When choosing a Forex Software System, there a few important factors to take into consideration. There are so many Forex Software providers out there, and it’s really hard to know which one to chose.
I list here the top 5 things to watch out for. A list with other factors will follow in the next few days.
- Accurate Quotes: A Forex Software system must always supply the accurate quotes, and not jump to unreasonable numbers seen that aren’t seen elsewhere.
- Guaranteed Stop Loss at the point: When you set a Stop Loss in a Forex Software System, and the market passes the stop loss point, you expect the deal to be closed at this point, no matter what happens. The Forex Software provider must commit to the stop loss, even if there big jumps in the market, such as in Non Farm Payrolls time, or due to weekend gaps.
- High Availability: The Forex Software System must be available at all times, also when the market is closed. Of course, 100% can never be guaranteed, but uptime must be high as possible, since the forex software is the primary means of making deals.
- User Friendly Software: The Forex software should be user friendly. Most of us aren’t educated economists that are used to seeing numbers all the time, or computer geeks that are used to complicated software. A Forex platform should be easy to use.
- Data Analysis Tools: The Forex software should include an option to analyze past transactions, and allow various statistics. If this isn’t available, the minimum is the ability to export the data in order to make the analysis in an external tool, such as Microsoft Excel.
These are my top 5 factors in choosing a Forex Software System. I’m currently deliberating between different Forex providers, and these are my main benchmarks.
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