So I’m just dipping my toes into forex trading at the moment, gathering as much knowledge as I can (and saving capital) before I use my hard earned cash on some trades, really getting it working for me! What I’m finding difficult at the moment is finding the place to actually place my trades, knowing what platform suits me, I have a few dummy accounts on phone apps etc, but I’m not sure which websites/software are the best to use, and aren’t gonna charge me through the roof for industry standard stuff! Can anyone recommend some good platforms to place my trades?
You’ll want to start with a demo account. Pick any demo account from any broker, it does not matter. Get familiar with all the functions of the platform. Do not invest money from your account yet, just learn with a demo and be patient. If you want to practice with real money without investing your own money, I can show you how. Some brokers like Forexchief can give you up to $500 free money to start a live account. You don’t need to make a deposit. I hope it helps
nowadays good broker hardly ever provide unlimited demo account.
you can go for Axitrader if you like.
i’ve been using them for a decade & they will provide you unlimited demo account if you’re their client. just deposit a few buck will do.
as for platform, MT4 is the best for forex. very user friendly.
Just like previous post said, MT4 is a globally accepted trading platform. It has more support which you can find either on MQL5.com or just by browsing the internet. MT5 is similar to MT4, but the biggest upgrade was that you could trade CFD stocks, and a bit of a change to the interface. cTrader is similar in functions in regard to trading, and the interface is way different. But most beginners will say that cTrader is fairly easy to use. Just be aware that if you do decide to do automated trading, you may get stumped using cTrader as there’s not much support out there yet. You will be able to download these trading platforms to your desktop and mobile devices. Most brokers will provide their own version for your own use. But yea, see how you go with the demo accounts. Brokers will provide you with demo accounts to start with, some you can try all their trading platforms. See how you go and find which one you like best. And happy trading!
Most of the traders use MT4 or its derivatives since it is one of the most easy-to-use platforms. Most of the brokers provide it (sometimes under their own brand) because it is very user-friendly, so it takes only a few days to get necessary skills like placing orders or managing account.
Another important point is that there are dozens of different indicators created specially for MT-based platforms, and you can also create your own ones (or find someone to create it if you are not familiar with coding).
MT4 also has a great integration with different additional tools and software including EAs. All this makes it almost perfect platform for newbies.
I use MT4 for my analysis.I find the charting to be very accurate. It shows all the inter day gaps, where some other platforms may not. But I find it extremely clunky and cumbersome to use to actually set the order. I don’t know how many times I’ve entered with .1 lot and actually wanted 1.0 lot. It makes a big difference!
Now I use Tradingview to enter my trades–my broker allows me to actually use both platforms, probably for the reasons I mentioned above. It’s easier to place an order. It actually calculates down to the dollar my actual position size based on my risk and reward. It can even adjust all this down to the penny. I love that! With MT4, you’re stuck with whole number position sizes, and it’s very hard to adjust stop and take profit.
So my short answer is (I really can’t do short answers):
Some people already recommend you to use some demo accounts for any website/app you have, play with it for a few months and then really decide, I think you should really listen to them anyway. How does that sounds to you ? I think it’s a good advice personally.
I’m using Oanda’s web app, which uses Tradingview charts. I’d say that Tradingview charts are the 2.0 or 3.0 to MT4’s 1.0 or .5. Hahaha. MT4 looks… like 1980s tech. It is the most used platform I think. Not too many folks seem to like MT5 for some reason, maybe because of all the existing ecosystem of indicators. Can’t add anything to why, haven’t used it. But for demo, you’ll want to go with a broker that won’t shut your demo down in a week or two.
And I think if you’re in the US and want to use a US regulated broker, your list is small - Oanda, forex.com, IG, Interactive Brokers, and TD Ameritrade.
