Because the trading platform serves as a necessary mediator between the trader and the relevant financial market, choosing the best trading platform is a top priority, particularly for beginners. In order to make informed trade decisions, the broker needs to know exactly when and what orders a trader submits, and the investor needs to judge where the market is moving. A trading platform is specialized software that allows investors to have access to worldwide financial markets through a brokerage firm.
There are so many trading platforms available nowadays that picking the appropriate one is difficult. And if an experienced trader already knows approximately what functions of the trading platform he needs for effective trading, then it is difficult for a beginner to understand the abundance of the options presented. A new trader should look for a platform that offers not only security and the necessary assets, but also competitive rates and excellent customer service. In addition, numerous resources, options, training materials, and technical indicators should be considered. Thus, finding the best trading platform for a beginner is an important decision to get started.
Don’t Imitate Others
Currently, all trading systems are nearly identical. It’s more accurate to say that all trading platforms share a common goal. And the goal is simple: to allow the trader to fully immerse themselves in the exciting process of trading without having to worry about any additional questions or problems.
But a decent trading platform should have its own unique features rather than rehashing those of others. This could be due to the availability of technical and graphical analysis tools, as well as differing timeframes and chart formats. Additional “chips” include the ability to trade with a single click, as well as the ability to install custom scripts, add-ons, and programs.
The user-friendly interface is a key feature for new traders. The platform should not cause eye fatigue, have a simple design, and all of the main functions should be easily accessible. A decent terminal allows the trader to alter the color of indicators, the background, or the chart itself, making trading more pleasant for the trader. Furthermore, a visual inspection is used to build the first impression of the platform. Select your preferred program. The appearance of the trading terminal’s windows should not bother or tire you out. Extraneous graphic components and animation inserts should be removed from the software to avoid diverting the trader’s attention.
Basic Functionalities and Additional Features
To begin with, it is necessary to highlight the main functions that a high-quality platform for making money in the financial markets must comply with:
- Information is being received.
First and foremost, this is the asset’s current value on the internet. Quotes are disseminated by a broker after they have been received from their liquidity providers. You may also access a quotation archive, get news, and more on the site.
- Analyze the market.
The platform includes fundamental technical and graphical analysis tools for assessing the current and historical state of the market.
- Deal-making is a skill.
Opening and closing orders, partially closing orders, and setting pending orders are all possible options.
- Account management.
Open as many demo and real accounts as you want, and switch between them during trading and analysis.
- Test your strategy.
Some platforms include features that allow you to test the effectiveness of human and algorithmic tactics on quote history.
- Analyze the performance of your trade.
The platform stores transaction history and creates a statistics report that can be downloaded and edited in spreadsheet editors.
- Access to various exchanges is provided by a variety of trading terminals.
Choose programs that provide you access to as many stock sites as possible. You can use this software to engage in arbitrage transactions and obtain financial data from a variety of sources.
- Pay attention to the price of the application.
Free terminals are suitable for beginner traders who do not need advanced analytical tools.
Stability of Performance
The terminal must function without technological faults, even as liquidity increases. These issues are mostly found on web platforms. Such disadvantages are minimal for long-term traders, but for scalpers, delays in processing trade orders might result in a loss of earnings. It is recommended that you install trading software on your home computer to avoid such issues, although this is not always effective.
Technical and computer analysis tools should be plentiful on a decent trading platform. Developers should allow for the adjustment of input settings when moving indicators to a chart. To make a trading decision, it’s also critical to look at multiple time periods on the chart.
The program should allow users to operate with multiple financial products at the same time, as well as automated trading systems. When placing urgent, safety, or pending orders, a trader should have no problems. The existence of a window for monitoring trade volumes and key macroeconomic events that can cause a dramatic market reaction will be an added benefit of the terminal.
For a decent trading platform, it is also an important factor that users can easily send their questions to the online support service, which always answers them promptly. You should also be able to ask for help in the community, where users discuss solutions to any problems regarding this platform.
Summing up, we can say that for successful trading on the stock exchanges, a novice trader needs to understand the trading conditions, commissions and features of the terminals of the largest brokers. Pay attention to reliability, functionality and the availability of real access to the exchange, and then a successful start in trading is guaranteed to you.