How Many Trading Platforms to Install?
Unless you trade solely on your broker's web platform and do all your analysis on TradingView or its likes, having at least one trading platform installed on your computer is an obvious necessity. Whether you are still learning to trade or you are an experienced Forex trader, the chances are that you will need more than one. Below is the list of reasons to install more than one trading platform on your PC:
- Trading conditions from different brokers. If you want to be able to trade at multiple brokers due to varying trading conditions (spreads or leverage), you will have to install more trading platforms.
- Specific trading instruments. Some currency pairs or commodities may be absent from your main trading platform. This means that you will have to install some other software to trade or analyze them.
- Number of digits in the quotes. If you want to have access to charts of the same currency pair but with different number of decimal places (e.g., 4 and 5 for EUR/USD), you will probably need two platforms for that.
- Organize your charts. An easy way to organize your analysis is to divide the charts into several trading platforms. For example, one platform for majors, one for minors, and one for exotics. This way, you could analyze them separately, turning off the platforms you do not currently need. It can be very handy when dealing with a few dozen charts.
Of course, a large number of installed trading platforms can be just a sign of a cluttered PC when a trader is simply too lazy or forgetful to uninstall the ones no longer needed. For example, if after checking your installed platforms, you delete some and still have more than 20 trading programs on your computer, that's probably too much.
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