Online trading is a way of trading with the help of internet via trading software made available by the online trading broker. Trading online with the help of a software trading platform and forex charts has opened a pool of opportunities to the online traders. Whether is trading currencies, trading stocks, commodities, futures, etc. trading online is very convenient and a fast way of executing your trade orders effectively. The funds can be easily transferred to your trading account and you are ready to start taking your positions in the market you desire. Let us first discuss the benefits of software for trading online and then we will talk about the components of software platform for trading online.
Forex Charts And The Options
- Intraday streaming forex charts and historical data
- Multiple companies charting capabilities and opening multiple charts simultaneously
- Drawing tools capacity including Fibonacci tools, trend line customization etc.
- Facility for line, bar, candlestick and other types of charts
- Analysis options using indicators like MACD, RSI, volume panels etc.
Market analysis – This feature should provide who are the top gainers and losers in the market with percentage change, total quantity and volume. Analysis of all the quotes and identification of large trades and other types of analysis should be easily done through the software.
Advantages of online trading software
- The trading process is fully automated and a physical broker has no interference
- Advanced trading tool access, Forex charts and technical analysis methods
- Direct control over your trade portfolio and effective management control
- Options to trade on multiple markets from a single computer
- The market data offered is real-time
- Fast execution of trades
- Ease of operation and managing account
- No geographical limits, you can trade online from anywhere
Components of online trading software
Login ID and password – The online trading software at https://www.xtrade.com/ is protected with a unique login ID and password and you can set the login credentials of your choice. This is a means to protect the account of an online trader to be used by any other unwanted person.
Market screen – Market screen is the important window to get your trade done. It gives a representation of the current market position for the selected shares. The window is configurable and you can set the rows and columns to be displayed, the color used for data display, forex chrarts and others. Since you are in a live market, all the data in the windows are updated dynamically and you don’t need to pull the information or refresh it. Market screen is the main window for control from where you are able to launch all your trading actions.
Reports – It consists of order and trade books, Net positions, margin, holdings and exercise books. All these reports are dynamically updated since the application is connected with the live market. You have the modify, cancel, exercise or ‘square off’ options and the appropriate option will be enabled or disabled depending upon the type of action you perform. You can also save these reports to a file either in CSV or text format.