Do you feel that your current trading platform is no longer efficient or effective? You may be frustrated with the ways in which trades are executed. Should you note that your losses are now exceeding your profits, the issue might not necessarily be the strategies that you have in place. Let us examine five common shortcomings of trading platforms as well as how to know when it is time to change an existing provider for a more streamlined system.
This notorious term is often used to signify trades which are “out of the money” due to a lag in reporting times. As sectors such as the Forex markets require split-second transactions, even the slightest of delays can cause grave results. This is also one of the primary reasons why traders leave a specific platform is search of “greener” financial grass. If you suspect that you may be a victim of slippage, it is best to look elsewhere immediately.
Clarity is essential for any trader who expects to profit within the digital world. Some platforms are set up in a rather clumsy fashion. Should important metrics such as open orders, balances, pertinent charts and account balances not be easily displayed within a centralised framework, the ability to make pertinent decisions can be hampered.
A Lack of Mobile Connectivity
For the first time since the advent of the Internet, the number of mobile users now exceeds those who access websites via laptops or personal computers. One sure-fire signal that a trading system is outdated is if it is not able to offer mobile-responsive capabilities alongside more traditional methods. CMC Markets is pleased to provide such an enhanced level of connectivity. Furthermore, all charts and associated architecture appear exactly the same as their static counterparts.
Even the most advanced of systems can encounter issues from time to time. Whether referring to unpaid funds or issues such as security questions, trained staff should always be on hand to address any problems. There must also be numerous avenues of contact such as a dedicated email address, an online contact form, a phone number and (in certain cases) a live chat widget. Thorough levels of customer service is seen as a hallmark of a trustworthy platform.
Even the most advanced investors will always keep an eye on the actions that others may be taking. If your current provider does not offer any type of social trading signals, it can be assumed that they are slightly outdated. From trading sentiments to major assets which are being actively utilised, CMC Markets is pleased to offer such cutting-edge investing tools.
These are five areas which some platforms still seem to be lacking. Although there are undoubtedly times when a strategy must be modified, outdated or inefficient architecture is a very real problem within the world of Forex investing. Always pay attention to these issues in order to align yourself on the path towards success.