Lentz Washington posted an update 4 weeks ago
We have certainly traded with a variety of trading platforms throughout the lifetime of my career. Some platforms happen to be a joy plus a sheer pleasure which to work, along with other platforms taught me to be wish to set my hair on fire. The mix and quality of trading platforms open to traders is different from awful platforms to excellent platforms.
Word to meet, I’d simply list the platforms that are of top quality and list the platforms which were awful. Unfortunately, only took that approach the pile of lawsuits and cease and desist would’ve my mailbox overflowing. So I have decided some characteristics of effective platforms and enumerate why I do think they’re particularly effective.
Needless to say, great and bad any platform is directly related to the company’s data feed. For your purposes of this article, we’ll assume all platforms provide an adequate data feed and merely eliminate that variable from the discussion.
1. A great platform has a quality pair of charting tools for your use.
When trading and active chart you must be able to draw in trend lines, Fibonacci retracements, pivot points, along with a host of other tools that traders apart from myself may deem necessary. You should not have to have a degree in physics so that you can facilitate here is your chance of these symbols. The procedure for entering trend lines along with other symbols must be effortless and accomplished without excessive thought. In the end, your main concentrate trading may be the price action around the chart not finding out how you can draw up lines on your chart.
2. A great platform should be easy to read and interpret.
A great platform needs to be sorted and hang up up. You should not must read a 200 page manual so that you can operate the program. The chart should be clear and simple to comprehend along with the index readings needs to be legible and prominent. Platforms which are difficult to build, or require daily maintenance to set up waste valuable trading some time and ultimately cost the trader money. A quality program will likely keep your settings from the previous day then when you start out this program in the morning the actual settings should appear, you should not should add your oscillators and indicators each day.
3. A good platform has a complete list of oscillators and indicators.
Nothing is more annoying than utilizing a platform that does not have a whole list of indicators or a method to add those indicators to the chart. Many budget platforms feature five or six basic indicators and that is the extent of these functionality. Further, a great platform should enable you to adjust periods of time as well as other variables in the indicators for your personal preference. Again, it should not take an excessive amount time for it to perform these characteristics. They should be self-explanatory instead of require paging through the dreaded 200 page manual to establish the way to set a 14 period setting with a commodity channel index.
4. A fantastic platform provides for a number exit and entry options.
A fantastic trading platform lets you quickly set the amount of contracts you intended trade whilst offering you the ways to set your profit target which will help prevent loss limit. This needs to be a seamless activity and never require an excessive amount of time. Most good trading platforms in addition have a provision that lets you scale beyond trade at certain profit points. Further, a great platform could have an easily understood trailing stop feature which is all to easy to setup. Its also wise to have the ability to set up a simple bracket invest a minimal amount of effort.
5. A good platform never fails or crashes
There is absolutely no worse feeling in trading than being in an active trade as well as the platforms software fails. There is no excuse for software incompatibilities with os’s. The working platform may be the essence of the profession and may perform as a result. This specific requirement is among my pet peeves, as I traded ones over a platform that’s very unstable generating for a long and frustrating day. I have not used that platform again, and don’t will. Software designers are well alert to the style flaws built into trading platforms then there is absolutely no believe that these flaws mustn’t be addressed within a manner which insurers the trader of your crash free trading experience. Nothing is worse than buggy software.
There are numerous other inherent flaws in trading platforms software, however these five stand out as deal killers in my book. I won’t tolerate these flaws and definately will quickly change platforms basically encounter these issues with any frequency. Of course, a one-time glitch to expect. But a consistent and reoccurring glitch in trading platforms software packages are inexcusable.
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