Many avid investors have heard the term “side hustle” mentioned frequently during the past few years. From a very general definition, a side hustle can be viewed as a passive means to obtain further levels of liquidity in conjunction with one’s normal income (such as a full-time job).
The Forex markets are a popular choice due to their ubiquitous nature and their rather short-term appeal. There are many articles which address discrete strategies, underlying principles and trading methods. It is surprising that relatively few touch upon the importance of selecting the most efficient and flexible trading platform. What metrics define such systems and why are these attributes so critical?
The Trading Platform Itself
It only makes sense to first address the core competency of any online brokerage. A trading platform is the heart of functionality and the ultimate key to trading success. Platforms that are difficult to use or are complicated in their nature will only hinder the trader. Proprietary systems such as those offered by CMC Markets combine a user-friendly feel with multiple tools which are constantly being improved. The end result is a very clear and concise overview of one’s current position. Anything less is at best inefficient and at worst dangerous in terms of substantial losses.
The Number of Available Currency Pairs
Any side-by-side comparison of multiple Forex brokers will highlight the number of currencies available to be traded. These figures can vary widely and they tend to be used as a benchmark in terms of the quality of the firm itself. Larger and more respected platforms are those which offer numerous denominations from all across the globe. This can help to add further stability to any trading system and as the Forex markets operate 24 hours a day, the opportunity to enjoy a healthy profit margin is always available.
Execution Options
Every investor will have his or her own unique trading strategy. Thus, a kaleidoscope of options should be made available. Multiple types of executions, stop-loss orders, chart-based trading, pricing ladders and execution alerts are only a few examples of the instruments which can be of great value. Any platform which is unable to offer such features should be avoided, as this is likely a signal that other basic components may be lacking.
Customer Service
It is a foregone conclusion that even the most professional of investors will need assistance and advice from time to time. Whether this arises from a technical question or is associated with the implementation of new software, help should always be a click away. Robust levels of client support is another hallmark of a company worth examining in greater detail. Multiple points of contact can help to address a minor issue before it becomes a major concern.
CMC Markets embraces these and many other principles which have become vaunted throughout the world of Forex trading. Those who are looking for state-of-the-art software should take some time and further examine the opportunities that await.
