Tag: Trading Platforms

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Beginners Forex Education Forex Trading Platforms

Overview of the SmartTrader Platform

SmartTrader is an online trading platform that focuses on charting, trading, and social networking. The cloud-based platform supports trading in the forex, stocks, and cryptocurrency markets. SmartTrader also works with a growing list of brokers that currently includes more than 35 options, including some big competitors like Forex.com. Take a look at the SmartTrader platform’s […]

SmartTrader is an online trading platform that focuses on charting, trading, and social networking. The cloud-based platform supports trading in the forex, stocks, and cryptocurrency markets. SmartTrader also works with a growing list of brokers that currently includes more than 35 options, including some big competitors like Forex.com. Take a look at the SmartTrader platform’s […]

SmartTrader is an online trading platform that focuses on charting, trading, and social networking. The cloud-based platform supports trading in the forex, stocks, and cryptocurrency markets. SmartTrader also works with a growing list of brokers that currently includes more than 35 options, including some big competitors like Forex.com. Take a look at the SmartTrader platform’s features, compatibility, and price below.

Features:

  • Access to 3 markets: stocks, crypto, and forex
  • More than 8,000 symbols to choose from
  • Supports up to 8 charts
  • 100+ built-in technical indicators
  • Ability to create your own custom indicators with up to 6 indicators per chart
  • Place and close positions from charts
  • Multiple timeframes
  • Configurable chart styles
  • Smart Analytics tool
  • Customizable scripts and market watch
  • Email, text, and browser-based alerts with real-world news updates
  • Custom indicators
  • Connect up to 6 demo or live trading accounts from virtually every major MT4 broker
  • Network with thousands of traders
  • Built-in economic calendar
  • Accessible through phone, computer, or tablet devices

Compatibility

SmartTrader is compatible with several online brokerages. This includes Bitfinex, Forex.com, FPMarkets, FXChoice, FXCM, FXPro, GllopFX, GhandaFX, GKFX, GlobalPrime, GoMarkets, HalifaxPro, HFMarketsSV, CHFClearing, Oanda, and many more. The SmartTrader website explains that they are constantly adding new broker accounts to this growing list. You can trade on forex, crypto, and stock markets – but there are some limitations with the cheaper plans.

Pricing

SmartTrader offers five different plans on a monthly, yearly, or bi-yearly subscription basis:

The FREE plan costs $0.

The PLUS plan costs $14.95 per month/$12.95 per month with one-year subscription/$9.95 per month for 2 years.

The PRIME plan costs $29.95 per month/$24.95 per month with one-year subscription/$19.95 per month for 2 years.

The PRO plan costs $99.95 per month/$84.95 per month with one-year subscription/$64.95 per month for 2 years.

The 360PRO plan costs $199.95 per month/$179.95 per month with one-year subscription/$129.95 per month for 2 years.

With prices ranging from $0 to just below $200 per month, there are obviously some major differences between each plan. First, each plan supports a different number of charts per workspace. The FREE plan only allows for one chart, while the best plan allows up to 8 charts. The FREE and PLUS plans also limit users to one synced device, while the PRIME plan allows 2 devices, the Pro Plan allows 6 devices, and the 360PRO plan allows for the maximum of 8 synced devices.

Price styles, data feeds, the ability to use custom templates, number of indicators allowed per chart, smart trendlines, alert availability, ad-free experiences, and several other factors are different based on the plan one has chosen. You can compare plans on the SmartTrader website here: https://smarttrader.com/plans/compare. You can upgrade your plan at any time.

Conclusion

SmartTrader offers some clear benefits, including networking, charting, and trading tools and features that can help traders make quicker, more informed decisions. The platform is compatible with many forex brokers that are recognizable by name with more being added to the list often. The biggest downside to choosing this platform is the price, although you can start trading for free on the FREE plan. Traders simply need to know that the platform’s unique benefits are much more limited when you aren’t paying for a better plan, so you are likely to notice the restrictions on charting tools, alerts, and other features. Of course, SmartTrader is a solid platform if you can afford it, and there’s no reason why you can’t test it out on the FREE version with plans to upgrade to a paid version later on.

