Find out how to choose the best platform to trade on the Stock Exchange and what are the most sought after features by traders. When deciding to join the Stock Exchange, learning how to choose the best platform to trade makes all the difference during the trading session, since the tools used by the trader are decisive for the success or failure of his strategies.
Most of the time, the trader looks for a platform that facilitates his operations and optimizes his strategies, especially in the Day Trade module, which requires much more agility. As there are several trading platforms available on the market, we list the features most sought after by professional traders and that can help you improve your operations. If you’re looking for best trading platforms UK for beginners, this article is for you.
To understand how to choose the best platform to trade it is necessary to evaluate some important requirements, such as stability and whether it has essential features for traders. Check out the main ones:
Tape Reading is an order flow analysis technique, which is usually very attractive for those who operate Day Trade. Through it, it is possible to follow the Time and Trades (closed business history) and, thus, identify the price movements resulting from the operations of major players. The objective is to filter and group the history of the most relevant aggressions in order to make a good reading of the market movement and, from there, try to position itself in the same direction.
Graphical analysis is usually the most used functionality by traders, especially for those who send orders directly from the charts. However, as all platforms have this type of resource, the ideal option is to choose one that has charts with different periodicities, studies, indicators and models, such as candle, bar, line, area, among others; a flow chart that allows the identification of the buy and sell flow, trend; among others.
Simulated platforms are essential for beginners or for backtesting. Through this functionality, it is possible to test your strategies in real time, learn better about how charts work, analyze their performance and, after that, start trading on a real account.
Platforms that have a mobile application are indispensable. This is because, although it is not the same thing to choose the desktop, it is essential that the trader can monitor his operations in real time, even if he is not in front of the computer.
Automation of operations
Another feature much sought after by trades is the automation of operations, carried out by investing robots. After a time of experience and with your strategies defined, it is no longer necessary to repeat the same operation every day. With a platform that has investor robots, it is possible to automate the sending of orders using more than one robot in different or equal assets, execute several strategies simultaneously, program the stop loss, among others. Ideally, the trader should choose the ideal robot and test its usability in the simulation module to better understand how to control risks. In this way, he preserves himself emotionally and has time to study the market further and improve his strategies.
The Replay tool allows the trader to review the previous trading sessions and analyze the movement of the asset during the day until it reaches its closing price.
Volume at Price
This functionality allows the trader to monitor the volume traded at all price levels. That is, through it, it is possible to evaluate the market's behavior in relation to the scale of negotiated value.
Technical indicators are essential for those who operate through graphs. That's because, they serve as a basis for the trader to make his decisions, such as when to open or close a position.
If your trading platform accommodates the above features then you are on the right path.