Criteria for Choosing a Trading Platform
There are certainly a variety of trading platforms out there that let everyday people make trades. Some platforms are great to work on and others are opposite and will make you want to rip your hair out. The quality of these platforms ranges from awful to excellent. Any trading platform's quality is related to its data feed and its quality. For this article we are going to assume that all trading platforms are adequate so we can take this out of the conversation. Learn more about misys programming, go here.
A quality trading platform will have a good set of tools for charting. When trading you will want an active chart, this is essential so you can draw pivot points, trend lines and a lot of other trading techniques. Creating trend lines and other trading symbols should be pretty easy to accomplish and you should do so without a lot of thought. It should not take a physics degree to facilitate these symbols. After all, the trading price should be the primary focus of the chart, not how to create the chart itself.
A quality platform should be easy to set up and read. It should not take a two hundred page manual to explain how you should set up and operate your software. The charts need to be presented clearly and the index should be prominent. Trading platforms that are difficult to set up or require daily maintenance will waste trading time and it will ultimately cost you money. Good platforms will let you save your settings so you can pick up where you left off the day before.
Your platform should have a full set of oscillators and indicators. There is nothing worse than using a platform that does not have a complete set or at least let you install the indicators and oscillators you want. Low end platforms might only offer five or six functions. While good platforms will have a lot of indicators and will also let you adjust different variables like time periods. These indicators should not need a lot of time or effort to set up and use.
The best platforms will let you set up intended trades as well as give you a means to set up profit targets and a loss limit. Like all other functions you do not want it to take a lot of time. These platforms have provisions that let you get out of trades when you reach a profit point that you set up.
You will have no worse feeling if your trading platform fails when you are trying to make trades. There's no excuse for this to ever happen, or for there to be these incompatibilities in any software. The trading platform will be the basis of your profession, so it needs to work like it.