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Forex Trading Platforms

What to Look For In a Forex Trading Platform

Let’s dedicate this article to speaking about Forex trading platforms. In the market, there are thousands of brokers and platforms, and all promise to be the best. Each may be different in different ways, but what really interests you? What do you ask a trading program to do? Let’s discuss… What is a Trading Platform? […]

Let’s dedicate this article to speaking about Forex trading platforms. In the market, there are thousands of brokers and platforms, and all promise to be the best. Each may be different in different ways, but what really interests you? What do you ask a trading program to do? Let’s discuss… What is a Trading Platform? […]

Let’s dedicate this article to speaking about Forex trading platforms. In the market, there are thousands of brokers and platforms, and all promise to be the best. Each may be different in different ways, but what really interests you? What do you ask a trading program to do? Let’s discuss…

What is a Trading Platform?

I know you know what it is, a trading tool. Let’s go a step further, in the market, there are different types of platforms according to their function broadly:

To chart: if you know me a little you will know that I am not in favor of making decisions by looking at charts. Decisions as a result of emotions, there is no objective plan. Is not what is intended of this article so will not give you the ember with this. Some of the best known for their graphics are Pro Real-Time, Visual Chart, Ninja Trader.

To create strategies: there are also tools to develop trading strategies, most of them already automated. For example, MetaTrader allows you to create these types of trading strategies called EAs (Expert Advisors).

To do trading: Platforms to buy and sell through them. Some of the previous ones allow buying directly.

Don’t get bogged down by seeing many platforms, some offering everything (graphics, automation, and execution). This ranking is just so that you understand that a trading program can be anyone who fulfills one of these functions.

How Does a Trading Platform Work?

What this type of software tries to do is make life easier for you in your work as a trader. For example, if you like a guy’s e graphics and presentations you’re going to prefer a platform that can give it to you. If instead you develop and execute automatic trading systems as is my case you will prefer another type or you will prioritize based on it. They all try to give service in exchange for commissions through the purchases and sales you make in that same program or by paying a fee in some cases.

Which Trading Platform is Best?

The usual question. The most optimal will be the one that meets your needs. As I said previously there are different types of traders, so there are also different types of platforms based on it. It’s like we’re trying to agree on the best bank. It depends on the type of customer.

In my case to implement systems and for the operational issue, I do it with Metatrader because it is very versatile and has a great community behind it. Besides, it’s free of charge.

Which Platform Costs Less?

If it is for development and graphics I would not pay for it except some point case, but in reality today there are so many that it seems to be an unnecessary expense. As for brokers, a commission set as low as possible and reduced forks with DMA execution. If you trade in OTC markets like Forex, keep this in mind.

The Best Platforms

The best trading platforms don’t advertise aggressively or offer bonuses for two reasons. First, they don’t need one. Second, the conditions are usually good and tight, they focus on giving good service to the trader and can’t afford all this money in marketing.

The good ones are those who want you to do well and take care of you because their business is that you trade for a long time and you do well. Build long-term relationships with aligned interests and you’ll have a lot going for you.

Forex Trading Platforms

Depending on whether you trade in futures, stocks, cryptocurrencies. you may be interested in one platform or another, especially when trading. Most brokers are specialized and competitive in some of them and very few are in all or most of them. I’ll tell you in case you do Forex trading.

In the currency market for its features, tools like indicators, scripts. the queen is Metatrader. Don’t get me wrong, I’m not telling you it’s the best, but it’s the most used. That is why you will find a multitude of resources and this coupled with the fact that it is free in the vast majority of brokers makes it have a great community behind it. This is very important because you will find solutions faster with software that thousands of people use than just a few.

Like the vast majority, it has defects and many things to improve. The positive thing is that there are many people every day working for it.

Free Trading Platforms

The vast majority of brokers offer various associated trading programs. This is because it is convenient for traders to have the tools to be able to trade through competent software, an attractive interface, speed. It is simple. If the trader feels comfortable makes trades and the broker wins. In addition, if you offer good alternatives at the platform level is attractive so you can open up count on it and start working. Would you open an account with a broker who has trading tools that are not up to the task? It wouldn’t make sense. They know it well and therefore try to offer them.

Most trading platforms are free, especially on Forex. Others instead charge you a monthly, quarterly fee or a payment to acquire the lifetime license as is the case with Ninja Trader for futures. They also offer you a free platform in exchange for a minimum of trades. You’ll finally pay for doing business.

