As a trader, you need a trading platform that works for you. Trading can be a lonely business, and it’s far harder if you’re trying to battle against the tide. Your trading strategies will alter and change over time, from beginner to expert, and you need a trading platform that evolves with you. Here, we take a look at why you need to assess flexibility when you’re looking at trader programs.
The Info You Require Will Change
When you begin trading, it’s likely that your market knowledge will not be utterly comprehensive. As a result, it is likely that you’ll need uncluttered charts that are simple to read and interpret. However, as you progress through your trading journey and become more experienced, it’s likely that you’ll require more and more information.
As such, you need an account that can change and evolve with you, no matter what trading strategies you may be using. This will save you time, money and effort swapping platforms as you evolve as a trader. By picking the most flexible program from the start, you’ll never need to face this issue.
What Are You Trading?
You’ll also need to consider what you’re trading. Are you just trading one of:
Or are you trading different assets?
Remember that, like your trading strategies, what you’ll trade will also change over time. As such, you need a platform that can change and evolve, too. This is, of course, useless you’d like different platforms for different instruments, which is what some people do prefer.
This is something that isn’t essential but it is certainly well worth considering from the beginning. As such, you need to decide whether you prefer the flexibility of individual platforms or the flexibility to control multiple trades from the same platform.
Do You Need as Many as 100 Charts?
Finally, consider the scale of the application that you require. Some desktop applications now provide hugely complex charting structures that are designed principally for the more advanced trader.
For instance, MT5 desktop applications now allow people to have up to 100 charts open at any given time. This provides you with the flexibility to monitor and act on a number of trades concurrently, saving you both time and money. With integrated functionality, you can also have the flexibility to run and execute multiple trades at once. All you have to ask yourself is: how much flexibility do I need? You don’t want to pay for 100 if you’ll never use that level of functionality.
To conclude, flexibility is the number one thing you should look for in a trading platform. Make sure that yours works for you.