Best Trading Platform

Check out some of the best trading platforms here:

1) Ease of Use - Based on self trial and/or opinions of various traders
2) Charting - Refers to ease of use of the charts. For instance putting on and adjusting indicators, trend lines,       manipulating the view, putting through orders (on some charting platforms you can simply click and drag       where you want your stop loss and various targets).
3) Free to use if you have a brokerage account with them.


So you want to know what the best trading platform is? Well that will all depend on what type of trader you are. I like to think of two broad categories when choosing a trading platform:

Asset Class
Trading Strategy

I will explain these in more detail below to help guide you. But it is important to note that there is no single best trading platform in my opinion. There are definitely a few good ones and several bad ones. Out of the better ones, you will have to choose the one that meets the criteria most important to you

I have taken my knowledge and experience gained over the years, summarizing the key factors to make this process as productive and efficient for you as possible.

My summary table gives you an overview of several important factors when deciding on the "best trading platform." From there you can also find detailed explanations of their pros and cons.

Perhaps this is your first decision as to what trading platform to choose. Or perhaps, you have a trading platform you like but you want to venture into another asset class that which will require a compatible trading system.

My goal is for you to cut your search time in gathering all of the information out there, and to be able to make an informed decision.

Now, let's dive into the two broad categories I mentioned above to narrow down and get a sense of what is the best trading platform suited to your needs. 


Asset Class

Some platforms are universal and can be used for all asset classes with your broker. However, other trading platforms are used for specific asset classes.  

The table above provides the details so you can see some of the best trading platforms available to you (these are some of the more popular platforms - there exist so many if all were included both you and I would get paralysis of analysis...

That being said, I will be adding the most popular ones to the list over time. If you feel I missed an important platform please let me know and I'll add it on along with a review!


Trading Strategy

If you are new to trading you might not even know yet what you want your trading strategy to be. By trading strategy, I don't mean the strategy you use to give you an edge in the market; I mean how long you generally hold your positions in the market and how active you are in the markets.

I will breakdown trading strategy into the following four categories:

Position Trader

Swing Trader

Day Trader

Scalper

Position Trader

This type of investor is somewhat passive. He/she does their research (I hope..) and then invests into the security of their choice holding a concentrated portfolio. Typically they hold it for a time period of 6 months to several years.  After making that decision and executing the trade, not much is done other than periodically checking up on it and deciding when to exit. 

Criteria Important to you:

  • Cost of platform (ideally free due to minimal trading)

Swing Trader

Swing trading is a much more active style. It can range from 3 to 6 months or can even just be several days to a couple weeks. This strategy takes into consideration market timing and is more dependent on technical analysis. 

Criteria important to you:

  • Ease of use of the trading platform
  • Charting capabilities

Day Trader

Day trading involves your full attention and so you can't really be using this strategy if you have a full time job... Unless you have a day off! Holding period ranges from minutes to one day. A day trader closes all positions before markets close in order to avoid risk of price jumps that happen 'overnight.' 

Criteria important to you:

  • Charting capabilities
  • Platform reliability
  • Fast execution

Scalper

A scalper does a large number of trades in a day and might even reach hundreds by end of the day. A scalper goes in with the intention of making multiple small gains - taking profits when the security price moves favorably by very small amounts. 

Criteria important to you:

  • Fast execution
  • Platform reliability
  • Charting Capabilities

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