Trading As A Business: A Very Worthwhile Question From a Reader

This morning I received a really good question from a client, one that I haven't gotten in a while.

Here's what he said:

“Hi Brian,
Hope you and family are keeping well. A quick one for you, I'm looking at trading platforms and have narrowed down to three, namely MetaTrader,  Ninja Trader and Trade Station.

As an experienced trader which one of the three would you recommend?

Thanks”

Now, trading is all about decision-making.

Making good decisions consistently is the name of the game.

And one of your primary tools for information and action is your trading platform.

Problem is, just like trading strategies and systems, there isn't necessarily one that suits everyone best.

This is a personal and business consideration, and everyone has their own situation.

So here's how I answered him,

“BRIEFLY list out what you need out of your platform, things like:

  • speed,
  • accuracy,
  • specific functions or abilities,
  • ease of use,
  • cost,
  • automation of certain things,
  • ability to rewind charts / backtest, capabilities
  • availability of historical data,
  • customer support

    • quality of service
    • responsiveness
    • availability,
  • ability to backup, export
  • etc
Rank them for importance and if they are a ‘must' or how important they are.
Now simply review your choices according to these prioritized criteria and
see which fits YOUR needs best.

This should bring the best choice for you to the forefront.

If you find that you have more than one that meets all your criteria, then just go with the least expensive one to get and to keep.”

Now, there are many considerations, some that go beyond direct functionality.

Things like,

“are you locked into one specific broker (say for example with proprietary or customized software), and if you decide at some point you want to move to another, will it be a pain in the rear?”

or perhaps the colors or general VISUAL presentation is not that great but you can't change it

simplicity versus broad functionality

the learning curve associated with it

I was very pleased to get the email asking this question.

It's totally worth a few minutes of consideration to make sure that you're choosing the right platform for you.

Changing platforms can be a huge disruption in your operation and a significant cost in both time and money

Attending to this long term aspect of your trading business is very worth your while, as it will likely save you considerably both now and in the future.

What are YOUR thoughts on this?

Feel free to put in your 2 cents worth on this important topic

Please add your comments below

You probably see something that the rest of us are overlooking, and thus can do a good turn by making it known.

Have a great weekend!

Cheers

Brian

P.S.  Over the next few days, you'll get a sneak peek at series of video shorts I'm putting together at the request of my colleagues.  I'm sure you'll like it and I'd appreciate your comments on these as well. 😀