Navigating Your Trading Platform

By: Leroy Rushing
Understanding your trading platform is importantto . Atrading platform is the place of business for traders, where all theinformation of each trade is listed with charts, data, and newsfeeds fortrading. In any market, and with any kind of trader, knowing your tradingplatform is extremely important. Your own trading style has much to do with theimportance of knowing the platform. Scalping requires that you know exactly howto order in split second trading, and investing means that you need to knowwhere to find good financial data, such as annual reports or analyst outlooks.

The platform is a place of business

Professional traders know the importance of navigating their trading platforms.Many go so far as to edit their platforms to fit their own trading style; somechange the colors on bars and charts to get a better feel, while othersrearrange everything altogether. Brokerages and banks also understand theimportance of a custom trading platform and give investors the ability tochange colors and layouts to suit their needs.

You should look at your platform as a place of business. Whether day trading,swing trading, or investing, you will use the same program and much of the sameorders to place the bulk of your trades. Professional traders often usemultiple monitors and computers to look at many different charts at once.

Swing trading

As a swing trader, you’ll want a very streamlined trading platform, usuallywith plenty of technical study applications. Swing trading by definitionentails many short time period trades, thus the ability to make trades asquickly as possible is very important. Swing trading platforms are usually themost simple, with many different charts, but limited research tools. Tradingexecution is also made very important as traders want to get in the market assoon as they place a trade, as opposed to waiting valuable seconds with manydeep discount brokers.

Day trading

Day traders have much the same setup as swing traders, but focus a bit moretime and energy on ,largely because they can do it. Swing trading makes it almost impossible towatch anything but the extremely short term technicals, while many day tradersprofit from the fundamental changes throughout the day.

Investors

Investors need a very simple trading platform and do not need the instant executionor graphing capabilities as the short-term trader. Focusing on fundamentals andresearch into a business is much more important than the rest of trading. Manyinvestors favor the deep discount brokers to limit their costs when makingsmaller, long term trades. Investors are the least demanding of these threeclasses.
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