A web-based trading platform for traders of stocks and currencies is the new black for investors and traders across the globe. Because it allows you to manage your trading strategy from any device, including your mobile gadgets, platforms like MT5 Android are boons for customers who are always on the go. They contain integrated technical analysis tools with analytical components and indicators.
Best features in Trading Platforms
Understanding the best features of online trading platforms for a market that is as volatile as it can get can significantly increase your profit line because the forex market is distinctive in many ways.
1. Matrix of Currency Correlations
Correlation quantifies the relationship between the fluctuations in the exchange rates of two different currency pairs. A financial correlation matrix, which enables you to see how closely connected particular currency movements in exchange rates are, comprises several correlations.
2. Monetary Calendar
The timing and date of significant economic data releases that could impact currency pairs are listed on an economic calendar. The information includes employment, inflation, GDP, and central bank conference dates.
3. Monetary News Feed
The direction of currency rates can be greatly influenced by news. Traders can get fast access to information that could impact the currency market by using a premium economic news wire.
4. Change the Time Zone
Concerning liquidity, volatility, and trading volume, particular trading sessions and hours are preferable to others for trading particular currency pairs. Knowing these periods in your local time zone might be crucial for forex traders.
5. Calculator for Forex Volatility
Using historical exchange rate information for a currency pair, a volatility calculator may calculate implied data in real-time for various time frames. A trader can gauge the risk of trading a given currency pair by looking at its historical volatility.
6. Trade Publication
Keeping a trading notebook can gain important insight into all your successful and failing transactions. Some businesses offer software created specifically for this purpose.
7. Service for Copy Trading
Selecting a seasoned trader to replicate their transactions in your account is known as copy trading.
Forex Techniques
1. Scalping
A very active approach where the scalper attempts to make money from extremely brief market movements. They quickly join and leave the market to earn a few pip profits at a time.
2. Trading Days
A trading method where positions are opened and cancelled at various points during the day but all at once at the end of a single trading session. Day traders typically steer clear of the added risk associated with keeping positions open overnight.
3. Swing Investing
Swing or momentum trading, also known as “buy low, sell high” trading, is entering and exiting the market based on signals from dynamic technical analysis. Swing traders frequently hold holdings overnight.
4. Trading Trends
Trading trends are known as a longer-term trading approach that includes determining intrinsic value and searching for recognised flexion. These traders open positions and keep them open until the trend ends, to profit from it.
Final Thoughts
All the tools utilised in conducting your operations, sending pending orders, and setting protective ‘Take Profit’ and ‘Stop Loss’ levels are available on the mobile version of any well-known trading platform, like MT5 Android. With functions like One Click Trading, trade orders may be placed right from the price chart or the Market Depth window. These platforms provide professional technical analysis of currency and exchange quotes using several built-in indicators and analytical items. Use the free demo version to better understand trading Forex, stocks, and futures whenever and anywhere you like before you launch yourself as a trading pro.