Iron Condor

Choosing a forex trading platform can be very hard if you dont know what to look for.In this article you will learn the most important things that a good forex trading platform should have.Hopefully after reading this article you will have everything you need to choose a good forex broker & platform   So for you to learn how to choose the right platform the will work well for you,you just need to continue reading this article and also refer your friend to this page in other for them to get it right,when choosing a trader platform.

 How reliable a company is. The easiest way to go here would just be to go to some brandname company. Of course, with smaller investments it might be complicated, but many of the big names also offer mini-accounts which start from anywhere between $300 – $2000 minimum. Additionally, get lost into some investing forums and see what other people are suggesting. And then preferrably ask about the platform/firm they suggested in some other forum as well. This way you will get general information about experiences with the firm and additionally, when people are ready to suggest something, it often means that THEY consider the firm reliable

- How big are the commissions? For forex and stocks the commissions are usually calculated differently. For stocks there is often a certain fee for a trade – anywhere between $4 – $40 or per trade…eg. $0.02 per stock. With forex the commissions are often automatically added into the spreads ( the difference between the ask and bid price), thus no extra commission is taken. I myself have looked around and considering that… 

1. I want to day trade not invest for longer term and

2. My initial investing capital will be only $1k-$5k

 …the commissions really need to be small. I won’t be looking to earn 10% with a stock and I won’t be working with big numbers. So a $20 commissions on stocks are pretty much killers…buy+sell=$40 only for commissions..and $40 and if I have just $1000 to play with this means that the stock price would have to move to my desired direction at least 4% just not to lose with this deal. And this is a killer. Especially if, as a day trader, I would be happy to take just 1% of profit per deal. So instead I suggest you to find a firm that offers eg. $4 per trade or $0.01 per share.  With forex – I have actually already tried to play on forex, without any knowledge of the market, just to try it out. The firm I used had 10 pip spread for mini accounts ( min deposit $25 )…and as I didn’t know a thing about pips and such ( if you don’t have any clue what pip is, check the forex channel on this site..there will be an introduction to forex markets soon) and only now I can say it’s a killer. Good platforms usually offer only a 2-5 pip spread and this is a lot better, independent of your portfolio value.

- With forex and small capital you also want to know what kind of leverage they are offering. Forex is good from the perspective that you might only have $1000 but you could buy currencies for $100k ( this case of course, you are risking all your money, but the possibility here is important). The leverage is different with different online brokers, usually between 50:1 and 400:1. I guess 100:1 or 200:1 is pretty good already while 50:1 might not do it.

- How does their platform look? While other people might say that this or that platform is very good, you might end up hating it. So I suggest you to register for free demo accounts on different sites and see yourself which you would be most comfortable with. For example if you don’t have a laptop with you all the time, it might be a good choice to go for a web-based platform, while if you do have access to your computer all the time, I would suggest a non-web-based platform as these tend to be a bit faster to use. But that again might be my personal fetish. And my 10-pip firm had web-based platform so I might not be as objective here as I could.

Tip #1 Real Time Quotes

This is extremely important. Forex trading is done 24 hours a day and you want to have live quotes. With live quotes you can be in full control of your funds and check them whenever you want.

Make sure to check if the broker platform offer live quotes 24 hours a day. This is really important i cannot stress this enough.

Make sure to check so the broker don’t slow the execution of the orders. This way you will enter a market at a different time than you wanted.

So make sure that the broker don’t slow the execution orders.

Tip #2 Easy to Use

The software you use should be easy to understand. You should be able to start trading immediately. Skip systems that take weeks to learn. They should be easy to use, that’s it.

You should also try to pick a software that doesn’t need any download, that you can access from every computer.

You could choose to download a software but make sure that it got live quotes.

Support

This is very important. Your broker shall provide 24 hours support no question about it. The forex market never rests and if you need assistance you should get it fast.

A good tip is to contact their support about any questions you have before you buy their services.

Trading Rates

Be sure to check if the software allows a freeze option when you decide to buy or sell. This way you get the rate you freeze and not the actual rate that occurs when the buy or sell is processed seconds later.

 Spreads

The spread is different from broker to broker. Make sure to check which spread the broker have. If they have larger spreads then the market have to move in your favor more than it would have if the spread was smaller.

harder to make a profit if the spread is larger so try picking a software that have a small spread.

