Do you need a trading platform?

This is a discussion on Do you need a trading platform? within the First Steps forums, part of the Reception category; Hi all, I was thinking of opening a brokerage account and operating the account from my iPhone. I understand that ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Sep 10, 2016, 9:59pm   #1
 
8 Posts
Joined Sep 2016
Do you need a trading platform?

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!
sultanoflondon is offline   Reply With Quote
Old Sep 11, 2016, 8:30am   #2
 
malaguti's Avatar
Joined Nov 2009
Quote:
Originally Posted by sultanoflondon View Post
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
malaguti is online now   Reply With Quote
Old Sep 11, 2016, 10:13am   #3
 
sminicooper's Avatar
Joined Jun 2016
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.
sminicooper is offline   Reply With Quote
Old Sep 11, 2016, 11:15am   #4
 
Pat494's Avatar
Joined Mar 2004
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.
__________________
Bonus fortuna
I look forward to future successes
and learn from the past.
Peace & prosperity to all.
Pat494 is offline   Reply With Quote
Old Sep 11, 2016, 4:07pm   #5
 
8 Posts
Joined Sep 2016
sultanoflondon started this thread
Quote:
Originally Posted by Pat494 View Post
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.
Quote:
Originally Posted by sminicooper View Post
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.
Quote:
Originally Posted by malaguti View Post
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?
sultanoflondon is offline   Reply With Quote
Old Sep 11, 2016, 4:55pm   #6
 
Pat494's Avatar
Joined Mar 2004
Quote:
Originally Posted by sultanoflondon View Post
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
__________________
Bonus fortuna
I look forward to future successes
and learn from the past.
Peace & prosperity to all.
Pat494 is offline   Reply With Quote
Old Nov 28, 2016, 9:59pm   #7
Joined Apr 2011
Quote:
Originally Posted by sultanoflondon View Post
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.
rkinman is offline   Reply With Quote
Old Nov 28, 2016, 10:15pm   #8
 
8 Posts
Joined Sep 2016
sultanoflondon started this thread
Quote:
Originally Posted by rkinman View Post
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.
sultanoflondon is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading Platform timoti First Steps 3 Jun 11, 2014 10:08am
Best trading platform simonj777 Trading Software 3 Feb 19, 2014 12:52am
Trading Platform and Charting Platform Needed vchohan General Trading Chat 4 May 4, 2011 9:25pm
Spread Trading beginner - Looking for trading platform FormulaOneFan Spread Betting & CFDs 26 Sep 23, 2009 2:16am
What Trading Platform do you use? GladiatorX General Trading Chat 7 Sep 4, 2009 3:26pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)