I have traded on numerous trading platforms over the course of my career. Some platforms were an absolute joy to work on, and others made it difficult for me to sleep at night. There are many trading platforms for traders, and they all vary in quality. Come and visit our website search it on olymptrade.com login you can learn more.
Let’s just say that I will only list platforms of high quality, and not list those that are poor. Unfortunately, that would result in a lot of lawsuits and cease-and-desist requests. I’ve chosen some features of great platforms to highlight why they are effective.
Of course, any platform’s success is directly affected by the quality of its data feed. This article assumes that all platforms have a data feed sufficient to allow us to discuss the issue.
1. A quality set of charting instruments is a must for any platform.
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 still be there when you open the program the next day. You won’t need your indicators and oscillators to be updated on a daily basis.
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 majority of platforms at lower price points only offer five or 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. They should be simple to use and not require that you go through the 200 page manual to figure out how to set a 14 period setting in a commodity channel index.