Important features to set up on a Forex broker platform
No matter whom your Forex broker is or which platform they use, there are a few basic elements that need to be set-up correctly. Your preference is up to you and your personality but below is a guideline on which basic elements have to be set-up in a trading platform.
This may sound like basic knowledge, but when you trade you must be aware of the time. Main reason for this is to know when major news/data releases are due for release. If your time is incorrect, then you may become a victim. The problem is that some Forex brokers only display time that is relevant to the time-zone in the country where they are based. So, if your broker is based in a country where they are an hour forward, you could miss out on a trade or suffer from a spike created by the news/data release. Ensure that you change your time zone as soon as you open your platform and save those changes. If your Forex brokers does not allow you to change the time zone; but you want to stay with them, ensure that you adapt to the times when news/data are released.
Indicator default settings
If a range of indicators are used, ensure that default settings are changed to your specific settings. The reason for this is because sometimes you may need to switch from a set of indicators to another set quite quickly. One chart cannot display more than three to four indicator windows maximum at the bottom of the screen otherwise price chart display becomes flat. By deleting one indicator and replacing it with another, you now have the safety of not wasting time with the indicator set-up as they are already set to your personal settings.
Turn off unnecessary noise
In its initial stage, platforms are usually set to produce a ‘noise’, ‘bleep’ or a ‘ding’ every time you receive a platform email, notice, update or some kind of an alert. Unless it is related to placing a trade or setting a price alert – turn it off. The platform is switched on all day and these noises can become a big nuisance.
Trade from the chart
Enabling the ability to trade straight from a chart rather than a ticket allows you to save a lot of time, especially when you need to be in the market quickly within a small time-frame. For example, one-click trading is a standard feature in all MT4/MT5 platforms and this should be the same on most self-broker platforms too. This will enable you to instantly get into the market by simply clicking ‘buy’ or ‘sell’ with a pre-defined order amount.
Profit and loss view
You must always be aware of the running profit and loss on your account. By knowing where you are financially you can adopt money management techniques that are relevant to the amount of capital you have. This is why it is paramount that your profit and loss account displays at the bottom of your screen; or somewhere where it is visible at all times.
To open a trading account and start using the features described in this article, chose a broker from our Forex brokers page.