Always Have a Backup With Forex Trading

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Always Have a Backup With Forex Trading

Forex (Currency) Author: Admin


The more high-tech we become, the less redundancy there is in a system. This is very true of the very high-tech world of electronic trading. You will want to build redundancy into your FOREX program as compensation. The markets move quickly and leverage is high; you cannot afford downtime:

  • Open live accounts with two different brokers. Use one as your primary broker, the other as a secondary broker. A good mix is an ECN for the former and a market maker for the latter. The market maker will have a more expansive pair palette for when you want to dabble in minor or exotic currency pairs.
  • Have a backup Internet connection.

    Ideally from two different providers. Cable and DSL, or cable from two separate companies.

  • Have a backup computer with your platform preloaded. With MetaTrader, most functions such as accounting and order entry reside on the broker’s server. You can log in to the same account from different computers — but be careful not to be logged in to the same account from both. A laptop or a netbook is fine. If you use a tablet computer, be sure its operating system is compatible with the trading platform.

Other possibilities:

  • Load the platform onto a flash drive.
  • Trade using a VPS such as or a cloud-based service such as Red Paladin —

Consider this as you would health insurance. Be happy you never have to use it and be even happier you have it if you do!