Especially if you’re starting my advice is don’t spend money on software unless you’re looking for something very concrete. Check out, if you have a not very large account at the end of the year this cost can be important. If you don’t know where to start, many brokers offer free Metatrader. Choose a good one based on your conditions.

Demo Trading Programs

I know you may be thinking that you don’t know how to choose a trading platform or how these types of tools work. Don’t worry, most have a demo version so you can practice with virtual money. You won’t have to make any kind of deposit. Don’t pay for something you don’t know or are sure you will contribute.

Download different software and try them, they are free. Take some time to see how they work and stay with the one who feels more how or suits you. From here, choose the one you choose to get to know it well and make sure you know it before starting with real money.

Something important, invest time to let go and not commit than in real failure fools that make you lose money but do not assume that everything that happens in a simulated account will happen in a real. Of course not, brokers will not execute orders so precisely and emotions come into play.

Comparison of Platforms

Are you looking for a listing of major to minor brokers with first and last names? What if that listing was conditioned by what a broker pays me for it? This is very common in this industry and it’s not bad as long as you recommend what you think is best. I will not list you because I do not want to condition you and for this, I have prepared the previous video with some conditions and requirements that will allow you to differentiate between what is a serious trading platform and what is not.

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Forex Trading Platforms

Must-Have Forex Trading Platform Features

There are a lot of different trading platforms out there. Many brokers choose to work with popular options like MetaTrader 4 and/or 5, while several others provide their very own platforms. There are also paid commercial options out there that you can choose to use with certain brokers. Before choosing a forex broker, it is […]

There are a lot of different trading platforms out there. Many brokers choose to work with popular options like MetaTrader 4 and/or 5, while several others provide their very own platforms. There are also paid commercial options out there that you can choose to use with certain brokers. Before choosing a forex broker, it is […]

There are a lot of different trading platforms out there. Many brokers choose to work with popular options like MetaTrader 4 and/or 5, while several others provide their very own platforms. There are also paid commercial options out there that you can choose to use with certain brokers. Before choosing a forex broker, it is important to check out their supported trading platform(s) to make sure that they are suitable for your needs. Here are some of the must-have features you should look at:

Accessibility

The most accessible platforms can be accessed through the web browser, downloaded on mobile devices or tablets/iPads through the Google Play Store and App Store, and are also available in desktop versions. However, some platforms may not offer app versions or could offer limited access. Of course, if you never plan to trade from your phone, this wouldn’t matter, but chances are that you might need to access your trading account from another device in the future. Convenience is important here, so be sure to keep this in mind when looking at platforms. 

Features

One of the most important things to consider is the features that come with a trading platform. Here are some things to look for:

  • One-click trading
  • Roll-over and hedging
  • Number of pending order types
  • Number of order execution types
  • Technical indicators
  • Number of timeframes
  • Extra options (economic calendar, ability to transfer funds between accounts, etc.)
  • Accessibility
  • Support for automated trading
  • Strategy tester, demo account, etc.
  • Ability to create custom indicators or EAs
  • Special features offered through the specific platform

Of course, different traders will have different needs. If you don’t need more technical features, then you won’t notice if they are missing and you shouldn’t be paying extra for things you don’t need. As you move forward in your trading career, you might outgrow a platform, but you could consider switching to a more advanced option later.  

Cost

Many platforms are available for free through your broker. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are common examples of free to use platforms offered by forex brokers. If a broker offers its own trading platform, then this is usually free as well. Other third-party options often come with a cost for a lifetime license or might offer different payment plans that unlock specific features. 

If you’re a beginner with basic needs, your best option is to open an account with a broker that offers access to a good trading platform for free. If you have more complex needs, for example, if you create indicators or Expert Advisors, then you might want to consider paying for a platform that is more suited to those needs. NinjaTrader is a good example of a platform that offers multiple benefits and features for users that want to create indicators or other trading tools, although it does come with a lifetime license fee of $999. 

User-friendly Options

If you’re a beginner, you are likely to struggle with a more complicated trading platform. It could also be difficult to master a lesser-known platform if tutorials aren’t available. This is why it might be better to stick with more popular options like MT4 or MT5 because a ton of tutorials can be found online for free. Choosing an overly complicated platform, in the beginning, could lead to frustration once you start trying to learn how to navigate it. If you have more skill, you probably won’t have as much difficulty learning to use an advanced platform.

