Forex Trading Platforms

Which One Is The Best For YOU?


 

This guide will help you choose the right Forex trading platform.

 

The best part?

 

You don't need to search for Forex trading platforms anywhere else.

 

So without further ado, let’s get started… 

 

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What You Should Look For?

 

The trading platform is a crucial component to the potential success of your trading career because it's the trader's tool for accessing and interacting with the charts.

 

Do you wanna know what we look for before we choose a trading platform? 

 

To choose the right trading platform one should look for the following qualities:

 

1-User-friendly interface

 

2-Stability of performance & interactive Toolkit

 

3-Adequate Customer Support  


#1 User-Friendly Interface

  

This is the mandatory quality in choosing the right trading platform.

 

If the platform is not user-friendly enough the drawbacks will overcome the benefits of exceptional functionality. 

 

You don’t want to get stuck in Jargons when it comes to trading because trading itself is very complex.

 

For beginners, it is always better to start with something more simpler to learn faster. 



#2 Stability Of Performance & Interactive Toolkit

 

You have to be sure that a performance of a platform is stable and smooth. This is one of the most important points in choosing the right trading platform.

 

In addition to that if the platform have below features it will keep you updated about the Pest (Political, Economic ,social & technological) factors.

 

  • Technical Analysis Toolkit such as trend lines, Fibs etc helps you analyse your chart efficiently.

 

  • An economic Calendar enables you to be ready when the market becomes volatile.

 

  • Trading Signals helps you stay on top of the market sentiments.

 

  • Recap helps you with backtesting etc.
 


Make sense? good
 
So now you know what we are trying to show you, lets move on to the point #3


#3 Customer Support

 

Your broker should be equipped to work with a platform which you are going to choose.

 

Not only you but also the team should know the platform too. 

 

The last point you desire to experience is a platform hosts that will certainly not return your messages.Invest some time looking online as to just how responsive your broker is to client solution demands. 


MetaTrader 4 is a platform for trading Forex, analyzing financial markets and using Expert Advisors. Mobile trading, Trading Signals and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience. 


TradingView has all charting tools you need to share and view trading ideas. Real-time data and browser-based charts let you do your research from anywhere, since there are no installations or complex setups. Tradingview is Easy and intuitive for beginners, and powerful enough for advanced chartists.


Our Recommendations? 

 

We Recommend |TradingView| Due To The Following Reasons:

 

Firstly, It’s based on the cloud you so don’t lose your data even if your computer crashes it syncs across your computer, laptop, and mobile so you have a smooth experience.

 

You have access to a huge range of markets like Stocks, Forex, Commodities, Agriculture, Indices, Bonds, Metals, and etc. which is a dream for a Trend Followers like us.

 

You don’t have to register an account every 30 days because it doesn’t expire (which means you have lifetime access to it).

 

You have a team of Support that answers your questions and will fix any bugs or issues imminently.

 

And that’s not all…

 

TradingView has many useful features that will improve your trading experience.

 

If you’re a swing trader or a position trader, you spend most of the time staying on the sidelines — waiting for a trading opportunity.

 

You’ll usually check your charts every few hours to see if there are any trading setups or not. But sometimes the market may have a sudden “spike” that comes into your level and because you’re away, you end up missing the move.

 

So, what can you do? Trading view solves this problem for you

 

You can use an alert to inform you the price has come to your level so you won’t miss a trading setup or spend 24/5 watching the markets.

 

There are many trading indicators out there and sometimes, you have to pay money for indicators to be custom coded.

 

So…

 

TradingView developed a programming language called “Pine Script” where users can develop their own custom indicators and upload it to Trading View.

 

This means you can find almost any trading indicators all in one place — for free!

 

And unlike MT4 where you’ll have to search forums or websites for custom indicators, TradingView has them all in one place — which saves you plenty of time.

 

Also, most charting platforms have default time frames you can choose from. It’s usually the Daily, 4-hour, 1-hour, 30-mins, 15mins, 5mins, and 1min — and that’s it.

 

But, what if you want an uncommon time frame like the 7-hour charts?

 

Well, you probably need to hire someone to custom code it for you — and that’s if the platform allows it.

 

Now the good news is…

 

TradingView allows you to customize the time frame in any way you want… whether it’s 7-minutes, 7-hours, 7-days, 7 weeks — or even 7 months.

 


Do Not Forget To Follow Us On TradingView

We Trade Waves Tradingview
FOLLOW "We Trade Waves" On TradingView


So Here Are Our Thoughts On Whether You Should Use TradingView.

 

TradingView is not for you if:

 

You’re an options trader

You have low capital

You’re a scalper

 

Why?

 

1) If you’re an options trader

 

TradingView is not meant for options trader because they don’t provide market data for options.

 

2) If You have a small trading account

 

Here’s the thing:

 

If your account size is less than $1000, then it doesn’t make sense to subscribe to TradingView.

 

Why?

 

Because the yearly subscription is $120.

 

That’s 12% of your trading capital on a $1000 account. This means you need to make 12% a year to break even which puts you at a severe disadvantage. You’re better off using other free trading tools in the meantime.

 

3) You’re a scalper who trades the order flow of the markets

 

For a scalper, speed is of the essence because you need to make a split second’s decision.

 

However, TradingView isn’t built for speed unlike some of the other established platforms (like CQG or TT) — so it’s not for you.

 

Now you’re probably wondering: Who should use TradingView? TradingView is for you if:

 

You have a decent account size

You trade in different markets

You’re a swing or position trader

  

1) You have a decent account size

 

Earlier, we mentioned that if you have a $1000 account, it doesn’t make sense to subscribe to TradingView because you need to generate a return of 12%/year to breakeven.

 

But, if your account is larger (let’s say $5000), then it makes sense since you only need 2.4%/year to breakeven.

 

2) You trade in different markets

 

|TradingView| offers data on Stocks, Futures, Forex, Indices, ETFs, and etc.

 

So if you trade across many sectors, then TradingView will make your life easier without having to use multiple charting platforms.

 

3) You’re a swing or position trader

 

Swing and position traders rely on technical analysis to make their trading decisions. And TradingView offers one of the best charting capabilities out there.

 

It can be used for day traders as well if speed is not of the essence to you.

 

Now, what about TradingView brokers?

 

Here’s the thing:

 

TradingView started as a charting platform (not a brokerage) so in the early days, you weren’t able to place trades directly on TradingView.

 

But things are changing as they are integrating their platform with brokers.

 

So here’s a list of brokers that you can trade with on TradingView:

 

CQG, AMP, Oanda, Forex.com, Poloniex, iBroker, Saxo, Tradovate, ModalMais and Trade station

 

PS: If you are searching for a Trusted, Regulated, Reputable Broker, you can check our |Brokers| Page.

 

And Check Our Blog: |The Ultimate Guide To Forex Brokers/Banks in 2019|

 


One More Point...

 

We recommend |TradingView| for desktop users and |MT4| for Mobile users. 

 


 

|TradingView| Review — Conclusion

 

 

So, here’s what you’ve learned in this TradingView review:

 

  • The benefits and features of TradingView that you’re probably unaware of

 

  • The downside to TradingView depending how you look at it

 

  • How to decide if TradingView is right for you

 

And if you want to try out TradingView, you can Sign Up For A Free Trial Here.

 

We hope this guide helped show you how to choose the right Forex Trading Platform.

 

If you like it, please SHARE it.

 

Now It's Your Turn

 

We’d like to hear what you have to say: Please send us an email with your feedback at info@wetradewaves.com

 

Do not forget to check our course page here: |COURSE|