Let’s dedicate this article to talk properly about trading platforms, there are thousands of them in the market and they all promise to be the best. It may be that each one is in different things, but what really interests you? what do you ask of a trading program? Let’s go for it.
1. What is a trading platform?
I know you know what it is, a trading tool. Let’s go one step further, in the market there are different types of platforms according to their function in broad strokes:
✓ To graph: If you know me a little you will know that I am not in favor of making decisions looking at graphs. Decisions resulting from emotions, there is no objective plan… it is not the objective of this article, so I am not going to give you the ember with this. Some of the best known for their charts are Pro Real Time, Visual Chart, Ninja Trader…
✓ To create strategies: There are also tools to develop trading strategies, most of them already automated. For example, Metatrader allows you to create this type of trading strategies that are called EAs (Expert Advisors).
✓ To trade: you are yes yes Platforms to buy and sell through them. Some of the above allow you to buy directly.
Don’t get confused by seeing many platforms, some offer everything (graphics, automation and execution). This classification is just so you understand that a trading program can be anything that fulfills one of these functions.
2. How does a trading platform work?
What this type of software tries to do is make your life easier as a trader. For example, if you like graphics and presentations of a type, you will prefer a platform that can give it to you. If, on the contrary, you develop and execute automatic trading systems, as is my case, you will prefer another type or you will prioritize based on it. All in the end try to give service in exchange for commissions through the purchases and sales you make in that same program or by paying a fee in some cases.
3. Which trading platform is better?
The usual question. The best is the one that complies with what you ask for with a note. As I said before, there are different types of traders, so there are also different types of platforms based on this. It is as if we try to agree on which is the best bank. It will depend on the type of client.
In my case, to implement systems and for the issue of operations, I do it with Metatrader because it is very versatile and has a great community behind it. Plus, it’s free.
4. Which platform charges the lowest commission?
If it is for development and graphics, I would not pay for it except for a few specific cases, but in reality there are so many nowadays that it seems to me an unnecessary expense.
As for brokers, fixed commission as low as possible and reduced forks with DMA execution. If you trade in OTC markets such as Forex, keep this in mind.
5. The best platforms
The best trading platforms They do not advertise aggressively or offer bonuses for two reasons. The first, they don’t need it. The second, the conditions are usually good and tight, they focus on giving the trader a good service and they cannot pay all this money on marketing.
The good ones are those that want you to do well and take care of you because their business is for you to trade for a long time and do well. Create long-term relationships with aligned interests and you will have a lot going for you.
6. Forex trading platforms
Depending on whether you trade futures, stocks, cryptocurrencies… you may be interested in one platform or another, especially when trading. Most brokers are specialized and competitive in some of them and very few are competitive in all or most of them. I tell you in case you do Forex trading.
In the foreign exchange market due to its characteristics, tools such as indicators, scripts… the queen is metatrader. Do not get me wrong, I am not saying that it is the best, but the most used. That is why you will find a multitude of resources and this, together with the fact that it is free in the vast majority of brokers, means that it has a large community behind it. This is very important because you will find solutions faster with software that thousands of people use than just a few.
I leave you this Web for you to take a look at MQL5, which is a meeting point for developers and traders. In the forum you can find solutions to some of your questions. Like the vast majority, it has flaws and many things to improve. The positive thing is that there are many people every day working for it.
7. Free trading platforms
The vast majority of brokers offer various associated programs to trade. This is so because it is convenient for traders to have tools to be able to make operations through competent software, an attractive interface, speed… It’s simple, if the trader feels comfortable doing operations and the broker wins. Also, if it offers good alternatives at the platform level, it is an attraction so that you can open an account with it and start working. Would you open an account with a broker that has trading tools that are not up to par? It would not make sense. They know it well and that is why they try to offer them.
Most trading platforms are free, especially Forex. Others, on the other hand, charge you a monthly, quarterly fee or a payment to acquire a lifetime license, as is the case with Ninja Trader for futures. There is also that they offer you a free platform in exchange for a minimum of operations. In the end you end up paying for it by doing operations.
Especially if you are starting my advice is that don’t spend money on software Unless you are looking for something very specific. Do the math, if you don’t have a very large account at the end of the year, this cost can be significant. If you don’t know where to start, many brokers offer Metatrader for free. Choose a good one based on your conditions.
8. Demo trading programs
I know that you may be thinking that you do not know how to choose a trading platform or how these types of tools work. Don’t worry, most have one. demo version so you can practice with virtual money. You will not have to make any type of deposit. Do not pay for something that you do not know or are sure that it will contribute to you.
Download different softwares and try them, they are free. Spend some time seeing how they work and stick with the one that you feel most comfortable with or suits you. From here, choose the one you choose, dedicate yourself to knowing it well and make sure of it before starting with real money.
Something important, invest time to let go and not make foolish mistakes later that make you lose money, but do not assume that everything that happens in a simulated account will happen in a real one. Of course not, brokers will not execute orders as precisely and emotions come into play.
9. Platform Comparator
Are you looking for a list of brokers from highest to lowest with names and surnames? What if that list was conditioned by what a broker pays me for it? This is very common in this industry and it’s not bad as long as you recommend what you think is really best. I am not going to give you a list because I do not want to condition you and for this I have prepared the previous video with some conditions and requirements that will allow you to differentiate between what is a serious trading platform and what is not.
10. The best trading platform
As you know, the best platform for me does not have to be the best for you and vice versa. As I have told you before, it depends on what you operate the capital, etc.
And is it already?
These are platforms for creating trading strategies. Then you export it to the platform that your broker uses and that’s it.
Tell me any questions regarding platforms and brokers, you can write to me at hola@rubenmartinezes.com. I know it’s not an easy road
And thanks for reading once again, really.