I have traded on numerous trading platforms during my career. Some platforms were an absolute joy to use and a great place to work olymp trade. Others made it difficult to sleep at night. The quality and range of trading platforms available for traders is varied, from terrible platforms to great ones.
Let’s just say that I will only list platforms of high quality, and not list those that are poor. I would end up with a mountain of cease and desists and lawsuits if that was my approach. So, I’ve chosen some features of great platforms and listed why I think they’re so effective. The data feed quality is an important factor in any platform’s success. This article assumes that all platforms have a data feed sufficient to allow us to discuss the issue.
1. A good platform should have a high-quality set of charting instruments at its disposal.
For active charts and trading, it is crucial to be able and proficient in drawing trend lines, Fibonacci and pivot points, as well as other tools, that other traders may find necessary. These symbols can be drawn without the need for a physics degree. Entry of trend lines and other symbols shouldn’t take too much effort. Remember that your main focus when trading is price action, not how to draw lines.
2. A good platform should be easy-to-read and to interpret.
An easy-to-use platform should be clear and simple to set up. To use the software, you don’t need to read 200 pages of manuals. The chart must be clear and understandable. Also, the index readings must be clearly visible and easily read. Platforms that are complicated to set up or require regular maintenance will waste trader time and eventually cost them money. The settings you have saved from the previous day will be preserved and the program should start again the next day. You won’t need to update your indicators or oscillators on a daily basis if you use a quality program.
3. A platform with a solid foundation has an extensive set of indicators and oscillators.
Nothing is more frustrating than a platform lacking a set of indicators or a means to add them to the chart. A lot of lower-end platforms only offer five to six basic indicators. That is about it. You should also be able to modify the indicator time periods and other variables according to your preferences. Again, these functions shouldn’t take too long. These functions should be clear and easy to follow, without the need to go through the 200 page manual.
4. A platform is able to allow for many exit and entry options.
Trading platforms allow you to quickly select the number and type of contracts you would like to trade. They also give you the ability to set your profit target or stop loss limit. This should not be complicated and take too long. A majority of the best trading platforms allow you to scale out trades at certain profit points. An easy-to-understand trailing stop feature is another important feature of a great platform. It should be easy to set up simple bracket trades.
5. A great platform is never in trouble.
There is nothing worse than trading when the platform software crashes. Software compatibility with operating systems is not an excuse. The platform is essential to your profession, and it should function as such. This is something I hate. I once traded on a platform which was extremely unstable and made for a frustrating day. I have never used this platform again and will never do so again. Software developers are well aware about the design flaws of trading platforms. This should be addressed so that trader have a safe trading experience. Buggy software is worse than bad.
While there are many other flaws in trading platform software, these five are my top picks for deal killers. I won’t tolerate any of these flaws, and I’ll quickly switch platforms if I run into them. A glitch that happens once in a while is normal. However, a persistent and recurring glitch within trading platforms software is not acceptable.