Do you need a trading platform?

[sultanoflondon]

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!

 

[malaguti]

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

 

[sminicooper]

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.

 

[Pat494]

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.

 

[sultanoflondon]

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?

 

[Pat494]

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

 

[rkinman]

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.

 

[sultanoflondon]

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.

 

[matt1666]

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??

 

[mitra sharma]

yes... i always feel the requirement of a good platform for trading.

 

[Sicilia]

did anybosy trade by using social trading platform?

 

[parasite31]

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?

 

[Pat494]

Some posters recommend EPN brokers and not having the broker's prices.

 

[george6]

Hello
If you start like me, I personally recommend MT4 which is a platform that offers lots of tutorials on how to use it.

 

[Pat494]

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.