Today we take a look to GFT's Trading Platform. A nicely designed web platform with all functionalities you need for your trading. DealBook opens you the door to 120 currency pairs. This is in my opinion far too much. I am trading with the majors and a few crosses, all together not more than 10 currency pairs.
How to open an order?
With GFT you can open the normal order types like Market, Limit and Stop. You are also able to open an OCO (Order to cancel the other) or, a speciality of GFT, an order with Parent and Contingents . A parent order issued simultaneously with the child (contingent) orders. The child orders begin to work as standard stop or limit orders only when the parent order is accepted. You can also make the contingent orders an OCO pair.
Unfortunately your are only allowed to do trades with 1 Lot or more. This size is quite high and makes it for beginner traders very difficult to trade with GFT. A beginner should not trade more than 0.1 Lot per trade.
The Charting Tool is very well done. You can easily add indicators and customize indicators. I would say the Charts in DealBook are even better than the charts at MetaTrader.
Autochartist: Just a great Tool
AutochartistTM Trade Ideas uses analysis from AutochartistTM Chart Patterns to give you live trade setups.
This real-time program can help you confirm your analysis and make more informed trades by providing:
Entry, stop and limit prices for trades on 18 currency pairs
- How many pips the trade could make
- The probability of each trade on a scale from 1 to 10
- The time period of the trade: short-, medium- or long-term
All in all I can say that DealBook is a very useful trading platform. But GFT as Broker I would recommend only to advanced traders. Beginner traders wouldn't be happy.