The Bottom Line

Every trader has different needs when it comes to their trading platform. Beginners are better off with a user-friendly option that offers some simplicity and easy navigation. More experienced traders might need a platform that will offer special tools that will help them to create custom content or to access more advanced tools. Once you figure out which features you need, you’ll need to check to be sure that your considered platform is accessible enough so that you can trade on the go if this is something you plan on doing. You also need to check for an extra price tag – are you comfortable paying a monthly fee or lifetime license fee for specific features, or could you do without them in favor of an option that is free through your broker? Before choosing a broker, always be sure to check out their supported trading platforms and to answer all of these questions before opening a trading account, otherwise, you might find yourself with a platform that does not fit with your needs.

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Forex Trading Platforms

NinjaTrader Trading Platform Review

NinjaTrader is a forex, futures, CFD, and equities supporting a trading platform that has been around since 2003. That’s just a couple of years before the ever-popular MetaTrader 4 was released, and 7 years before MT5 came around. If you’ve already begun trading forex, then you’ve likely heard of MT4 and/or MT5. While the aforementioned platforms are popular for many reasons, NinjaTrader does offer some of its own unique features and might deserve more credit with traders. Stay with us to find out what sets this platform apart and whether we’d recommend trading with it. 

NinjaTrader is a forex, futures, CFD, and equities supporting a trading platform that has been around since 2003. That’s just a couple of years before the ever-popular MetaTrader 4 was released, and 7 years before MT5 came around. If you’ve already begun trading forex, then you’ve likely heard of MT4 and/or MT5. While the aforementioned platforms are popular for many reasons, NinjaTrader does offer some of its own unique features and might deserve more credit with traders. Stay with us to find out what sets this platform apart and whether we’d recommend trading with it. 

NinjaTrader is a forex, futures, CFD, and equities supporting a trading platform that has been around since 2003. That’s just a couple of years before the ever-popular MetaTrader 4 was released, and 7 years before MT5 came around. If you’ve already begun trading forex, then you’ve likely heard of MT4 and/or MT5. While the aforementioned platforms are popular for many reasons, NinjaTrader does offer some of its own unique features and might deserve more credit with traders. Stay with us to find out what sets this platform apart and whether we’d recommend trading with it. 

Features

NinjaTrader provides access to the forex and futures markets, as well as CFDs and equities through some of their partnering brokerages. This platform is a good option for those that are looking for technical analysis tools, advanced charting, customizable technical indicators, real-time analysis, and other 3rd party add-ons for apps and tools. Here are a few more features:

  • Partial & full strategy automation
  • One-click order entry
  • Platform guides, daily (free) webinars, and video library
  • The CQG mobile app is available for brokerage clients, however, no app is available if using another broker
  • Futures and forex trading are supported but a supporting broker is needed to trade equities
  • Settings can be changed easily and are highly customizable
  • Supports many different bar types
  • Includes ChartTrader tool, which allows one to place and manage trades directly from the chart
  • Supports usual order types (market, limit, stop market, stop-limit) in addition to OCO orders. 
  • Market Replay feature allows traders to play, pause, or rewind historical price data.
  • Supports simulated trading accounts for practice (with the paid version)

Cost

NinjaTrader is free to use for charting, market analysis, and live trading as long as you have a funded account through a brokerage. The requirement is only a $50 account balance for trading forex and $400 if you want to trade futures. Premium features are locked unless traders make a one-time payment of up to $1,099 or lease the platform for $60 a month. This is obviously a high cost, but it provides access to advanced order types, automated trading, and backtesting. This will be necessary for many traders, otherwise, you will likely notice everything that these features are missing.

Monthly data fees may also apply if you’re trading with the full depth option. Data fees depend on the brokerage you’re trading through. Options range from $7 to $21 or higher per month, depending on your brokerage. 

The Bottom Line

NinjaTrader offers several pros. It is excellent for charting, strategy automation, technical analysis, indicator customization, and so on. We are especially fond of their ChartTrader tool because it allows one to input trades directly from the chart (talk about convenience). This platform would likely draw in a lot more traders if it weren’t for the major downside – the price tag. For a successful investor with thousands of dollars, it might be easy to sink such an amount into a product like this, but many traders would have a hard time letting go of the one-thousand dollars needed for the lifetime license. Especially considering that options like MT4 or MT5 are available with all of their features unlocked for free through many brokerages. 

