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Saxo Trader Platform Provides More Forex Precision

It has been a while since we had a look at the capabilities of Saxo Trader, the proprietary Forex multi-asset trading platform of Danish bank and Forex broker Saxo Bank but February saw some interesting updates to the  platform which we tested and liked. And this is the correct time to share our observations with you.

For starters, some of the changes are subtle and many traders would not perhaps even notice them – I'm talking about the new Login Screens, which are barer. Simplicity means less confusion and also fewer chances to click on the wrong button and change connection settings within a blink of an eye. And we don't like mess, do we? Talking about simplicity, let's also note another change to the design of the platform which is in favor of a simpler, less crowded working environment: you can hide the toolbar from the charts. It's just the graph and you during trading – and that's what matters when you need to stay focused.
Next up in the list of the additions is one that goes for precision in trading and analysis – the more accurate positioning of horizontal lines. The latter are very convenient for anyone interested in technical analysis but also for anyone who wants to observe the behavior of prices towards a certain preset price level. 
Now Saxo Bank allows you to plot the lines with a precision depending on your own taste – you no longer depend on some preset numbers. Just double click the value Y-axis and then type the number for the line. That's it. 
I left the best for last, by the way. Saxo Trader finally makes a crucial move towards accurate display of profit/loss of open positions. The P/L can now be displayed in pips and not only in base currency and the deposit currency you use. 
Click on photo to enlarge
It's needless to say, I guess, that this is a very useful way of gauging the status of one's balance. But that's also one of the best ways to assess how spreads and slippage (if any) are affecting the size of your profits/losses. 
Here I have to make a remark about this functionality – it's very important and I don't see why the broker made it so hard to find and activate. You need to click with the right button of the mouse on the p/l button and then select “pips”.  The procedure is analogical to the one you should perform to see the P/L in pips in the Metatrader 4 platform. Had I been a part of the Saxo Trader's developers team, I would have made the balance in pips a default functionality.
The latest set of updates on Saxo Trader give momentum to a trend about Forex software, and Forex trading platforms in particular – that about giving traders a more precise look at what's happening to their trades and balance. For that matter, we may recall the latest changes to cTrader and Metatrader 5

About Saxo Bank

Saxo Bank is a leading online trading and investment specialist, offering private investors and institutional clients a complete set of tools for their trading and investment strategies. A fully licensed and regulated European bank, Saxo Bank enables clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialized and fully integrated multi-asset trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application. The platforms are available in over 20 languages and are white-labelled by more than 100 major financial institutions worldwide. Saxo Bank also offers professional portfolio and fund management as well as traditional banking services through Saxo Privatbank. Founded in 1992, the Saxo Bank Group is headquartered in Copenhagen with local offices throughout Europe, Asia, Middle East, Latin America and Australia.
TAGS: saxo bank  saxo bank forex broker  saxo trader  saxotrader  forex platform  forex software  forex trading  technical analysis  pips  forex profit  forex balance 

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