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Posted by: sburtonhome on 2008-10-21, 16:48:55
There are literally dozens of trading platforms that allow for "demo trading " or "paper trading ". The important thing is to choose a financially stable and ethical broker that uses the platform you like best. Metatrader 4 is the most common platform and the platform of choice for many Forex traders because it has arguably the best built in free charting tools including the ability to program auto trading scripts (expert advisors). It has it's downsides though. You are not able to enter partial orders (ie partial fills) so you may be left out of trades if there isn't sufficient liquidity at a given price. Also, it is glitchy, and while version 4 is a great improvement over 3 - it still has it's problems. Just google "List of Metatrader 4 Brokers " and you will quickly find reviews of the many brokers who use the MT4 platform. However, there are other very good brokers who don't use Metatrader. Dukascopy, a Swiss broker, uses their own platform that is actually very good. The problem for some is that you have to have a minimum $50k deposit to open an account at Duka. They do have "demo accounts ". MBTrading is a good broker but they have a horrible platform. You also have the large FCMs like FXCM (includes MT4 option), GAIN, CITI, GFT, etc. These all have their own platforms and have not been held in high regard by many seasoned traders in the past. I have heard that some are improving but proceed with caution if you are seriously considering trading with one of them. Just start reading around, taking everything you read with caution. Experiment with different platforms and choose the one that works best for you, your trading style, and you investment. Good luck! |
