Knudsen Parrott posted an update 3 weeks ago
We have certainly traded on the number of trading platforms throughout the span of my career. Some platforms have already been great and a sheer pleasure which to operate, as well as other platforms forced me to be desire to set my hair burning. The variety and quality of trading platforms accessible to traders differs from awful platforms to excellent platforms.
Word in the market to meet, I might simply list the platforms which can be high quality and list the platforms which are awful. Unfortunately, if I took that approach the pile of lawsuits and cease and desist would have my mailbox overflowing. Therefore i have selected some characteristics of effective platforms and enumerate why I think they are particularly effective.
Obviously, great and bad any platform is directly related towards the company’s data feed. For the purposes of this article, we’re going to assume all platforms have an adequate data feed and eliminate that variable in the discussion.
1. A good platform has a quality list of charting tools for your use.
When trading and active chart you must manage to bring in trend lines, Fibonacci retracements, pivot points, and a host of other tools that traders apart from myself may deem necessary. You should not require a degree in physics so that you can facilitate enter of those symbols. The process for entering trend lines and other symbols should be effortless and accomplished without excessive thought. In the end, your main focus in trading is the price action about the chart not determining how you can write down lines on the chart.
2. A great platform needs to be readable and interpret.
An excellent platform should be readable as well as set up. You ought not must read a 200 page manual in order to operate the application. The chart should be clear and straightforward to know and also the index readings needs to be legible and prominent. Platforms which can be difficult to build, or require daily maintenance to set up waste valuable trading some time and ultimately cost the trader money. A good program will also useful settings in the previous day when you commence this software the following day the actual settings should appear, you shouldn’t should add your oscillators and indicators every day.
3. A fantastic platform carries a complete pair of oscillators and indicators.
You’ll find nothing more annoying than by using a platform without an entire set of indicators or possibly a strategy to add those indicators for the chart. Many lower end platforms feature five or six basic indicators and that’s the extent with their functionality. Further, an excellent platform should allow you to adjust cycles and also other variables from the indicators on your personal preference. Yet again, it should not take a lot of time for you to perform these characteristics. They will be self-explanatory and not require paging over the dreaded 200 page manual to determine the way to set a 14 period setting over a commodity channel index.
4. A great platform permits several entry and exit options.
A fantastic trading platform lets you quickly set the volume of contracts you intended trade while providing you with the methods to set your profit target and prevent loss limit. This should be a seamless activity instead of require a lot of time. Most good trading platforms in addition have a provision that allows you to scale away from trade at certain profit points. Further, a great platform can have an easily understood trailing stop feature that is certainly simple to build. It’s also wise to manage to create a simple bracket have business dealings with minimal effort.
5. A great platform never fails or crashes
There isn’t any worse feeling in trading than having an active trade along with the platforms software fails. There is absolutely no excuse for software incompatibilities with operating systems. System will be the essence of one’s profession and will perform as such. This type of requirement is among my pet peeves, as I traded ones on the platform that’s very unstable generating for a and frustrating day. I have never used that platform again, and not will. Software designers are alert to the look flaws built into trading platforms and there’s virtually no believe that these flaws really should not be addressed within a manner which insurers the trader of your crash free trading experience. There is nothing worse than buggy software.
There are several other inherent flaws in trading platforms software, however, these five stick out as deal killers in my opinion. I can’t tolerate any of these flaws and may 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 packages are inexcusable.
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