Knudsen Andreasen posted an update 4 months, 2 weeks ago
I have certainly traded with a selection of trading platforms during the entire span of my career. Some platforms have already been great and a sheer pleasure which to work, along with other platforms helped me want to set my hair on fire. The mix superiority trading platforms accessible to traders varies from awful platforms to excellent platforms.
Word in the market to meet, I would simply list the platforms which can be of high quality and list the platforms which are awful. Unfortunately, basically took that approach the pile of lawsuits and cease and desist would have my mailbox overflowing. I really have decided some characteristics of great platforms and enumerate why I think they are particularly effective.
Naturally, the potency of any platform is proportional towards the excellence of the data feed. To the purpose of this post, we will assume all platforms offer an adequate data feed and eliminate that variable in the discussion.
1. A good platform includes a quality pair of charting tools for your use.
When trading and active chart it is very important be capable of draw in trend lines, Fibonacci retracements, pivot points, and a host of other tools that traders besides myself may deem necessary. You should not need to have a degree in physics so that you can facilitate the drawing of the symbols. The process for entering trend lines as well as other symbols ought to be effortless and accomplished without excessive thought. After all, much of your focus in trading may be the price action about the chart not figuring out how to draw up lines in your chart.
2. An excellent platform must be easy to read and interpret.
An excellent platform needs to be easy to read and hang up. You ought not must read a 200 page manual so that you can operate the application. The chart should be clear and simple to know as well as the index readings ought to be legible and prominent. Platforms which might be hard to set up, or require daily maintenance to put together waste valuable trading time and ultimately cost the trader money. An excellent program will also save your settings from your previous day and when you start out this program the next day the complete settings should appear, it’s not necassary to require to incorperate your oscillators and indicators on a daily 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 group of indicators or perhaps a method to add those indicators for the chart. Many entry level platforms feature five or six basic indicators and that’s the extent with their functionality. Further, a great platform should enable you to adjust time periods as well as other variables from the indicators on your personal preference. Again, it shouldn’t take an excessive amount time for you to perform these traits. They will be self-explanatory instead of require paging from the dreaded 200 page manual to find out tips on how to set a 14 period setting over a commodity channel index.
4. A great platform permits a number exit and entry options.
A fantastic trading platform allows you to quickly set the quantity of contracts you intended trade while supplying you with the way to set your profit target preventing loss limit. This should be a seamless activity rather than require a lot of time. Most good trading platforms furthermore have a provision that allows you to scale away from trade at certain profit points. Further, a great platform will have an easily understood trailing stop feature that is easy to create. It’s also wise to be capable of start a simple bracket have business dealings with minimal effort.
5. A fantastic platform never fails or crashes
There’s no worse feeling in trading than having an active trade as well as the platforms software fails. There isn’t any excuse for software incompatibilities with os’s. The woking platform may be the essence of your profession and may perform therefore. This kind of requirement is just one of my pet peeves, while i traded ones on a platform that was very unstable generating for some time and frustrating day. Irrrve never used that platform again, rather than will. Software designers are conscious of the look flaws inherent in trading platforms then there is simply no reason that these flaws should not be addressed inside a manner which insurers the trader of your crash free trading experience. There’s nothing worse than buggy software.
There are numerous other inherent flaws in trading platforms software, but these five jump out as deal killers in my opinion. I won’t tolerate some of these flaws and may quickly change platforms only encounter these complaints with any frequency. Obviously, a one-time glitch can be expected. But a consistent and reoccurring glitch in trading platforms software is inexcusable.
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