You can always use the free version of NinjaTrader, but your movement will be limited, and you will likely feel the restrictions without the ability to backtest, access advanced order types, and use automated trading. Still, NinjaTrader does offer several useful features that aren’t available with some of their most popular competitors, so this platform might be worthy of the monthly or lifetime price tag after all. Our opinion is that this platform is worth using if it offers things you need and is personally affordable. Otherwise, you should stick with another popular option that doesn’t come with such a high price and remember NinjaTrader in the future.

Categories
Forex Assets

Different Settings for Different Currency Pairs

A few days ago we had a debate with one of our trainees about his trading system. He had a very interesting observation. After the back-testing, he noticed that his system works better on certain currency pairs while other currency pairs go short. So he was scratching his forehead and asking himself should he change […]

A few days ago we had a debate with one of our trainees about his trading system. He had a very interesting observation. After the back-testing, he noticed that his system works better on certain currency pairs while other currency pairs go short. So he was scratching his forehead and asking himself should he change […]

A few days ago we had a debate with one of our trainees about his trading system. He had a very interesting observation. After the back-testing, he noticed that his system works better on certain currency pairs while other currency pairs go short. So he was scratching his forehead and asking himself should he change the settings on his algorithm and make certain pairs perform better than before. He wanted to find a way to tweak the settings just for pairs that underperform and make them produce more pips. Is it a good idea to make adjustments just on the bad pairs so we can amplify efficiency?

This is not the first time we get a question like this and we are going to try to bring our experience to the table because we can only debate from that standpoint. With this topic, there really is no right answer. If we are going to track our results, currency pair by currency pair, we are going to find out that certain currency pairs absolutely outperform others. Naturally, we might find currency pairs that are normally giving us negative results over time and cutting into our bottom line.

So what can we do about this? We are all aware of the overall ridiculousness of people thinking that in the daily time frame, certain pairs have certain personalities that other pairs don’t. On the daily time frame currency pairs don’t have their own unique movements. Just because some pairs are acting one way at this moment doesn’t mean that they will stay in that course forever. These things will change.

Surely, we have some currency pairs that are more friendly to trade. Those pairs trend more often and they chop a lot less, for example, the EUR/USD. If we take a look at what the EUR/USD did in 2017 and much of 2018, it trended pretty nicely and it was a good pair to be part of. The way these pairs move over the time is going to change and because we have tried to focus on this, it just wasn’t worth of effort and time we’ve been sitting in front of our system and adjusting the settings to our algorithm just for specific currency pairs because of the way they were moving at that specific moment.

We believe that this kind of approach is not going to do any significant favor to us, simply because of the unpredictable movements of currency pairs. But on the other hand, it is not like that some pairs have unique personalities but surely some tend better than others and some tend worse than others. Long ago when we noticed this sensation, we tried to change settings for the ones that trend worse and see what is going to happen. The idea was to try to make our system more friendly to them. In the end, it just serves us better to keep everything consistent.

A pretty great algorithm with really great optimized settings could be an awesome thing on its own. Super cool algorithm with good settings that stay the way they are, should and will work no matter what currency pair we are trading. If it struggles on certain pairs right now or throughout back-testing periods we might consider just wait. There has not been a currency pair in recorded history that is just been a genuinely lousy mover and just stayed that way. We believe that it’s not about you adjusting your system to it, it is going to adjust on its own. Again, if we have a pretty good system in place we are going to be there to catch it when it does. Remember traders, at the end of the day most systems can catch trends. It is just a matter of where. The one thing we strongly aim to do is to cut our losses and a good system should do that. It’s just a matter of weathering the storm until all comes back our way again. We need to take a zoomed-out approach to this and realize that it’s not a matter that certain currency pairs are taking down our bottom line. What truly matters at the end of the day is what the whole thing does.

Losses are the inevitable part of forex trading and we need to understand that currency pairs that don’t do well are just going to be on our trading landscapes probably always. If we have currency pairs that are just totally eating our accounts over and over again no matter what we do, we might consider eliminating those pairs from our systems for good. These are extreme and unusual situations when we need to act like this better than staying frustrated in front of our trading systems after multiple times where this just continues to be the case with certain currency pairs.

