songhelen3 posted an update 2 months ago
We’ve certainly traded on the number of trading platforms throughout the span of my career. Some platforms have been wonderful to view and a sheer pleasure on what to function, and also other platforms taught me to be desire to set my hair burning down. The mix and quality of trading platforms available to traders is different from awful platforms to excellent platforms.
Word to meet, I’d personally simply list the platforms which are good quality and list the platforms which were awful. Unfortunately, only took that approach the pile of lawsuits and cease and desist could have my mailbox overflowing. Therefore i have selected some characteristics of effective platforms and enumerate why I think they may be particularly effective.
Obviously, the strength of any platform is related towards the expertise of the data feed. For the purposes of this article, we will assume all platforms come with an adequate data feed and merely eliminate that variable through the discussion.
1. An excellent platform carries a quality group of charting tools at your disposal.
When trading and active chart it is important to have the ability to attract trend lines, Fibonacci retracements, pivot points, and a host of other tools that traders besides myself may deem necessary. You should not have to have a degree in physics so that you can facilitate enter of such symbols. The process for entering trend lines and also other symbols must be effortless and accomplished without excessive thought. In the end, your main focus in trading could be the price action about the chart not finding out the way to draw up lines on your chart.
2. A fantastic platform needs to be easy to read and interpret.
An excellent platform ought to be readable and hang up up. It’s not necassary to must read a 200 page manual so that you can operate the application. The chart should be clear and straightforward to understand along with the index readings ought to be legible and prominent. Platforms which can be tough to set up, or require daily maintenance to setup waste valuable trading some time to ultimately cost the trader money. A good program will even keep your settings through the previous day then when you start out this program the very next day the exact settings should appear, you ought not have to incorperate your oscillators and indicators on a regular basis.
3. A good platform features a complete list of oscillators and indicators.
There’s nothing more annoying than utilizing a platform without a total group of indicators or perhaps a method to add those indicators towards the chart. Many budget platforms feature five to six basic indicators and that is the extent with their functionality. Further, an excellent platform should allow you to adjust periods of time along with other variables within the indicators on your personal preference. Once again, it should not take an excessive amount time for it to perform these traits. They must be self-explanatory and never require paging with the dreaded 200 page manual to determine tips on how to set a 14 period setting on a commodity channel index.
4. A great platform allows for various exit and entry options.
A fantastic trading platform permits you to quickly set the volume of contracts you intended trade whilst offering you the methods to set your profit target preventing loss limit. This should actually be a seamless activity rather than require an excessive amount of time. Most good trading platforms furthermore have a provision that permits you to scale out of trade at certain profit points. Further, a good platform could have an easily understood trailing stop feature which is an easy task to build. Its also wise to manage to generate a simple bracket do business with a minimal amount of effort.
5. An excellent platform never fails or crashes
There’s no worse feeling in trading than being in an active trade and also the platforms software fails. There is absolutely no excuse for software incompatibilities with os. The platform is the essence of your profession and will perform therefore. This specific requirement is one of my pet peeves, while i traded ones with a platform that was very unstable making it for a and frustrating day. I have never used that platform again, and not will. Software designers are well conscious of the look flaws built into trading platforms as there are zero reason why these flaws should not be addressed in a manner which insurers the trader of the crash free trading experience. You’ll find nothing worse than buggy software.
There are numerous other inherent flaws in trading platforms software, however, these five stick out as deal killers in my book. I won’t tolerate some of these flaws and will quickly change platforms basically encounter these issues with any frequency. Needless to say, a one-time glitch can be expected. But a consistent and reoccurring glitch in trading platforms software packages are inexcusable.
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