• Lentz Pratt posted an update 1 month, 4 weeks ago

    I’ve certainly traded with a number of trading platforms through the entire course of my career. Some platforms have already been a joy plus a sheer pleasure on what to work, and other platforms helped me need to set my hair burning down. The mix and quality of trading platforms open to traders is different from awful platforms to excellent platforms.

    Word to meet, I might simply list the platforms that are good quality and list the platforms which were awful. Unfortunately, if I took that approach the pile of lawsuits and cease and desist could have my mailbox overflowing. So I chose some characteristics of great platforms and enumerate why I think they may be particularly effective.

    Naturally, the strength of any platform is proportional for the excellence of the data feed. For the reasons like this post, we’ll assume all platforms have an adequate data feed and merely eliminate that variable in the discussion.

    1. A great platform has a quality pair of charting tools at your disposal.

    When trading and active chart it is very important be able to lure trend lines, Fibonacci retracements, pivot points, plus a host of other tools that traders apart from myself may deem necessary. You ought not have to have a degree in physics in order to facilitate the drawing of those symbols. The process for entering trend lines along with other symbols ought to be effortless and accomplished without excessive thought. In fact, most of your concentrate trading is the price action around the chart not determining the way to draw up lines on your chart.

    2. A good platform needs to be sorted and interpret.

    A good platform ought to be readable and set up. You should not must read a 200 page manual so that you can operate the application. The chart should be clear and straightforward to be aware of as well as the index readings needs to be legible and prominent. Platforms which are challenging to build, or require daily maintenance to setup waste valuable trading serious amounts of ultimately cost the trader money. A quality program will likely useful settings in the previous day when you commence this program the following day the precise settings should appear, you ought not need to add your oscillators and indicators on a regular basis.

    3. A great platform has a complete group of oscillators and indicators.

    There is nothing more annoying than utilizing a platform that doesn’t have an entire pair of indicators or possibly a approach to add those indicators towards the chart. Many lower end platforms feature five or six basic indicators and that is the extent of their functionality. Further, an excellent platform should enable you to adjust periods of time and also other variables within the indicators on your personal preference. Again, it should not take an excessive amount of time and energy to perform these characteristics. They should be self-explanatory and not require paging over the dreaded 200 page manual to find out how to set a 14 period setting on the commodity channel index.

    4. A fantastic platform provides for a number exit and entry options.

    A fantastic trading platform enables you to quickly set the quantity of contracts you intended trade while also providing you with the ways to set your profit target and stop loss limit. This should actually be a seamless activity and never require a lot of time. Most good trading platforms possess a provision that permits you to scale away from trade at certain profit points. Further, a good platform will have an easily understood trailing stop feature which is an easy task to build. Its also wise to have the ability to start a simple bracket do business with minimal effort.

    5. An excellent platform never fails or crashes

    There is no worse feeling in trading than being in an active trade and the platforms software fails. There is no excuse for software incompatibilities with operating systems. The platform could be the essence of one’s profession and will perform as such. This specific requirement is among my pet peeves, as I traded ones with a platform that’s very unstable generating for a long and frustrating day. I never used that platform again, and don’t will. Software designers are alert to the style flaws inherent in trading platforms then there is absolutely no belief that these flaws shouldn’t be addressed inside a manner which insurers the trader of the crash free trading experience. There’s nothing worse than buggy software.

    There are many other inherent flaws in trading platforms software, however, these five be noticeable as deal killers in my book. I can’t tolerate any of these flaws and will quickly change platforms easily encounter these problems with any frequency. Of course, a one-time glitch can be expected. But a consistent and reoccurring glitch in trading platforms software program is inexcusable.

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