We've certainly traded with a variety of trading platforms through the course of my career. Some platforms are already great and a sheer pleasure on which to operate, and also other platforms forced me to be want to set my hair on fire. The range and quality of trading platforms offered to traders differs from awful platforms to excellent platforms.
Word to meet, I might simply list the platforms which are good quality and list the platforms that were awful. Unfortunately, only took that approach the pile of lawsuits and cease and desist would have my mailbox overflowing. I really have decided some characteristics of effective platforms and enumerate why I think they may be particularly effective.
Obviously, great and bad any platform is proportional to the company's data feed. For that reasons like this post, we will assume all platforms provide an adequate data feed and merely eliminate that variable from your discussion.
1. A fantastic platform features a quality set of charting tools available.
When trading and active chart it is essential to have the ability to draw in trend lines, Fibonacci retracements, pivot points, along with a host of other tools that traders besides myself may deem necessary. You shouldn't must have a degree in physics in order to facilitate here is your chance of such symbols. The task for entering trend lines along with other symbols ought to be effortless and accomplished without excessive thought. In the end, much of your concentrate trading may be the price action on the chart not finding out the way to draft lines on your own chart.
2. A fantastic platform needs to be sorted and interpret.
A fantastic platform must be easily readable and hang up. It's not necassary to have to read a 200 page manual to be able to operate the application. The chart must be clear and simple to be aware of as well as the index readings ought to be legible and prominent. Platforms which can be tough to create, or require daily maintenance to put together waste valuable trading serious amounts of ultimately cost the trader money. A good program may also save your settings through the previous day when you start out this system the very next day the precise settings should appear, you ought not need to incorperate your oscillators and indicators each day.
3. A good platform includes a complete pair of oscillators and indicators.
You'll find nothing more annoying than by using a platform that does not have a whole list of indicators or a method to add those indicators on the chart. Many lower end platforms feature 5 or 6 basic indicators and that's the extent with their functionality. Further, a good platform should allow you to adjust time periods as well as other variables inside the indicators on your personal preference. Once again, it should not take a lot of time and energy to perform these traits. They will be self-explanatory and never require paging over the dreaded 200 page manual to determine how you can set a 14 period setting over a commodity channel index.
4. A good platform provides for several exit and entry options.
A great trading platform allows you to quickly set the quantity of contracts you intended trade whilst supplying you with the ways to set your profit target which will help prevent loss limit. This should be a seamless activity rather than require an excessive amount of time. Most good trading platforms furthermore have a provision that enables you to scale away from trade at certain profit points. Further, an excellent platform may have an easily understood trailing stop feature which is an easy task to set up. Its also wise to have the ability to set up a simple bracket invest minimal effort.
5. A great platform never fails or crashes
There isn't any worse feeling in trading than being in an active trade as well as the platforms software fails. There's no excuse for software incompatibilities with systems. The woking platform may be the essence of your respective profession and should perform as a result. This specific requirement is one of my pet peeves, as I traded ones over a platform which was very unstable generating for some time and frustrating day. I have never used that platform again, and never will. Software designers are well aware of the look flaws inherent in trading platforms as there are virtually no reason why these flaws shouldn't be addressed inside a manner which insurers the trader of a crash free trading experience. Nothing is worse than buggy software.
There are several other inherent flaws in trading platforms software, however, these five stand out as deal killers in my book. I cannot tolerate some of these flaws and will quickly change platforms if I encounter these problems with any frequency. Of course, a one-time glitch should be expected. However a consistent and reoccurring glitch in trading platforms software is inexcusable.