Posted by forex at 8:58 AM
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1. Open a brokerage account and download the trading platform software. Some brokers offer Internet-based trading platforms that you can access from any computer. Downloadable platforms generally have more features and are more customizable.
2. Learn the platform. It may contain several trading screen layouts, each with dozens, if not hundreds, of customizable features such as windows, lists, scans and color and chart settings. Don't be intimidated by the number of options. A platform is designed to accommodate most traders; you will only need about 10 to 15 percent of what's provided.
3. Select a basic layout that best fits your needs if you are just starting out, adjust it by using customizable features and save it. Some must-have windows include order entry, current quotes, stock lists (positions and watch lists) and charts; the rest is optional.
4. Run the platform during trading hours and practice navigating it in real time, with streaming data. Tweak as necessary as things occur or issues arise.
5. Create a backup file for your layout in case of a glitch that will force you to reset.
6. Keep it simple. Increasing the number of features, windows and inputs does not necessarily translate into better trading decisions and can only confuse or bog you down.