Webiress Platform Setup Lessons

The majority of people do not understand the difference between OTC or over-the-counter CFDs and DMA or direct market access CFDs (DMA CFDs), before I start out it is important to make sure that the differences between both varieties of CFDs are clearly explained as there are important advantages and disadvantages of each type that all traders ought to be aware of.

Understanding the differences between the two varieties of CFDs is rather easily explained. In essence DMA CFD brokers permit all of their customers CFD trades to flow onto the underlying order book of the share over which the CFD is based, this allows DMA CFD traders to take part in the market depth a have their orders partly filled as well as enabling the trader to be a price maker rather than a price taker, OTC CFD providers on the other hand often match orders against another clients trade or their own internal liquidity rather than placing the order in the underlying market. OTC CFD brokers have the advantage of having the ability to offer Contracts for Difference over indices and forex and tend to be more suitable for traders seeking to access several asset classes, whereas DMA CFD providers are only able to offer CFDs over shares and are better suited to those looking to trade shares on leverage or CFDs over small cap shares.

Now that you realize the difference between both sorts of CFDs on offer it is critical to know the trading platforms available. As CFDs are traded using the net it is vital to ensure that you select the right trading platform that suits your trading style, the most popular DMA CFD trading platform is webiress plus.

Webiress plus is the fastest and most reliable DMA CFD platform on the market at present. Webiress plus started off it's life as a stock platform and shortly after was custom-made for CFDs. The trading platform is web based and uses java, like all java applications it’s critical to ensure that you have the most recent java version running on your PC so that you can experience the rich functionality of the software.

Webiress plus is frequently extremely intimidating for learners first starting out however once you recognize the power of the application it is doubtful that you will utilize anything else. Configuring your opening layout can often be the most difficult part however this is relatively easy if you stick with the basics. A few of the basic features of webiress that it is advisable to setup to display permanently on your platform workspace are a watch list, your portfolio, an order pad, a market depth window and of course the market map. Having these features open on your workspace are essential when you initially start out and can stop you from making some common and easily preventable errors like not knowing whether or not a trade has been canceled or not.

We will now take a look at the importance of each of these important webiress plus features.

Watch list
Having a watch list window open is vital when you're CFD trading as it enables you to monitor the CFD positions you have open within your portfolio and any others that you could have an interest in opening positions in. The watch list will enable you to watch prices without the need to have several price windows open.

Portfolio
The portfolio window is arguably a very powerful feature in webiress plus as this lets you keep an eye on the essentials of your portfolio including your free equity, margin requirements, portfolio worth along with both your realized in addition to unrealized profit and loss. From the portfolio window you will also have the capacity to watch your open positions, see your average price, market to market value and unrealized profit or loss on each individual position.

Order Pad
Using the order pad window is essential for anyone who is managing multiple trades, the order pad window lets you follow the status of your orders in the market. After placing an order using webiress plus it is critical to confirm whether the order has successfully reached the market, this is generally done using the order pad, it’s from here that you will also be able to check for part fills and confirm the status of trade cancellations.

Market Depth
Having access to market depth is important whilst buying and selling DMA CFDs as this will enable you to see your orders in the underlying order book of the share over which the CFD relies, not only will you be able to see your orders in the depth but you will also have the ability to determine where support and resistance levels are by simply looking to see the quantity of buyers or sellers in the market at every price point.

Market Map
The market map is without doubt one of the distinctive features of webiress plus, it provides traders with a visible analysis of the entire market at a glance. It is common for traders to utilize the market map feature to help them to spot stock CFDs who’s prices have either risen or fallen dramatically across the whole market. The market map is also able to display the market capitalization of stocks meaning traders can quickly filter out equities in a specific sector which may not meet their investing criteria.

Now that you are familiar with the distinctions between DMA and OTC CFDs and realize a number of the important features of the webiress plus trading platform you're well on your way to trading. Before you start trading DMA CFDs on webiress plus it’s imperative that you practice using the trading platform, place some orders and set up a trading workspace that fits your trading style. You'll be able to access a free webiress plus demo from leading CFD provider IC Markets web site that you are able to practice on for as long as you like.