Many forex brokers today offer a Java-based platform to
traders as opposed to the traditional software that needs
to be installed on your computer.
If you are considering using a broker that offers this type
of web-based trading platform, it is important for you to
understand what makes this option good, as well as its
potential downfalls.
First off, Java is a programming language that can make
dynamic programs available through just your web browser.
So understand that with Java-based tradin, your forex
trading platform will load within your internet browser
(such as Internet Explorer or Firefox).
One of the potential upsides of a Java-based trading
environment is that because there is no need to install any
software, you can use nearly any computer to access your
forex trading account. With a downloadable trading
platform, you will usually be tied to a single computer for
your trading because any other computer that you would use
would need to have this software installed as well.
A potential downside of a Java-based forex platform is that
downloadable platforms tend to have many more features,
such as a newsfeed, advanced charting, and possibly even
trading signals. A Java-based platform will likely have
not much more than you need in order to place trades, and
you will need to use some external charting program in
order to view price data.
FX trading platforms that you have to download and install
onto your computer tend to be highly refined to the point
that they will very rarely, if ever, crash. Brokers know
that they could lose many customers if they use a software
which is prone to crashing, so they will put significant
resources into making sure that their software will be
stable.
Your internet browser is much more prone to crashing than
is your trading software (usually), especially if you are
surfing other web pages or checking your email at the same
time. If your browser does happen to crash or shut down,
and you have trades open, it is hard to predict what will
happen.
Either way, it is always a good idea to keep the phone
number of your broker on hand just in case you should have
trouble with your trading platform. If for some reason
your Java-based trading environment were to crash while you
had trades open and you were unable to bring that data back
up on your screen, it would be wise to call your broker and
close all open positions.
Ideally, you would want to choose a forex broker that
offered both a Java-based trading environment as well as
downloadable software. That way, you could enjoy the
stability and features of the downloadable software, but
also be able to log into your trading account from a
computer that does not have the software installed.
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