GFT is a brokerage company that has offices around the world and is headquartered out of Michigan, USA. Their main emphasis is on Forex, which is not surprising considering that Contracts for Difference are not traded in the USA, but where available their trading software, DealBook 360, can also be used to trade CFDs.
The software is free and is downloadable as a 24 MB package for Windows XP or later. For the beginner, DealBook 360 is user-friendly, and has user customizable features so you can choose how to navigate the screen and place your trades. In fact you can place trades in several ways including straight from the charts, and you can select the level of detail to display on your screen. The orders are tracked in a separate table. GFT also streams market news to the platform, and this can be customized to your requirements.
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The adaptability of the software means that it can grow with you as you get more experienced. You can choose whether to use the simplified features or whether to delve in more complexity to try and eke the last bit of profit out of your trading. Your screen includes real-time pricing in tabular form, but can also contain large icons for single click trading. On the downside I've found the downloaded software to be somewhat slow.
DealBook 360 also includes some 100 free technical tools and indicators, including Fibonacci retracement, MACD, Gann Fan, ABCD tool and more. In addition to the free tools, GFT offers a variety of subscription-based technical tools, such as Dynamic Trend Profile, DiNapoli D-Levels, and more to help you determine potential high-probability trends. You can also set criteria to alert you audibly at your computer or by mobile phone when a price level is hit. For professional account managers, there is even a feature where several accounts can be tracked at the same time, on one screen.
Although there are now several CFD brokers offer such facilities, it is still good to know that DealBook 360 includes the provision of trailing stops to protect your gains. This can be set to follow price movements at a certain distance specified by ou, depending on the market direction. It enables you to lock in profits as the price moves in your favour – and protect yourself when it moves against you. Other useful orders, such as one cancels other (OCO) and contingent orders which allow you to set up your trade from entry to exit at one time, are also supported.
While this is a review of the DealBook 360 software, it's worth mentioning that GFT also offer a web-based trading browser, and mobile applications for iPhones, Blackberries, etc. Another nice feature of the software is that you can set up automatic rule-based trading using a feature called Strategy Runner. While this can be dangerous for the novice, when unforeseen conditions may cause problems, in experienced hands this can save a lot of time.
DealBook 360 does not currently support DMA which is their only downside if you trade equities. All the (non DMA) CFD providers seem to be their own market makers, with most stating in the fine print state that the prices are 'based on' the underlying market, but do not give the exact criteria. I've noticed differences between different CFD providers, but it's not enough to be offensive, at least with stockmarket indices and forex trading.
Why would you choose GFT/Dealbook as your CFD broker? Well, they are charging 10% in commissions which is just about what everyone is charging and they are giving free software and consulting with it.