You want to begin trading on US Stock Markets? And you would like to use a similar platform, which I use? If yes, this article is prepared exactly for you.
You will find here a description of the most important functions on trading platforms – which seem crucial to me in terms of daytrading. The whole is based on a platform used by me i.e. Sterling Trader Pro.
What functions are needed in the day trading platform?
Platform shouldn’t be complicated in use. It is good, when it is possible to work on it quite intuitively.
In my opinion the platform should provide such functions as:
Quotes window – Level 1 + Level 2
Transaction window – Time and Sales
Trading monitor – review of open/closed positions and conducted transactions.
Charts – personally I need them for candles + volume. Not all platforms provide so many indicators on charts e.g. popular MT4 on FX.
Stockwatch – browser of companies
Alerts – possibility of adding own alerts
Hard to borrow – possibility to order shorts
Built-in stock scanner – function usually additionally paid
These are in my opinion the most important functions, which enable to trade in a form that you can see on my website and on YouTube channel “PolishDayTrader”.
IMPORTANT! Before you will start already real trading, get to know your platform. Persons who just begin have tendencies immediately after launching of real account to already open the position and quickly to earn. Due to the fact that in daytrading we have a greater number of routers, ECNs, etc. it is worthwhile at first to get know orders in order not to have a problem with further closing the position 🙂
How the trading platform on shares with NYSE, NASDAQ, AMEX looks like?
In the following video I present my platform i.e. Sterling Trade Pro. On this platform I work from 2011. In previous years I used other platform, which the old proptrading company provided to me. For me the transition from a previous platform to Sterling was like switching from some shitty car to Porsche 🙂 Which doesn’t mean that the platform does not have its flaws and bad days; unfortunately sometimes it happens.
Please enable english subtitles in video below – it is in right down corner (CC).
What platform I recommend?
If you are planning an active trading – you will need a neat platform certainly with the access to function mentioned above. Amongst most popular platforms to daytraders:
Sterling Trader Pro
What are the costs related with the platform
Most of trading platforms provided by brokers is free of charge. In case of professional platforms, which are used in daytrading by proptrading companies and brokers focused on active traders and institutions – platforms are paid. The monthly cost of platform usually is a range of 70$ to 500$.
Additionally, it is necessary to add the cost of access to stock data. More to this subject I wrote in one of articles – Day trading – Stock Quotes on US Stock Markets.
Do you have any questions in relation to trading platform? Write them below, I will try to help!