I have certainly traded with a variety of trading platforms throughout the span of my career. Some platforms happen to be wonderful to view plus a sheer pleasure on which to operate, along with other platforms made me wish to set my hair burning. The range and quality of trading platforms accessible to traders varies from awful platforms to excellent platforms.
Word in the market to meet, I'd personally simply list the platforms which are good quality and list the platforms that have been awful. Unfortunately, if I took that approach the pile of lawsuits and cease and desist would've my mailbox overflowing. And so i have decided some characteristics of great platforms and enumerate why I believe they may be particularly effective.
Needless to say, the effectiveness of any platform is directly related on the quality of the data feed. For your reasons like this article, we're going to assume all platforms come with an adequate data feed and just eliminate that variable from your discussion.
1. A good platform has a quality set of charting tools available.
When trading and active chart it is very important be capable of attract trend lines, Fibonacci retracements, pivot points, plus a host of other tools that traders other than myself may deem necessary. You should not require a degree in physics to be able to facilitate here is your chance of such symbols. The process for entering trend lines as well as other symbols should be effortless and accomplished without excessive thought. All things considered, much of your focus in trading will be the price action on the chart not determining the way to write down lines on your own chart.
2. A good platform should be easily readable and interpret.
A fantastic platform needs to be readable and set up. It's not necassary to need to read a 200 page manual in order to operate the application. The chart should be clear and straightforward to be aware of as well as the index readings must be legible and prominent. Platforms that are hard to set up, or require daily maintenance to set up waste valuable trading serious amounts of ultimately cost the trader money. A top quality program will even keep your settings in the previous day then when you commence this software the following day the actual settings should appear, you shouldn't have to add your oscillators and indicators on a regular basis.
3. A great platform includes a complete set of oscillators and indicators.
There's nothing more annoying than using a platform without a whole set of indicators or even a solution to add those indicators on the chart. Many budget platforms feature five or six basic indicators and that is the extent with their functionality. Further, a fantastic platform should permit you to adjust time periods as well as other variables from the indicators for your personal preference. Once again, it shouldn't take a lot of time for it to perform these traits. They should be self-explanatory and never require paging over the dreaded 200 page manual to find out tips on how to set a 14 period setting with a commodity channel index.
4. A great platform allows for various exit and entry options.
A great trading platform lets you quickly set the quantity of contracts you intended trade while also supplying you with the means to set your profit target and prevent loss limit. This should actually be a seamless activity and never require a lot of time. Most good trading platforms furthermore have a provision that permits you to scale away from trade at certain profit points. Further, a fantastic platform will have an easily understood trailing stop feature that's easy to set up. You should also have the ability to set up a simple bracket invest minimal effort.
5. A fantastic platform never fails or crashes
There isn't any worse feeling in trading than being in an active trade along with the platforms software fails. There's no excuse for software incompatibilities with operating systems. The working platform will be the essence of the profession and will perform as a result. This particular requirement is among my pet peeves, because i traded ones on a platform that's very unstable making it for some time and frustrating day. I have never used that platform again, and never will. Software designers are very conscious of the structure flaws inherent in trading platforms and there is zero reason why these flaws mustn't be addressed within a manner which insurers the trader of a crash free trading experience. There's nothing worse than buggy software.
There are numerous other inherent flaws in trading platforms software, but these five be noticeable as deal killers in my opinion. I won't tolerate these flaws and can quickly change platforms only encounter these complaints with any frequency. Of course, a one-time glitch can be expected. However a consistent and reoccurring glitch in trading platforms software packages are inexcusable.
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