As a beginner, one of the most important choices you will have to make in your trading journey will be deciding which trading platform to go for. This is because this decision will play a significant role in determining your ability to beat the market. How fast you get information, how well you analyze it, and how fast you execute your trades will all be determined by the features that your trading platform provides.
However, in the current market, for you to be incredibly successful, opting for a good online trading platform is not enough. You need to go the extra mile for you to be able to beat the market. The following are things that you can do on an online trading platform in order to boost your odds of being a successful trader.
Take advantage of hotkeys
Most trading platforms have shortcuts that are known as hotkeys. These shortcuts enable traders to execute actions, that would have otherwise taken multiple keystrokes and mouse clicks, with one keystroke. Therefore, hotkeys enable traders to save time, make the trading process smoother, and increase trading efficiency.
For example, instead of canceling multiple trades one at a time, a trader can simply use a hotkey to cancel all active trades in one motion. In a scenario where there is a sudden change in trends or where a stock price is plunging, this can save you to cut your losses. Therefore, using hotkeys will increase your ability to not only maximize your earnings by taking advantage of opportunities in realtime, but also minimize the chances of catastrophic losses.
Another feature that you should never overlook is the Alerts feature. This feature is useful simply because there is a limit as to how many trades you can keep track of at any given point in time. Using a trading platform’s alerts system is a good way to keep your finger on the pulse of every trade. It will allow you to know the optimal time to buy securities or when to cut your losses. As a result, it will play a significant role as far as maximizing your earnings from trading is concerned.
Since you can set conditions for alerts in advance, the alerts system can also be used as a way to cultivate trading discipline. You can decide that you only buy when certain conditions are met, or that you will set in case a price goes below a given range. By doing this, and sticking to it, you will keep yourself from falling into the trap of executing trades based on emotion or panic.
Opt for multi-monitor layouts
As you get deeper into your trading journey, and as your portfolio grows, your list of the stocks to track will also grow. You will need more screen real estate for you to be able to effectively keep track of everything. Your trades may also get more sophisticated. As a result, you may have to use more charts and analysis tools. This too will call for more screen real estate.
If your trading platform offers multi-monitor layouts as an option, you should take advantage of this option. This is because, with more real estate, you will be able to get a better picture of what is happening with the securities that you are tracking. You will be able to view multiple time frames of price trends without having to switch windows, easily compare different analysis charts, and have better timing when it comes to executing trades.
While this option was previously inaccessible to beginner traders because of the cost of monitors, monitors are increasingly becoming more affordable. As a result, it has made this feature a low-cost method of improving the odds of trading success.
Choosing to invest in stocks and other securities is a great way to both grow and diversify your investments. By choosing a trading platform with these features, and then taking advantage of them, you will significantly improve your odds of being successful.