Anything different than that could be the matter of waiting and allowing these pairs to correct their course. But if this issue is simply constant with certain pairs and does not get any better than the only logical smart thing to do is just to stop trading those currency pairs. Unfortunately, we need to cut them off. If we run a business and we have an employee that is constantly stealing from us over the past 5 years then we should get rid of him as soon as possible. It is not a big deal to admit to yourself that after a certain period of time a certain situation is obviously beyond the repair.

Here we all believe in discipline and patience and we value them as one of the highest priorities but on those rare occurrences where it just never-ever gets good, we shouldn’t waste our time sitting there and hoping it will be good. We have a lot of other currency pairs we should trade with and we’ll be perfectly fine. One more thing we want to emphasize here is that if we were going to cut some of the weakest pairs we should wait until forward-testing them first. This is because forward-testing could expose mistakes we did in back-testing and this might be one final chance for those pairs that tend to underperform. If they still don’t do right you guys know what your next step should be.

Categories
Beginners Forex Education Forex Trading Platforms

The Overview of the eToro Trading Platform

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, […]

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, […]

eToro was created by a group of entrepreneurs back in 2007 with the goal of making trading more accessible while reducing the reliance on financial institutions. The original vision started with a platform that focused on graphics in order to make trading easier to understand with more professional tools being added later on. In 2012, the mobile app was launched, stocks were introduced the following year, and social trading, cryptocurrency, and other features have joined the platform since. Today, eToro has come a long way and offers some useful features that help it stand out.

Features

  • 2,000+ assets including forex, stocks, crypto, and more
  • Easy to use intuitive interface
  • Each client receives a free demo account preloaded with $100,000 worth of virtual currency
  • Research Tab that includes insight from leading analysts
  • One-click trading
  • Stoploss and TakeProfit features
  • ProCharts technical analysis tool
  • Specific orders can be placed even during platform maintenance
  • Access to social trading and copy trading

eToro Conditions

In order to use the eToro trading platform, you’ll need to sign up for an account through the broker. Here are some of their conditions:

-$50 USD minimum deposit or $500 if depositing by wire

-14 available cryptocurrencies: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Litecoin, Bitcoin Cash, and many others

-Spreads start at 0.75% on Bitcoin

-Minimum withdrawal requirement of $30

-0.1% conversion fee

If you’re considering opening an account, be sure to do more research about the broker’s fees and to read through their terms & conditions.

Conclusion

eToro offers traders a wide variety of trading options to choose from, including expected options like forex pairs and less common choices including 14 different cryptocurrencies. Traders certainly have the chance to diversify their portfolio through this broker and one can open an account with only $50. As for the eToro trading platform, the primary focus seems to be on offering a user-friendly interface that is learnable for beginners, along with some social features.

In other areas, the eTrader platform might be simplistic, as it doesn’t seem to support customer indicators and other advanced features we’ve seen offered elsewhere. Some traders might not notice the missing extra features and would prefer having a more navigable platform, while others might not get everything they need from this broker/platform. This comes down to each trader’s own personal needs and wants.

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Beginners Forex Education Forex Trading Platforms

Overview of the ThinkorSwim Trading Platform

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web […]

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web […]

The ThinkorSwim trading platform was launched by TD Ameritrade to provide traders with essential trading tools through their browser, desktop, or mobile devices. If you choose TD Ameritrade as your broker, you can choose between the ThinkorSwim platform along with the broker’s own mobile platform (named TD Ameritrade mobile), NextGen web platform, and Classic web platform. Overall, ThinkorSwim seems to offer the best market access and features out of these options. Take a look at ThinkorSwim’s features, market access options, and some of the conditions for the supporting broker below.

Features:

  • Trade forex, equities, options, ETFs, futures, and more
  • Free “papermoney” account that works like a demo account with $100,000 worth of virtual funds
  • 30-minute platform walkthrough with a pro
  • 24/5 trading
  • Economic Data tool
  • Built-in search engine that allows one to find key economic indicators
  • Custom Alerts with preselected list of popular events and option to choose your own alert parameters
  • In-App chat with trading specialist and ability to live share your screen for convenience
  • Chat Rooms where traders can share ideas, strategies, and other knowledge
  • Charting feature that displays social data in graphical form
  • Access to 400+ technical studies
  • Add visuals to your charts, including selection of 8 Fibonacci tools and 20 drawings
  • Build your own algorithms with thinkScript
  • Ability to identify entry and exit strategies thanks to SizzleIndex
  • Live streaming media for fast news updates
  • Filter stocks

Access to Markets

The ThinkorSwim platform offers access to certain markets, depending on whether one is using the browser-based version that doesn’t require installation, the mobile version, or the desktop download.

