Quality #5: Trade Platform-Savvy
Mastery over the tools of the trade is a hallmark characteristic of anybody who does great things.
Concert pianists don’t become great by only practicing how to use the white keys. They need to play using the black keys, too.
Professional baseball players don’t make it to the league by only using their gloves. They also need to use their bats, cleats, and helmets.
The point is…
As a trader, mastering every aspect of the tools you use to trade is critical to your success.
And that’s why you need to be savvy about your trading platform.
Mastery over your trading platform can make the difference between winning $1,600 in a 10-minute trade and losing $2,200 on that same trade.
You must have mastery over your trading platform to maximize your trading profits in every situation.
Becoming the Master Jack of Trades…
Being a good trader means that there will be crucial variables and systems that you have to learn and master.
And in today’s age…
You can’t be a successful trader without understanding the vital requirements of a good trading platform.
This means you’ll research, compare, and understand which trade platforms or software work best for your strategies.
You’ll need to pick the ones that offer all-inclusive features with low or no fees.
But keep in mind that even free trading platforms come at the cost of your data and privacy.
Either way, it’s no different from going to the grocery store and picking out what best suits your needs in a sea of options.
So you must understand what you’re signing up for.
Start with The Basics
There are two types of trading platforms.
- Commercial platforms: These are usually for day traders and retail investors. They are easy to use and offer features such as newsfeeds, charts and investor research, etc.
- Pro platforms: These are for the market movers and big corporations. They are usually proprietary or customized for large brokerages so they can use it for their specific metrics or objective trading styles,
What are You Looking for?
Based on these platforms, it’s safe to assume you’ll be using a commercial platform as a day trader.
But what features and benefits should you be looking for?
- No fees
- Fractional share buying
- Depth chart visualizations
- Option trade tools
- Automated alerts
- Price alerts
- Algorithm software
- 24/7 Maintenance & Support
It can get overwhelming, but as you learn more about day trading with a practice account, you’ll get a sense of exactly what you want.
Fortunately, most trading platforms are intuitive and user-friendly.
But you still need to be aware of ALL of its features and how they help you with your trades.
Take time to watch and go through the tutorial videos about the platform.
You might even learn some tips and tricks the average day trader will overlook.
Check This Out
Hawkeye and Big Energy Profits traders can use our Hawkeye indicators on 4 of the most popular trading platforms worldwide. You can find more information on the Traders’ Platform page, but here’s a brief overview:
- MetaTrader: The number #1 trading platform for Forex traders. It interfaces with many brokers and accommodates all traders at any skill level. Whether you want advanced technical analysis, flexible trading systems or algorithmic trading. It’s available to you with expert advisor support on all supporting devices.
- NINJA TRADER: This is an award-winning trading platform with low fees and a no-nonsense approach to futures trading.
- TradeStation: this platform is popular with algorithm-focused traders that just want automated scripts and alerts to do all the work with Easy Language, as in “If this…then that.” All you have to do is plug in that language and kick back.
- TradingView: This is pretty much the Facebook of trading platforms. But instead of a random assortment of content tailored to your newsfeed, you get a newsfeed of live quotes, stock charts, and expert trading ideas on stocks, futures, and forex markets.
You won’t know what trading platform works best for you until you jump in.
With the internet, you have access to reviews and forums that discuss thousands of trading platforms.
Pick out something that’s standard and affordable.
But most importantly…
Jump in and test every feature. The savvy trader knows their trading platform inside and out.
Two consumers can buy the same chopping board.
But the one who knows the hole on the chopping board is for sliding all the chopped vegetables through so there’s no spilling or waste, gets the most out of it.
The same concept applies to your trading platform.
The traders who get the most out of their trades are the ones who know how to use their trading platform to maximize every profit opportunity.