There are a lot of terms used in forex trading. Some of those terms are a little bit hard to understand, or some terms may seem to have the same meaning, and very soon you might find yourself unable to understand a single word used in forex trading.
To be a good forex trader, you must know the language being used in the market. This includes the different terms which you must familiarize yourself with; it does not necessarily mean that you should memorize all of the terms.
Being a good trader is synonymous to being equipped with the right amount of knowledge regarding the trade. If you have no idea of what is taking place in the FX market or what traders have been talking about, then you have no business being there.
What then is a forex trading platform? As the name suggests, forex trading platform is the place where you can buy and sell the forex.. Sometimes this is also called the forex trading station.
Forex trading platforms or stations have real-time streaming ticker lines. These ticker lines are constantly updated. Traders need this ticker lines because it provides currency rates of the different major currency pairs.
Forex traders and dealers maintain fixed-spreads on the major currencies of the world. Fixed spreads are constant, regardless of the ever changing financial market.
Financial companies, traders, brokers and banks involved in forex trading have their own station hubs. These station hubs make use of sophisticated software that performs different kinds of analysis, technical or fundamental. Statistical and numeric data are also generated by these station hubs.
Trading platforms or stations provide: real-time streaming of the different major currency pairs, competitive pricing, fixed-spreads in three to five pips, and price certainty for currencies in the buy/sell positions.
Forex traders and institutions who are into forex trading that are ‘credit worthy’ have a much better access to FX competitive pricing and market information. Trading sessions that investors and subscribers utilize also reflects these attributes. This way, they have good access to inter-bank prices; as well as the cost of execution for currencies in the trade.
In most cases, a currency trade software provides:
- Real-time streaming of currencies in pair rates; you have to click the appropriate boxes that is provided to confirm the purchase or the sale of currencies that you desire.
- Immediate confirmation of purchase/sale of the currency; the cost is then debited to your account and is done simultaneously and in real-time.
- It shows your real-time profit/loss resulting from your currency transactions.
Currency software is usually being subscribed by investors; so be sure that before you try to subscribe, read all the terms and conditions to get the same edge as they do. Many trades are subject to regulations or agreements drawn between forex trade companies/websites and the client.
Options like stop or limit open orders are also offered. At a later stage, you can cancel or modify them. Reports on currency and forex transactions are also generated, in case you might need it.
Many permutations and combinations are possible. Financial companies or the forex traders provide FX trading packages. Forex trading platforms or stations differs in the provided features because it would usually depend on forex trading packages.
Before, forex trading is an activity for ‘major’ players only. But now, things have changed. People from all walks of life, regardless of location can now have access to forex trading. Download your forex trading platform now.