5 Traits of a Good Trading Platform
I’ve definitely traded on a wide range of trading platforms all through the course of my profession. Some platforms have been a pleasure and a sheer pleasure on which to work, and different platforms made me need to set my hair on the hearth. The range and high quality of trading platforms accessible to traders fluctuate from terrible platforms to wonderful platforms.
Phrase out to satisfy, I’d merely record the platforms which might be of top of the range and record the terrible platforms. Sadly, if I took that method the pile of lawsuits and desist would have my mailbox overflowing. So I’ve chosen some traits of nice platforms and enumerate why I believe they’re notably efficient.
In fact, the effectiveness of any platform is straight associated with the standard of the info feed. For this text, we’ll assume all platforms have a satisfactory knowledge feed and easily eradicate that variable from the dialogue.
1. A superb platform has a high-quality set of charting instruments at your disposal.
When trading a lively chart it’s important to have the ability to attract trend strains, Fibonacci retracements, pivot factors, and a bunch of different instruments that traders apart from me could deem vital. You shouldn’t have a level in physics to facilitate the drawing of those symbols. The process for getting into trend strains and different symbols must be easy and completed without extreme thought. In spite of everything, your major focus in trading is the worth action on the chart not determining how to attract up strains in your chart.
2. A superb platform must be simple to learn and interpret.
A superb platform must be simple to learn and arrange. You shouldn’t learn a 200-page manual to function the software. The chart must be clear and simple to know and the index readings must be legible and distinguished. Platforms that might be tough to arrange, or require day-by-day upkeep to arrange waste precious trading time and finally price the trader money. A high-quality program may also save your settings from the day prior to this and while you begin this system the next day the precise settings ought to seem, you shouldn’t want so as to add your oscillators and indicators day by day.
3. A superb platform has an entire set of oscillators and indicators.
There may be nothing extra annoying than utilizing a platform that doesn’t have an entire set of indicators or a technique so as to add these indicators to the chart. Many lower-end platforms function 5 or 6 fundamental indicators and that’s the extent of their performance. Additionally, a very good platform ought to can help you alter time durations and different variables within the indicators to your private desire. As soon as once more, it mustn’t take an extreme period of time to carry out these features. They need to be self-explanatory and never require paging by means of the dreaded 200-page manual to establish how you can set a 14 interval setting on a commodity channel index.
4. A superb platform permits for quantity entry and exit options.
A superb trading platform permits you to rapidly set the variety of contracts you supposed to trade whereas additionally offering you the means to set your profit goal and stop-loss restrict. This must be a seamless exercise and never require an extreme period of time. Most good trading platforms even have a provision that permits you to scale out of the trade at sure profit factors. Additionally, a very good platform could have a simply understood trailing stop function that’s easy to arrange. You must also be capable of arranging an easy bracket trade with a minimal quantity of effort.
5. A superb platform by no means fails or crashes
There is no such thing as a worse feeling in trading than being inactive trade and the platform’s software fails. There is no such thing as an excuse for software incompatibilities with working methods. The platform is the essence of your occupation and may carry out as such. This explicit requirement is considered one of my pet peeves, as I traded ones on a platform that was very unstable and made for a long and irritating day. I’ve by no means used that platform once more, and by no means will. Software program designers are nicely conscious of the design flaws inherent in trading platforms and there may be completely no cause that these flaws shouldn’t be addressed in a fashion that insurers the trader of crash-free trading expertise. There may be nothing worse than buggy software.
There are a lot of different inherent flaws in trading platforms’ software, however, these 5 stand out as deal-killers in my e-book. I cannot tolerate any of those flaws and can rapidly change platforms if I encounter these issues with any frequency. In fact, a one-time glitch might be anticipated. However, a constant and reoccurring glitch in trading platforms’ software is inexcusable.