Five Characteristics That Make A Good Trading Platform

I have traded on many different trading platforms in my career olymp trade login. Some platforms were fun and enjoyable, others made it hard to get my hair tangled. There are many trading platforms for traders, and they all vary in quality.

If you need to communicate, I would just list the high-quality platforms and the ones that were not. I could easily fill my mailbox with lawsuits and cease-and-desist requests if I followed that approach. I’ve selected some key characteristics of great platforms to explain why they are effective. Of course, any platform’s ability to function effectively is directly affected by the quality of its data feed. In this article we assume all platforms have an adequate feed. We can then remove that variable from the discussion.

1. A quality set of charting and other tools is a must for any platform.

Trading and active chart requires the ability to draw in trend lines and Fibonacci-retracements. Drawing these symbols does not require a degree of physics. It should not take much time to enter trend lines and other symbols. You should remember that trading is about price action, and not drawing lines on charts.

2. Good platform design should be easy to use and understand.

A platform that is good should be easy to use and read. It should not take you 200 pages to learn how to use the software. The chart should not be difficult to read, and the index readings should always be easily visible. Platforms that are hard to set up or that require frequent maintenance can be costly and waste time. Quality programs will save your settings. When you open the program again the next morning, the exact settings should be displayed.

3. A good platform will have a complete set oscillators and indicator.

There are few things more frustrating than not having a complete set and a method to add indicators to your chart on a platform. Many lower-end platforms have only five or six basic indicators. Good platforms should be able allow you to alter the time periods and other variables of the indicators according to your preference. These functions shouldn’t take long. These functions should not be complicated and require that you go through the 200 pages of a manual to figure out how to set a 14-period setting on a commodity channel.

4. A good platform will allow you to have many entry and exit options.

A good trading platform can allow you quickly to determine how many contracts you intend to trade and also allows you to set your profit limit and stop loss limits. This should be an easy task that takes little time. Good trading platforms will allow you to scale up trades at specific profit points. Good platforms will provide an intuitive trailing stop feature that is easy to set up. With minimal effort, you should also be capable of setting up a bracket trade.

5. A platform that is reliable and stable will never give up or fail.

There is nothing more frustrating than losing an active trade when your trading platform crashes. Software incompatibilities are unacceptable. Your platform is your livelihood and must function accordingly. This is a requirement that I have always resisted. I had to trade one on a platform with high instability and it made for a frustrating day. I have never used the platform again and I won’t ever use it again. Software designers are very well aware of the design flaws that trading platforms have. It is not unreasonable to address these flaws so traders can trade without any crashes. Buggy software can be disastrous.

There are many other weaknesses in trading platforms software but these five standout as deal killers to me. These flaws will not be tolerated and I will change platforms quickly if I experience them. One-off glitches are to be expected. It is unprofessional to have a recurring glitch in the trading platform software.