Online securities trading can be very rewarding when done in the right way. When interested in this kind of investment, you would need to select a good trading platform that makes the process easy for you. You are also better off getting a broker to help you with the trading depending on the kind of trader you want to be. There are so many brokers out there, most of which offer free account opening on their platforms so you can start the trading. Whether you are just a beginner in this kind of trading or you are an advanced trader, it is important to make sure that you choose the right platform and brokerage for your trading and below are the most important basics that should matter when making your decision.
Types of securities
It is only wise to begin by finding out what securities, you will be able to trade in on the platform. It is best that you choose one that gives you the chance to trade in all the securities you are interested in currently or maybe interested in the near future. Shares, IPOS, futures, and options are some of the securities you can choose to trade in.
Real time quotes
There are different ways that price quotes can be pulled but if what you get is data that is not really up to date, then you will be doing very little in terms of maximizing your returns. Most web based platforms offer real time data, but Is it important to make sure that is what you really get with your trades. You may need to refresh manually, but the platform should have the right measures in place to offer real time streaming.
Alerts and watch lists
As an active trader, you will find alerts very important to your trading. The watch lists and alerts can depend on different aspects that are likely to have an impact on the trading. You therefore should select a platform that makes it possible for you to customize such alerts via text or email so you can make any decisions related to the trading.
Order execution and timing
A good trading platform should at least make it possible for you to place orders that can be executed at any given time within the trading hours or which remain good unless you cancel them. On platforms that are more advanced, you may be in a position to place limit orders with more variability so you have more control over order timings and also executions.
Kinds of orders
Placing trade orders can differ from one platform to another but you basically can place, trailing stop orders, market on close orders stop loss orders among others. A wider selection of orders could prove to be better for those just starting to get familiar with the online trading. For advanced kind of traders, then a platform that makes it possible to place conditional orders for multiple trades they set up can be great. This way, automatic executions are made possible depending on the specific triggers selected.
Plus500 review offers great insights on why the platform is one of the best you can choose for your trading. Apart from the competitive rates and low spread, the platform offers access to trailing stop orders, buy and sell limit orders and stop loss orders too.