What should you expect from a typical day trading platform? In this article, I’m going to share with you what you should look for in a trading platform. This is one of the most important decisions you need to make when looking at the various trading platforms out there. Day trading is essentially the act of purchasing and selling securities (usually performed online) over a short period of time. It’s quickly become the most popular way to invest in the stock market, and consequently, there are lots of people trying to get into the market.
The reason that it’s popular is simple: it’s fast, simple, and easy to do. There are dozens of websites out there that offer day trading tools, including some of the most advanced trading platform around. Most of these sites offer a free demo account, where new traders can learn how to set up their charts, and get a feel for the day-trading platform. I recommend using these demo accounts, to build your confidence, because you don’t have to lose any real money, to get started.
Once you’ve built your confidence, you’re ready to start using the day trading platform of choice. Some of the most common platforms out there include E*TRAD, TMX, TradeStation, and GFL. These are the most popular, because they all offer a variety of different features, and all are very straightforward to use.
One of the biggest differences between these is their pricing structure. On the surface, these trading sites look almost identical, but once you start digging into them, it becomes evident that they’re not really the same. E*TRAD charges a trading account minimum, while TMX and TradeStation charge a full account minimum. This is the first thing you’ll notice when comparing these accounts; E*TRAD has a much smaller trading account minimum, which means that traders who don’t have lots of money to invest can use it. While TMX and TradeStation both require full accounts, they also have much higher trading account minimums.
Next, you’ll need to consider what kind of customer support and long-term support is offered. E*TRAD offers full daily support, while TMX and TradeStation do not. It’s important for traders to be able to reach a support person on a 24 hour basis if they have a problem, or a support ticket if they want to ask a question about a specific trade. Many traders like to be able to reach someone on a daily basis, either on the phone or by email, so this is one detail that you should definitely take into consideration when choosing a platform.
Finally, many day traders like to be able to trade with several different accounts. If you are planning to use multiple accounts, you should investigate both the costs and benefits of each. Some platforms are free to sign up for and use, but the cost may come in the form of a monthly fee or per trade commission. On the other hand, some trading services cost money to use, but have better features and lower commission rates. It’s definitely a personal decision, but research all the services and choose the one that meets your needs.