Trading Platforms
Of course, there are many platforms out there which may suit your requirements. We have only listed a few here because our experience of different platforms in limited. We choose NinjaTrader over all others as it is the one we use on a daily basis, and have done for many years. We have had experience with the others on this page, and know them to be excellent options if they suit you, we know various Pro Traders who use them all on a daily basis.
NinjaTrader is one of the more intricate platforms, we exclusively use it daily in the Live Trade room. It is possible to have an array of charts and settings and suits even Pro needs.
Completely free to have a simulation account which is great for those learning the ropes. When you finally go live you will find that NT is a platform of choice with the Pros.
Customer service is fantastic. A full on FORUM for help and advise, where you will be answered very quickly by NinjaTrader professionals.
Overall, another great platform, a definite YES YES YES. We know many people who use NinjaTrader and would not change for anything.
www.NinjaTrader.com
Think or Swim
Used ToS for many years and we know it inside out. Commissions may not be the cheapest around but we find them to be extremely competent and always recommend them.
If you are a heavy Short Seller of Stocks, then they may not be for you, as the "Borrows" are not particularly brilliant on the lower priced Stocks, IB or Sogo are probably a better bet in this event. (PS - Even then, TOS do have borrows, and it is possible to reserve many stocks in the morning if you request them early enough, they are still better than MANY of the other brokers even though this is a small negative point for them).
Customer Service is quite possibly the best there is. A Direct Access Platform with excellent Charting abilities, and we personally need no more than this. The Charts are fully customizable and their system can cater for as many screens as you may want.
Think or Swim are restricted with non US stocks as they are a US Based Broker. You can open an account as a non US Citizen however, so as long as the choice of instruments suits you, they can not be beaten in our view. Not possible to currently trade the DAX or FTSE, but they indicate that it is in the pipeline - The DAX will be a major bonus for sure, when it does come.
Think or Swim also have an excellent Paper Trading Account Facility. So, if you are starting out you can get a Professional Platform to practice on, so you can get your "Execution of Trades" spot on before you put any real money on the line. When you are ready to fund your account, it simply upgrades to a Real Money Account, although you can actually still use both if you wish to mix and match.
Real Time Quotes with TOS are free if you have your account funded with a minimum of 3500USD.
TOS is also one of the few Pro Type Platforms which is native to run on Windows or Macintosh.
Overall, an exceptional Trading Platform. Fast, responsive, average pricing with excellent customer support. Unless you are into short selling lower priced stocks, a definite YES YES YES.
Interactive Brokers
Cheaper commissions than TOS above, and the "Borrows" are much more available with IB - No need to reserve them, you can simply short many of the stocks automatically. The platform is not as comprehensive as TOS but this said, we do know a lot of people who use IB and they are extremely happy.
Although we do not personally use them, they offer a god solution and you can open an account with a minimal amount of funding. They are also based in UK or US so you can have an account based in either country.
Overall, IB are a good broker and may be preferable for some Traders who will to short sell on lower priced stocks.
A final word, about potentially what NOT to use. As we have many UK/EU viewers, we would just like to add this little section as we get emailed about them often.
Spread Betting - EU/UK Citizens only - FinSpreads, IG Index, SpreadCo.
Be very careful with these. There are distinct benefits from SpreadBetting companies as all profits are 100% free of Tax, but the fills are absolutely terrible and it is a known fact that they can often be taking the other side of your trade, so it is in their best interests for you to lose... In reality they are not obliged to place your trade to market, so there is nothing wrong with them using this tactic, but personally I feel it is not in your best interests unless you really know how to work them to the full and use a longer term strategy.
This service is for UK Citizen clients only, and some other EU Citizens, you will need to check with the individual company in question as to whether you are eligible - Please not that US Citizens need not apply, SpreadBetting is illegal for US Citizens.
It really depends what type of trader you are. If you are long term, then this could be for you, the slippage then would not make much difference. These SpreadBetting Companies however are restricted with the shares you can trade, so only the major companies are able to be traded, along with all the major indices and currency pairs. Short terms Scalpers, KEEP WELL AWAY, you have absolutely no chance.
Please note, there are many SpreadBetting companies, so be careful. We can only speculate that they will all be up to the same tricks with regards to fills etc, so please bear this in mind. As far as we know, there are NO Direct Access Spread Betting Companies.
One bonus of these is that they are generally Web Based Platforms so you can run on any operating system. They are also less intricate than the dedicated Direct Access Platforms above. They can be good for novices as they do have the facility to trade Paper Money with them - For fun, or to start learning - In any event, not a perfect solution though as they do not in our opinion give a true representation of Real Time Direct Access Trading.
www.IGIndex.co.uk - www.finspreads.com - www.spreadco.com
