Lentz Strauss posted an update 2 months ago
I’ve certainly traded on a variety of trading platforms through the lifetime of my career. Some platforms are already wonderful to view plus a sheer pleasure which to work, and other platforms forced me to be wish to set my hair burning. The mix and quality of trading platforms open to traders differs from awful platforms to excellent platforms.
Word over to meet, I’d simply list the platforms which might be of high quality and list the platforms which were awful. Unfortunately, basically took that approach the pile of lawsuits and cease and desist would’ve my mailbox overflowing. I really chose some characteristics of effective platforms and enumerate why I do think they are particularly effective.
Naturally, the potency of any platform is related towards the company’s data feed. For your reasons like this article, we’ll assume all platforms offer an adequate data feed and just eliminate that variable in the discussion.
1. A great platform carries a quality pair of charting tools available.
When trading and active chart it is important to have the ability to lure trend lines, Fibonacci retracements, pivot points, along with a host of other tools that traders besides myself may deem necessary. You should not have to have a degree in physics in order to facilitate your chance of the symbols. The process for entering trend lines and also other symbols should be effortless and accomplished without excessive thought. After all, most of your focus in trading is the price action around the chart not finding out how to draw up lines on your chart.
2. A good platform should be sorted and interpret.
An excellent platform ought to be readable and hang up up. You should not must read a 200 page manual to be able to operate the program. The chart must be clear as well as simple to be aware of along with the index readings must be legible and prominent. Platforms which are difficult to setup, or require daily maintenance to setup waste valuable trading serious amounts of ultimately cost the trader money. A quality program may also keep your settings through the previous day then when you start the program the very next day the complete settings should appear, you should not should incorperate your oscillators and indicators on a regular basis.
3. An excellent platform features a complete group of oscillators and indicators.
There is nothing more annoying than by using a platform without a complete pair of indicators or possibly a method to add those indicators for the chart. Many budget platforms feature five or six basic indicators and that’s the extent with their functionality. Further, an excellent platform should let you adjust cycles and other variables in the indicators on your personal preference. Again, it shouldn’t take an excessive amount time for it to perform these traits. They must be self-explanatory and not require paging over the dreaded 200 page manual to establish how you can set a 14 period setting on the commodity channel index.
4. An excellent platform enables lots exit and entry options.
A good trading platform enables you to quickly set the quantity of contracts you intended trade while also supplying you with the methods to set your profit target which will help prevent loss limit. This needs to be a seamless activity and not require an excessive amount of time. Most good trading platforms in addition have a provision that enables you to scale out of trade at certain profit points. Further, an excellent platform could have an easily understood trailing stop feature which is an easy task to build. Its also wise to manage to set up a simple bracket trade with a minimal amount of effort.
5. A great platform never fails or crashes
There’s no worse feeling in trading than having an active trade along with the platforms software fails. There’s no excuse for software incompatibilities with operating systems. The working platform may be the essence of your profession and will perform consequently. This particular requirement is among my pet peeves, when i traded ones on a platform which was very unstable and made for an extended and frustrating day. I never used that platform again, and not will. Software designers are very aware of the design flaws built into trading platforms then there is zero belief that these flaws mustn’t be addressed in a manner which insurers the trader of your crash free trading experience. You’ll find nothing worse than buggy software.
There are lots of other inherent flaws in trading platforms software, however, these five stand out as deal killers in my opinion. I will not tolerate all of these flaws and definately will quickly change platforms only encounter these issues with any frequency. Obviously, a one-time glitch should be expected. However a consistent and reoccurring glitch in trading platforms software programs are inexcusable.
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