What should beginners pay attention to?
For beginners, two features are usually the most decisive: the costs and the learning curve. In CFD trading, prospective traders and beginners are faced with the need to negotiate a difficult compromise with themselves: On the one hand, they do not want to invest a lot of money so as not to risk too much either. On the other hand, however, CFD trading only makes sense if traders are willing to
- pay in sufficient capital
- deal extensively with trading
- familiarise themselves with high-quality software.
The good news is that semi-professional trading programmes are not expensive. Often there is even free CFD software for Windows and other operating systems, so there are no additional costs. However, traders should make sure that the trading platform still offers as many functions as possible and is also able to forward orders to the market very quickly. It is also very useful if this is also made available as a demo version. This way they can try out in peace whether trading is really something for them without taking a financial risk. Afterwards, it may be easier to release the necessary capital.
Even if beginners find good trading software with many brokers, they should also look for other providers apart from the trading platform. Independent and fee-based providers often have more to offer than the standard package of most brokers, especially with regard to analyses and bots.
Where do traders get the appropriate software?
Where traders get their software also depends a little on what their requirements are. Free CFD software (https://trade-exness.com/mt4/) is mainly available from brokers who enable their traders to trade in this way or provide them with additional information and analyses. On the other hand, there is also alternative software.
However, very high-quality programmes are not necessarily aimed at average traders, but mainly at professionals who also have a correspondingly high trading volume and also higher profits. For them, it is then also worth spending a few hundred euros on a programme that allows them to trade at a very high level. However, many high-quality programmes are internal developments of the respective investment bank and therefore often not available on the open market.
For average traders, however, the free versions are usually more than sufficient. Beginners, in particular, are quickly overwhelmed by the variety of functions offered by higher-quality programmes. But most others do not need professional software either, which significantly increases expenses.
That is why your own broker is and remains the first port of call for high-quality trading software that is also not too expensive. In most cases, it can also be supplemented by other offers. Here, users can choose the best offers themselves or fall back on partners of the broker. Trading and the companies are usually very well covered by an active community and also picked up in trade journals, so it is not difficult to find the software for the respective area.