Desktop Download: forex, stock/ETFs, futures, options

Browser Version: forex, stock/ETFs, futures, bonds & CDs, mutual funds, options

Mobile version: forex, stock/ETFs, futures, options

TD Ameritrade

If you want to use the ThinkorSwim platform, you’ll need to open an account through their broker, TD Ameritrade. You may have heard this name before, as this broker is well-known and generally liked by their clients and review sites. You’ll definitely want to check out their website and read everything yourself before opening an account, however, we’ve provided a simple overview of what conditions with this broker are like below.

  • Standard, Retirement, Education, Specialty, Managed Portfolio, and Margin Trading accounts
  • Commission-free trades online or $0.65 per contract on options
  • Transparent fees
  • No minimum funding requirement to open an account; margin or options privileges require a $2,000 deposit
  • Interest is applied on eligible account balances

Conclusion

ThinkorSwim is one of a few trading platforms offered by the well-known broker TD Ameritrade. If you want to use the platform, you can sign up for an account through the broker with no minimum deposit requirements. There are also some added benefits to using this broker, like applied interest on accounts and free commissions. The ThinkorSwim platform also offers several perks, including access to a wide variety of financial markets, special tools, a built-in search engine, and many other features. Unlike many of their competitors, all of these features and tools are unlocked for free as long as one opens an account through TD Ameritrade. Many others charge monthly fees or place harsh limitations on free versions of their accounts. Overall, the ThinkorSwim platform is a solid option that deserves more recognition in the world of forex trading.

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Forex Course

20. Brief History and Introduction to The Forex Brokers

Brief History
The economy of all the nations after the end of World War II was at stake. Not a single country saw a growth in its economy during this

Brief History
The economy of all the nations after the end of World War II was at stake. Not a single country saw a growth in its economy during this

Brief History

The economy of all the nations after the end of World War II was at stake. Not a single country saw a growth in its economy during this period. So, there had to be someone to fix this all up. Hence, the major Western banks stepped in to strengthen and stabilize the economy on a global scale. They established the well-known Bretton Woods System, which got Gold into focus, as it got paired with/against the US dollar and other currencies. This system did bring the economy to balance to some extent but slowly started becoming inefficient and outdated as the major countries began to expand at a good rate.

With this under consideration, the system was abolished and was replaced by a much efficient system for the valuation of currencies. Precisely, this system was called the free-floating type system, where currency exchange rates were determined by supply and demand factors. During the final decade of the 20th century, the internet came into existence. This brought drastic changes in the way how trading in the markets works. With the facility of internet, the banks came up with their own trading platforms, and these platforms enabled traders to keep a watch on the live quotes of the currencies and also provided smooth and swift execution of trades.

Taking this forward, as the market began to grow substantially, the so-called ‘retail brokers’ made their entry to the market. With these brokerages, traders with small capital could also participate in the market. Moreover, retail brokers even offered great leverage for trading, which attracted more traders to take part in the market.

Retail Forex Brokers

Retail forex brokers are intermediaries who facilitate transactions between buyers and sellers. Based on how clients’ are fulfilled, brokers are of two types, namely, Market Makers and Electronic Communication Networks.

Market Makers

As the name pretty much suggests, these brokers ‘make’ the market. A market maker acts as a bookie who takes the opposite side of its customers’ trades. So, basically, the trades here are between a retail trader and the broker. Since the broker takes the opposite position of his customers, he is actually trading against them. In layman terms, market makers need losers to profit from. Trading with this kind of brokers, customers don’t really reach the real market, as they’re placing bets on the quotes provided by the broker.

Electronic Communication Network

Trading with an ECN broker is different from that of market makers. Here, the interest of the customer is aligned with that of the broker. An ECN broker passes on its customers’ orders through to liquidity providers or the interbank market. So, unlike the case of market makers, their trades are actually matched with the real market. And as far as revenue of these brokers is concerned, they always make a profit from the spreads (bid/ask price) or trading fees. Since they connect the clients to deal with the interbank market, they form the network where communication takes place electronically.

That’s about the introduction to Forex brokers. Take the below quiz to know if you have understood the lesson correctly.

[wp_quiz id=”48281″]