This increase has resulted in a lot of people choosing to use online trading platforms from http://www.fxpro.co.uk/trading/platforms nowadays. However, not everybody is a pro when it comes to choosing the right trading platform. Some mistakes are quite glaring and often made by beginners. Here are the mistakes that you should avoid when choosing an online trading platform as a beginner.
● Do Not Imitate Others
This is the most common mistake that novices make. They tend to invest in trading platforms that their friends or family or acquittances are using. Their decision is solely based on the review of these people. However, the choice of trading platform should be driven by objective and requirements and not by reviews. Only after some time do they realize that their chosen platform does not meet their use requirements.
● Confuse Complexity with Effectiveness
Many beginners get overwhelmed when they are faced with a platform that offers multiple things. They feel that more is good and complicated is effective. However, due to this they ignore the concept of user-friendliness. Having a host of features is not going to make them a successful trader. What will really help is the ease with which the trader is able to use the multiple features of the platform.
● No Distinction of Basic and Add-On Features
A lot of trading platforms come with two types of features. While some are available as basic features, there are some which are available as add-on features. These add-on features come with additional price. A seller of online platform may not disclose what is basic and what is add-on. But a trader can find out by asking the right questions and doing some research.
● Not Thinking About Compatibility
Many amateur traders check the effectiveness of the online trading platform when choosing it. But they don’t take into account its compatibility. Online trading platforms are basically software which have minimum hardware requirements. They are compatible only with certain operating systems and need certain version of drivers. If your personal computer or smartphone operating system is not updated then these platforms may not work smoothly for you. They may throw up glitches every now and then or even crash a few times. This affects the stability of your trading performance.
● Ignoring Support
When we are talking about online trading platform there are two types of supports that one should think about. Firstly, your broker should be able to use the trading platform that you are choosing. If the broker himself is not very comfortable with the platform, then chances are that it might affect your trades.
Secondly, you should also think about the support from the tech team of your platform. Check if they are willing to give you a demo or not. You should also check if they offer installation support.
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The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.