Choosing the Forex day trading option is a good one for those of you who wish to make a quick profit on the commodities market. Higher risks mean a higher payout – and the Forex day trade is relatively riskier than some safer traditional markets. But with the right tips, you might be able to circumvent the obstacle course around trading and make some money at the same time. Take advantage of the amount of flexibility that you are given with the Forex day trade, especially due to its over the counter nature. There are no true rigid guidelines to the trade; it really depends on the market and the region in which you are trading with.
This is very much unlike the organised trade which many traditional commodities suffer from, both from having a single fixed physical location and the fact that there are international guidelines and rules that all investors have to follow. There is no ‘barter’ or market ‘leverage’ that can be used to increase the dynamism of market trading. Because of the lack of physical spaces and that traders can come into contact with each other through various online and telecommunication facilities, there are plenty of combinations for you to choose from when it comes to trading options like currency pairing. This means you have a 24 hour landscape in front of you with various trading options and trading rules – choose the one which is most comfortable with you and the one that has met your projected calculations and risk assessments.
The Forex day trade, because of its temporal nature, has more risks than more traditional commodities like stocks and bonds, but this is where your experience will come in. Make sure you have learnt everything you can about the Forex day trade and have the necessary tools at hand to give you every calculative edge in the market. Once you have a deadly combination of being well informed about currency movements as well as a matured perspective on market psychology, then you will be rewarded with large profits. This way you can identify the most profitable currency combinations that you need to put your money in. Take the time to do your research and never make the mistake to rush into investment decisions. Many people who go in with no clear strategy and a lot of hope end up crashing out of the market very soon. Watch the conditions of the market and do a lot of news reading.
Remember, the Forex day trade is especially affected by economic and political factors all over the world. Once event in the corner of the world could cause the inflations and the currency strengthening necessary for dollars to fall or rise – which means you need to know all this before it happens. With these tips and more, I hope you will have a better idea on how to squeeze some juice from the Forex day trading market. Find out as much as you can and learn even more – you will not regret it; in Forex, knowledge is power.

The real meaning of day trading comprises mainly of buying and selling of financial equipment on one day duration of trade. Unlike the long-term type of investment, day trading offers almost limitless opportunities for investors and promises immediate results, that is, of either profit or loss. In addition, this is again that kind of business wherein fortunes are made or dreams are shattered on a daily basis. So with that, it is very important for investors like you to have what it takes to succeed in this kind of trading, and enjoy great benefits it offers.Given the moniker as “adrenaline junkies”, and better suited for it for good measure, investors in day trading have found the necessity of mastering two or more of the strategies when it comes to dealing the business in the stock market. As implied above, day trading has its good share of advantages and downsides. And the amount of success, or bereft of it, will be determined also by the amount of effort you exert in preparing yourself by learning the proper techniques and applying the right strategies during a day trade, which can help you in making calculated steps in all your investments in the stock market. Yet again, it should be said that there have been many people who have made a good living in day trading, and even earning millions of dollars out of this kind of trade.That said, this article provides you now the 5 invaluable quick tips on how to day trade for a living, which can certainly serve you as an excellent guide in getting the best return in your investments. The following are:1. Trend TradingIt incorporates the idea of supporting the stock, commodities, or options that are on the rise by buying them, or selling those that are on the decline in the market. Day traders would make the trade by following the trend of the day, and would eventually exit the trading platform when the trend changes course. This technique is said to have developed out of common sense among investors and work effective to some investors.2. Contrarian TradingAs the term suggests, this second tip is the exact opposite of Trend Trading. The investors use this strategy by buying financial equipment that are on the decline, and selling those that are on the rise. This technique is all about good timing, anticipating the reverse of trend in the stock market.3. Channel or Range TradingTraders use this strategy by buying stock that are at their low prices and short selling stock at their high prices. This move will allow some balance in the stock market by supporting financial equipment that is falling.4. ScalpingScalping has been referred to before as spread trading. This strategy involves taking advantage of some price gaps that have resulted from bid-ask situation, exploiting profit opportunities while minimizing the risk of loss. The main idea of scalping is to take advantage of some imbalance in the market and make good investments out of it.5. Trading Rumors or News PlayingThis is the most common strategy used by many investors. Day traders have been using this technique as basis of their investment decisions in day trading. It suggests the idea of playing with available leads that are currently happening in the stock market, and making decisions based on some good trading rumors or on bad trading rumors.Finally, like any business endeavors, the present risks in day trading can be aplenty. But how one deals with the risks can make the big difference of either great rewards or enormous losses. Furthermore, you need to have a good plan on when to make your entry trade or exit trade, and a good strategy or strategies before entering any trade. Those aforementioned quick tips and techniques have been developed to help you make the most out of day trading. Moreover, the other key to ensure your success in this field is the due-diligence that is required from all of us in the business.