed in the platform.
CHECK ITS FEATURES AND ASK QUESTIONS
In choosing the best auto trading platform, forex traders should make sure it offers a good number of indicators for technical analysis such as Bollinger bands and indicators in form of candlestick chart formations that are used to set conditions under which online forex trading will occur. Another point is to check the complexity of the auto trading platform because some platforms are easy to use while others are made up of complex operating systems that might require programming expertise.
ENGAGE IN A TEST DRIVE.
In choosing the best auto trading platform, it is very essential to engage in an online demo trading before running live.Check out the demo trading platform to ascertain if it goes in line with your level of comfort before making real-time commitments.
Demo trading gives forex traders the opportunity to practice forex trading with the use of a live real-time data feed/historical data during forex trading hours.
Some auto trading platforms make back-testing available were the platform makes use of past data to carry out trades and displays what the result would have been.
This is considered one of the best methods in choosing the best auto trading platforms because it gives forex traders a representative view of how their trading strategy is fairing and also gives them the ability to experience the highs and lows of daily forex trading without investing real money.
TECHNICAL SUPPORT AND CUSTOMER SERVICE
The best auto trading platforms have an extremely high up time and never goes out of service. A good example is the VertexFX which is easy to install, works with a good number of operating systems, has great graphic user interface and great strategy statistics.
In conclusion, forex traders should be very alert while choosing auto trading platforms for their forex trades.
because a platform can either maximize your profit or cause unwanted losses.