How to Set Up a Trading Platform
You need a brokerage account to trade on the stock market. A trading platform comes free with a brokerage account. Every broker has its own trading platform for active traders, so it takes time to get used to a specific layout and feature implementation, and to adjust them to your style and needs.
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Instructions
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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.
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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.
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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.
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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.
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Create a backup file for your layout in case of a glitch that will force you to reset.
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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.
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Tips & Warnings
Call the broker tech department if you have any questions. They are usually staffed with knowledgeable software people who would be glad to walk you through the options. Remember: the broker wants you to use the platform to generate commissions.
Attend an active trader seminar in your area. Some brokers with local branches offer trading seminars where they explain and promote their software platforms. You can find out if they do on their website.
Do not attempt to use the platform for actual trades until you are comfortable. Mistakes can be costly. Use the demo version to play with the software until you feel comfortable entering actual trades.
References
Resources
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