• Trading Platform

    This trading platform is the #1 rated in all reviews whether you’re trading stocks, options, futures, or forex.  My belief is that it is no longer possible to invest (regardless of your market or instrument) without trading software, particularly that part called the Trading Platform. Once you decide what your trading style is, and your level of experience, the choice of platform you make will be easier. Simple and friendly operation with robust features (particularly charting) is necessary for your success. Probably the trading platform you choose will service you from beginner to seasoned pro (where we know you are headed).

    Profitable Results From The Best Trading Platform

    • What is a Trading Platform?

    The trading platform is an interface through which you connect with your broker to place your trading orders. You open, close and manage your positions via the platform. If you opt for a broker-provided platform, it is usually free or very inexpensive.

    The trading platform is that part of the trading software that performs the connection between you and your broker. It has features that allow you to receive all the information you need to make your trades. The platform routes your trade orders from your computer to the computer monitor of an employee of your broker who places your order and the process begins.

    • Different Types of Trading Platforms

    Downloaded Software

    Trading software is usually provided by your broker. Some are true software programs that must be downloaded and installed on your computer. There are even cell phone as for your smart phone.

    • Web-Based

    Sometimes trading software is not downloaded and installed on your computer. Sometimes it is web-based, usually being run using Java language. The result is the same, it’s a matter of individual preference. The advantage of web-based trading platforms is that you can access your information and trade from any computer without installing the software. This seems to be the platform of choice for most investors.

    • Third-Party

    There is also third-party software that is usually highly sophisticated and is able to interface with your broker and even with your broker-provided software. The price for this type software is not cheap.

    I have found that the software available that is broker-provided more than meets the needs of the vast majority of investors.

    • Keep Up With Updates

    After you have learned and you feel you have perfected the basic features of your trading platform, you can move on to the more advanced functions. PLEASE be sure that you keep up with new features that are frequently added. Try to maintain understanding of the logic of your platform. The more you know in advance, the less chance of a problem later on which, of course, will arrive while you are in the middle of a trade and create an emergency situation which is likely to cause you to suffer an unnecessary loss.

    • Paper-Trading

    The ability to paper-trade in simulation is very important. This is the crux of learning, and practice makes perfect. Paper trading allows you to learn basic investment concepts in a real working world situation in real time with current data, but it’s play money. Make your mistakes there before you go live with your real trading account.

    • Automated Trading

    Setting up automated trading strategies on your trading platform is gaining more popularity recently. It doesn’t even require you to be at your computer. Predetermined rules and criteria automate your trading. The trading software will handle your trade exactly as you have asked, and much quicker than you could do it manually. Also, computers don’t make human errors. So, you can take a nap while your trading platform autotrades your strategies!

    A Properly Configured Trading Platform Makes a Huge Difference

    • Criteria for Choosing Your Trading Platform

    You will need to make sure your platform allows you to:

    Trade all the major world markets and exchanges;
    Easy to use interface along with powerful tools and features;
    Full featured charting functions;
    Paper-trading ability in a simulation using real time market data;
    Ability to make fast trade executions;
    Features to develop and employ strategies;
    Strong back-testing and historical data features;
    Ability to scale out and use brackets;
    Strong indicator features;
    Charting tools that offer a wide variety of features and functions;
    Real time and reliable market data;
    Price-earnings ratios;
    News features;
    Ability to operate 24/7;
    A good manual and tutorials;
    Reliable help and support.

    Some trading platforms that have high reviews are:

    XTrader
    MD Trader
    X Study
    X Trader Pro
    Autotrader
    Autospreader
    Strategy Runner
    J Trader
    NinjaTrader
    IQTrader
    CQG
    ProMark
    RANorder

    I personally prefer and use:

    http://tradestation.com and
    Think or Swim

    It’s important to spend ample time researching and discussing with professions the right tools of the “trade”. Don’t make your decisions on price alone. Be sure to include the feature list when choosing a trading platform.

    © 2011, www.daytraderoptions.com. All rights reserved.

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