Whether you are an expert trader or novice investor, it’s important to find a trading platform that fits your needs. You want to use a trading platform that is easy to navigate and has intuitive trading tools that allow you to analyze the markets. If you want to trade multiple assets, make sure that the platform you choose provides several different tradable securities.
If you plan to be on the go, you want access to a mobile trading platform that works in conjunction with your desktop trading platform. Additionally, many trading platforms provide charting software that allows you to graph the historical movements of each asset that is available to trade.
If you plan on using technical analysis, you want to make sure the platform you choose has these capabilities. Lastly, there is no better way to test drive a platform than with a demo account.
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Here are the ways to Choose the Right Trading Platform
Don’t Follow Others
One of the biggest mistakes you can do is follow what others are doing in fear of missing out. Just because a trading platform worked best for someone, it doesn’t mean it would turn out great for you too. There is a possibility that a lot of people are using it because they find it great; however, this shouldn’t be the only factor to consider.
Always use the platform yourself and see if it has every feature you expect. In this article, I have shared several things you should look for in a mobile trading platform before purchasing its premium. Be sure to wait and use the full trial version even if you think you have found the right fit.
For Computer & Mobile Devices
Many trading platforms provide you with both a desktop version of a trading platform as well as a mobile version. The desktop platform can be a downloadable platform that is installed on a computer or a browser-based platform that can run on any computer or tablet if you have access to the internet. The one you choose is likely a function of your working habits. If you are on the move all the time, then having a downloadable platform might be cumbersome.
A mobile platform will likely have most of the same functionality as the desktop platform. If you are on the go, you want to make sure that the mobile platform has charting capabilities and allows you to transact trades.
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If you plan to trade multiple securities, you want to make sure the platform you choose provides access to many different assets. If you are looking to trade securities that are moving, you want to have access to several different asset classes. The type of assets could include:
- Currency pairs
Different Types of Helpful Trading Tools
Many trading platforms go well beyond providing traders with a way to execute trades. If you plan to analyze the capital markets, you might consider using:
- Economic Calendar
- Education Portal
An economic calendar tracks future economic and monetary policy releases. Economic releases can alter the movements of capital market assets. Many of the economic calendars that are available provide an estimate of the release as well as the prior release.
Chart of the assets allows you to perform technical analysis which is the study of past price action to predict future movements of an asset. Lastly, if you want to learn about different trading strategies or risk management techniques, it’s helpful to have access to an education portal that provides articles and videos on different trading concepts.
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Look for User-Friendly Interface
In addition to all technical features, you must also consider how great the platform is in terms of the user interface. It may not sound like much big of a deal, but it creates many problems for you. You won’t be able to work fast with a lousy interface, and you are likely to make a lot of mistakes.
A user-friendly platform will make this complicated job easy for you, while a bad unplanned interface will make it even more difficult. A good platform would never build an awesome backend and totally ignore the frontend. If it’s terrible in front, it’s likely the same with technical features.
Has Good Reviews
One can’t judge a book by its cover. Similarly, you have to first use a mobile trading platform before you can tell if it’s good or not. However, not all of us have the time to keep switching from one service to another. The best way to make a decision is to use the experience of others. That’s why you should look for reviews about the mobile trading platform you plan to use. You can post a question on sites like Quora or relevant platforms to get reviews.
You will find all the strengths and weaknesses of the platform from the people who have or are using it. There is no more powerful marketing than word of mouth, and it can only be achieved through quality. If they are providing quality, they will get good reviews. However, make sure you don’t believe all reviews shared on the official website of that mobile trading platform.
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A Demo Account
Once you have had a chance to look at the platform’s capabilities, you might consider test driving the account using a demo account. A demo account allows you to trade demo money instead of real capital. Through this process, you can test the trade execution module to make sure you know what you are doing when you transact a trade.
Additionally, a demo account allows you to test new trading strategies and see how these strategies perform in real-time. Many trading platforms allow you to use a demo account when trading their desktop platform as well as their mobile platform.
Before you choose a trading platform it’s important to find one that fits your needs. You want to use a trading platform that has multiple trading tools that allow you to analyze the markets.
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If you want to trade multiple assets, make sure that the platform you choose provides several different tradable securities. Lastly, it’s helpful to test drive a trading platform using a demo account.