What Are The Main Types Of Trading Platforms And How To Choose The One For You

No matter how you look at it, money is irreplaceable for any society. Is the current monetary system that we have completely fair? The answer is pretty simple, of course, it is not perfect, money is far from perfect right now. The sad thing is, most of the problems we have now existed years and years ago in developed European nations. To find out more about this, just look up the Dutch East India Company and you will see prime capitalism.

This does not mean that we should abolish money, it just means learning from our mistakes. It means not following tradition for tradition’s sake, but seeking solutions for newer generations. This is a topic for another time, right now we should talk about the present, trading platforms. The current developments in this field are integral and there are so many trading platforms out there.

What is your specialisation?

Trading in something that you are not familiar with usually results in losses. This is why it is essential to know your trading specialisation. When it comes to selecting a trading platform, you should always do your research. First, this means uncovering where your trading expertise lies. Second, it means exploring different platforms that specialise in your selected stocks. For example, if you trade tech stocks you do not want a platform that sells wheat stocks.

There are many trading platforms out there with many different features. These platforms usually offer insights into the news that can affect on stock prices. You always want a platform that can predict the price of the stock you are familiar with. Depending on the stock, you can also find tools that can help no matter if you are a beginner or a pro. AI is especially helpful and advanced platforms will usually offer such help.

Doing what you like

Specialisation is not only important for efficiency but also for love for the job. This does not mean that you need to be crazy fond of the stock, but you should enjoy doing it. It should make complete sense when you see a price dip or go high. When you see that stock it should not invoke a feeling of dread. It should not invoke a feeling of despising your job and make you wonder why you are doing all of this.

Trading can be fun if you do it the right way. It is important to find this way because first, you will benefit monetarily from this. Second, your job will be less stressful because you will not hate it. Of course, it will be stressful at times, but you can reduce the stress to minimal levels when you like doing it. Again, this should not be confused with the toxic trend of hustle culture, never do that. It is just a simple need to moderately like what you are doing for money.

Do not fall for scams

When you find a platform, first you need to make sure that it is not a scam. When you see something on the internet that is too good to be true, it really is too good. Always be varied and use your brain when you look at the benefits of a certain platform. If you do not do that, you can lose not only money but also a lot of your personal information. A lot of it is at stake when you mindlessly look for a trading platform with dollar bills only in your sight.

You should look at trading platforms that existed for a lot of time, the experienced ones. The platform should be clear about the information that it provides, no snake oil selling. Sign-up fees or any other fees should always be clearly stated and upfront. The platform should be used by a host of people that you can contact and get more information. Do not be afraid to ask people around in order to gain more information.

Types of scams

A typical scam will start by luring you with very high returns with only a small investment. Not only will the returns be high, but they will also provide you with the money ASAP. They will tell you that a famous person already made that much money and show you some fake images and quotes. The worst part is, that the website will look completely legit, it will not look like a scam. Only through thorough investigation and asking questions can you uncover a trading scam.

Clear interface

A good trading platform will have a clear and user-friendly interface. You can not trade efficiently if every option is not intuitive and easy to understand. You will just lose money if you use a platform that is not made with the purpose of a person using it. A lazy interface is also a great way to see if the platform cares about its users.

Support

A good trading platform will offer exceptional customer support. When something goes wrong, and it does happen, you want to solve the problem hastily. This is why it is important to have 24/7 customer support that can solve a problem right away. If the customer support does not provide you with clear information, you can mark that as suspicious. You do not want to spend hours deciphering instructions from customer support because of their incompetence. 

These core concepts should serve as a sort of Occam’s razor when choosing your trading platform. If a platform can not suffice these basic needs, you should definitely avoid it. Just think about it, would you move into a luxury house if the walls are made to last only a few months? Would you hop in a car that has a 25% chance of blowing up when you turn the engine on?

If something can not fulfil the barest minimum, you should not look for higher values in it. It is all about covering the basics first and then moving on to the higher concepts. You can not learn how to do a backflip if you can not perform some squats. Once you see a weak point, that should not make you feel discouraged. It is just about avoiding mistakes and moving forward, and that applies to trading platforms.

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