Introduction to trading platform

Trading platform (trading application) work the same way as if you want to play a video game. You download them to your computer, use an app downloaded to your cell phone or tablet, or log into a website after setting up a personal account for a web-based trading application. From these downloads, applications and websites, you’re able to see all details of your account and make trades in real time.

In order to remain competitive, different trading platforms may offer charts and other types of market analysis tools. They also compete in terms of pips, fees and the number of services offered to make deposits and withdrawals. For instance, many now advertise no commissions as an advantage.

Some trading applications are available to traders around the world, but many exclude American traders. There are different types of trading applications designed to work for different types of trades, and some them will allow you to make any trade on the market at your convenience.

Popular types of trading platform(s)

You’ll see a variety of trading applications as you start to research the markets, but this list will familiarize you with some of the most common platforms used:

1. MetaTrader: This is one of the most popular, so you’ll see it offered through most brokers. It contains features that make analyzing the market easier, but the exact features offered may vary from one system to another.

2. ApexTrader: This is a more advanced application often favored by advanced traders with more investing knowledge. You can often trade Forex, Futures and Options all from one screen, so it’s a bit more complicated for the beginning trader.

3. NinjaTrader: If you know at least one programming language and want to write your trading scripts, this is the trading platform for you. It allows you to put your unique twist on your trading activity, but you have to know a compatible programming language to make it work.

4. ForexTrader Pro: This one offers a variety of advanced indicators and is highly customizable. You can set it up to suit your exact trading needs.

5. WebTrader: This is a simplistic application that if often offered as a downgraded version of a more advanced application. It’s often an easy option for beginning traders still learning their way around the more advanced trading software.

Different trading applications allow you to make different types of trades, so it’s important to research the platforms offered by your brokerage of choice thoroughly. Most will offer at least two or three options, all catering to different types of traders. You want to match the features of each with your trading style. You can always change to a different type of trading platform if your needs change in the future. For instance, you may make a change if you find that you do more trading on your mobile device than your desktop computer or if you start making different types of trades.

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