As with everything in life, practice makes perfect. Does that apply to trading the financial markets? Of course it does!
There is no greater asset a trader can possess than mastery of their chosen trading platform(s). Second to that would be how to pick the movement of the market but we'll focus on the application here. Whether your chosen trading platform is accessed online, via your PC or Mac or smart phone (iPhone, Blackberry, Android etc) or even tablet (iPad or Samsung Galaxy for example), understanding its nuances can mean the difference between a profitable trade and making a donation to market.
Trading downloadable software is arguably the most reliable form of trading. Why? It is the most stable. Every trading institution uses downloadable trading software as their primary form of accessing and executing trades into the financial markets. You are relying on software in an environment you control.
Trading via the comparatively new platforms availa ble online or via smart phone and tablets could potentially expose you to risks beyond those found in the markets themselves! What do I mean? Take for example I am watching the AUDUSD while I'm on the train. The currency pair moves to a buying level I'm comfortable entering and I go to enter the trade and my signal drops out. While I'm hammering away at the 'buy' button, I realise when the signals returns moments later I've got multiple positions in the market!
This is a scenario that has the increased potential to occur. It is vitally important to open a trial demonstration trading account to understand the platforms nuances and to build a level of trust with its stability.
Opening up a trial demonstration trading account is made very easy by most brokers. You trial demonstration trading account usually lasts for around 20 trading days (don't count weekends, only count the days where markets are open). This varies from broker to broker however. During this trial demonstration period, be sure to utilise all the available platforms you would use if you had a live account with them. If you trade on the train, test the platforms connectivity when you're on the train. If you trade online from various locations, login from your friend's house, from your work computer and from home and make sure the login process is easy and you are able to place trades efficiently. If you trade using an iPad, Samsung Galaxy or other tablet device, don't stop testing the usability of the platform.
Another key thing to trial is the broker's platform education on best practice methods on placing trades. Each trading platform has different functionality. Some allow you to right click, customise your workspace, change the colours, change the alert tones etc etc.
In addition, what may work on the desktop trading platform (like right clicking a chart to bring up and order pad), may not work on the online trading platform or smart phone platform.
Knowing how to manage your positions on the trading platforms you a re going to use is a very important skill to learn prior to opening up a live trading account.
Spectrum Live | Online Trading Platform | Trade CFDs, Commodities, Shares, Futures, ETFs and more. Visit Spectrum Live Pty Ltd. Free Share Trading Trial Account: Free Demo Account. Receive Trade Alerts via SMS when you open a live trading account.
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