Do you need a trading platform?

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Hi all,

I was thinking of opening a brokerage account and operating the account from my iPhone.

I understand that day traders and more veteran traders use trading platforms but I was wondering whether I need one? As I get more experienced, I may choose to use one and purchase a better computer set up than what I have now. Which trading platforms are best? What is the sign of a good trading platform? Many brokers offer their own, free trading platforms, are they worth using? Or should I look into purchasing one?

Thank you!
 
Hi all,

I was thinking of opening a brokerage account and operating the account from my iPhone.

I understand that day traders and more veteran traders use trading platforms but I was wondering whether I need one? As I get more experienced, I may choose to use one and purchase a better computer set up than what I have now. Which trading platforms are best? What is the sign of a good trading platform? Many brokers offer their own, free trading platforms, are they worth using? Or should I look into purchasing one?

Thank you!

all depends on what you're trying to achieve
I use a platform because I want to backtest ideas I may have. I want to visualise historic price action easier, I use different chart types which a broker can't give me. I also use one because I don't trust broker prices and therefore have my own data feed. I filter data to save me time going through chart by chart which I couldn't get just using a broker

if you don't need to do any of the above, then likely you don't need a platform
as for purchasing ones, there are numerous ones that are free to use, but again this depends on whether you need intraday data or not

it all depends basically. A platform doesn't guarantee you are going to make money, but i find it makes the whole job a damn sight easier
 
I find the non-platform option useful when I'm out and about and I just can't resist keeping an eye on things. But for proper trading I couldn't manage without a proper platform for many of the reasons stated by malaguti above.
 
Save some dough and use a FREE platform unless you are stinking rich. They are as good as any and even do programming. No " must have " extras etc.
Want me to name one ? MT4.
 
Save some dough and use a FREE platform unless you are stinking rich. They are as good as any and even do programming. No " must have " extras etc.
Want me to name one ? MT4.

I find the non-platform option useful when I'm out and about and I just can't resist keeping an eye on things. But for proper trading I couldn't manage without a proper platform for many of the reasons stated by malaguti above.

all depends on what you're trying to achieve
I use a platform because I want to backtest ideas I may have. I want to visualise historic price action easier, I use different chart types which a broker can't give me. I also use one because I don't trust broker prices and therefore have my own data feed. I filter data to save me time going through chart by chart which I couldn't get just using a broker

if you don't need to do any of the above, then likely you don't need a platform
as for purchasing ones, there are numerous ones that are free to use, but again this depends on whether you need intraday data or not

it all depends basically. A platform doesn't guarantee you are going to make money, but i find it makes the whole job a damn sight easier

Thank you for your replies!

Is it relatively simple to hook your broker up with your trading platform? Do some brokers not run on certain platforms?

Pat, I took a look at MT4. But it seems as though it doesn't allow stocks?
 
Thank you for your replies!

Is it relatively simple to hook your broker up with your trading platform? Do some brokers not run on certain platforms?

Pat, I took a look at MT4. But it seems as though it doesn't allow stocks?

Mainly forex
 
Hi all,

I was thinking of opening a brokerage account and operating the account from my iPhone.

I understand that day traders and more veteran traders use trading platforms but I was wondering whether I need one? As I get more experienced, I may choose to use one and purchase a better computer set up than what I have now. Which trading platforms are best? What is the sign of a good trading platform? Many brokers offer their own, free trading platforms, are they worth using? Or should I look into purchasing one?

Thank you!

A good broker will offer a FREE app for your phone. They will also offer a good platform for your computer.

If they don't, I advise looking for a deferent broker.
 
A good broker will offer a FREE app for your phone. They will also offer a good platform for your computer.

If they don't, I advise looking for a deferent broker.

I am considering Interactive Brokers at the moment. They seem to have the lowest commissions, a good advanced platform (TWS) and a more basic one I can learn on (Mosaic). I can also code Java into this, which is something I am interested in doing in the future.
 
Currently, I am using Interactive Brokers on a demo account, because it provides a lot of fx pairs.

What I would ideally be looking for is a demo account with a lot of fx and commodities pairs. I was using PipIndex, but it closed down. Any suggestions??
 
I am considering Interactive Brokers at the moment. They seem to have the lowest commissions, a good advanced platform (TWS) and a more basic one I can learn on (Mosaic). I can also code Java into this, which is something I am interested in doing in the future.

I also learned Java but time by time, I maybe forget it completely. Is it difficult to make EA with java coding?
 
Some posters recommend EPN brokers and not having the broker's prices.
 
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Hello
If you start like me, I personally recommend MT4 which is a platform that offers lots of tutorials on how to use it.
 
I use MT4 too. It is good and free. It is also programmable.
They aren't always trying to screw one with new must have updates and add-ons like some.
 
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