Mccall Parrott posted an update 3 months ago
I’ve certainly traded over a selection of trading platforms through the entire span of my career. Some platforms have been wonderful to view as well as a sheer pleasure on which to function, as well as other platforms forced me to be want to set my hair unstoppable. The variety and excellence of trading platforms available to traders differs from awful platforms to excellent platforms.
Word out to meet, I would simply list the platforms which are of top quality and list the platforms which were awful. Unfortunately, if I took that approach the pile of lawsuits and cease and desist would’ve my mailbox overflowing. I really have chosen some characteristics of effective platforms and enumerate why I do think they may be particularly effective.
Obviously, the strength of any platform is related for the company’s data feed. For the purpose of this post, we’ll assume all platforms offer an adequate data feed and merely eliminate that variable from the discussion.
1. An excellent platform features a quality pair of charting tools to use.
When trading and active chart you must manage to lure trend lines, Fibonacci retracements, pivot points, as well as a host of other tools that traders besides myself may deem necessary. It’s not necassary to need to have a degree in physics to be able to facilitate the drawing of these symbols. The procedure for entering trend lines along with other symbols ought to be effortless and accomplished without excessive thought. After all, your main focus in trading is the price action for the chart not figuring out how to draft lines on the chart.
2. An excellent platform needs to be sorted and interpret.
A good platform ought to be sorted as well as set up. You ought not need to read a 200 page manual as a way to operate the software program. The chart ought to be clear and straightforward to be aware of and the index readings needs to be legible and prominent. Platforms which are hard to build, or require daily maintenance to set up waste valuable trading serious amounts of ultimately cost the trader money. An excellent program may also keep your settings through the previous day when you start the program the following day the complete settings should appear, you ought not need to incorperate your oscillators and indicators each day.
3. A great platform has a complete pair of oscillators and indicators.
Nothing is more annoying than utilizing a platform that doesn’t have a whole list of indicators or a approach to add those indicators for the chart. Many lower end platforms feature five to six basic indicators and that is the extent of their functionality. Further, a fantastic platform should allow you to adjust time periods and other variables from the indicators on your personal preference. Once again, it shouldn’t take excessive time to perform strikes. They must be self-explanatory and never require paging over the dreaded 200 page manual to find out tips on how to set a 14 period setting with a commodity channel index.
4. A great platform permits various entry and exit options.
A great trading platform permits you to quickly set the number of contracts you intended trade while offering you the ways to set your profit target and stop loss limit. This should be a seamless activity instead of require an excessive amount time. Most good trading platforms furthermore have a provision that enables you to scale beyond trade at certain profit points. Further, a great platform could have an easily understood trailing stop feature that’s easy to setup. It’s also wise to be capable of set up a simple bracket trade with minimal effort.
5. A good platform never fails or crashes
There is no worse feeling in trading than having an active trade and the platforms software fails. There is absolutely no excuse for software incompatibilities with operating systems. The platform may be the essence of the profession and should perform therefore. This type of requirement is just one of my pet peeves, when i traded ones on the platform that has been very unstable generating for some time and frustrating day. I have not used that platform again, and not will. Software designers are very well mindful of the structure flaws inherent in trading platforms and there’s absolutely no reason that these flaws shouldn’t be addressed in the manner which insurers the trader of your crash free trading experience. Nothing is worse than buggy software.
There are many other inherent flaws in trading platforms software, but these five stick out as deal killers in my book. I can’t tolerate some of these flaws and may quickly change platforms easily encounter these problems 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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