2. What kinds of trading software does the broker offer?
Today, there are a variety of software tools offered by brokers that have their own advantages and disadvantages. So, understanding trading software clearly, its capabilities and use is very important in making the right choice for selecting a broker.
Some of brokers provide a variety of software for different operating systems and machines. However, tablets and smart phones have become an integral part of our lives, but they are useful for monitoring the market and tracking your trades only.You basically need one personal computer with one or two large monitors for analyzing, making decision and trading. Therefore, presume that any trading software that you install on your computer will work more efficiently than the one you may decide to install on your tablet or smart phone.
As a trader you will be always opening and closing trades, setting different orders, reforming Take Profit and Stop Loss points, so it is very important to carry out these operations quickly and simply via your trading software. There are some software with special features like “on chart trading” or “trade with one click” which you can easily perform all of these tasks.
Additionally, you will need to observe price charts and use different tools and indicators for analyzing and making decisions. Therefore, the number of available tools and indicators and their ease of use is an important factor for selecting the right software.
Apart from appearance and ease of use the most important aspect of any software is its stability. Unfortunately, there are certain software that sometimes hang and even cause your computer to crash. Others may also freeze your PC and work incorrectly and inefficiently when the prices are moving fast during economic news alerts. So, examine your broker’s software carefully when important economic news, such as NFP, is released.
Selecting the correct software for traders who trade more during a day (like Scalpers) and monitoring trading charts for long hours per day is much more important.
Some of brokers also provide web based software (generally run in JAVA) without the need to install anything on your computer, and can easily be operated on any machine from anywhere. The question here is would you need this facility and many others which are given by different kinds of software? So, from the outset you should know your requirements and trading strategies properly and then think about selecting an appropriate broker and software!
In short, the trading software offered by brokers is one of the most important points that should be considering when selecting a broker.