Did 2015 prove to be a productive year in regards to Forex trading or was much left to be desired? Did you consistently find yourself in the negative even through your trading strategies appeared to be sound? These are two very common problems which both novice and seasoned investors must grapple with from time to time. As opposed to reinventing your entire strategic approach, it may instead be time to change trading platforms. Let us examine three situations that will dictate that such an adjustment is warranted.
Looking for More Currency Pairs
While there is no doubt that major players such as the euro, the dollar and the pound make up the lion’s share of Forex trades, we should always remain cognizant that there are literally dozens of other relationships to choose from. Those who are searching for a buy-and-hold position could very well choose other currencies which are seen as more risk-averse than those known for their heightened levels of exposure. As some predict 2016 to be a volatile trading year, it only makes sense to choose a platform that offers numerous pairs.
A Lack of Diversity
Let us not forget that many online trading platforms offer much more than Forex positions alone. CFDs, treasuries, indices and commodities are other examples not to be taken lightly. Some traders have suffered from a lack of diversity in the past. This may have been associated with a platform that was less than flexible. When a wide range of markets is combined with tight spreads and low margins, the advantages should become clear.
Most third-party online review portals will cite this versatility as one of the most important considerations to address. Not only can numerous instruments lead to a higher ROI, but different positions are able to offset any perceived stability within a certain sector. This has the potential to offset losses with equal gains. To appreciate the sheer number of possibilities, do not hesitate to examine the options offered at CMC Markets in greater detail.
Lag Times and Clumsy Software
It is an unfortunate fact that the concept of “real-time trading” can signify different levels of efficiency between different platforms. Any lag times between opening and closing a position can be detrimental to profit margins. In reality, such hindrances will frequently result in substantial losses. Outdated or complicated software is likewise to be avoided at all costs. If you have been frustrated with either of these scenarios, it is definitely time for a change. Considering that 2016 is predicted to be a fast-paced financial year, embracing modern platforms is even more critical.
Before committing to any package, perform a good amount of research to appreciate what other traders may be saying. Word of mouth is one of the best ways to develop a well-rounded opinion. Keeping in mind that a trader is only as profitable as the platform that he or she employs, it is no wonder why a growing number of investors are now turning to the benefits promoted through CMC Markets.