What are the most common trading platform mistakes to avoid?

Though, there are no dearth of trading platforms out there, and most of them are very similar when it comes to features, functions, UI/UX etc. Yet there are key differences which may be borne in mind before deciding to chose one over the other. The most important criteria could be the support offered by the platform provider, especially when things go wrong. This would mean that the platform provider must have a very responsive helpdesk or help system, which is always there to take care of clients' issues, mainly those pertaining to operations. Liquidity, cost and ease of use will come next in the pecking order.

Trading is safe and is an activity that is carried out in many parts of the world; However, there are certain aspects that you should take into account before practicing it to better protect your money. Although all investments carry risk, trading has served as a vehicle for some malicious people to carry out fraud and scams, ultimately affecting people's economic integrity. For this reason, I want to talk to you about this topic so that you know what to consider when trading. Read on to learn why trading is safe and the five steps to follow to do it.

Rigorous testing is a major part of the decision making process for adopting a trading platform. Even before engage actual testing, appropriate scenarios and stress situations should be designed for integrating and testing them in the test environment. Stress scenarios should take into consideration adverse market conditions, issues arising out of IT or network issues, other operational challenges and the ability to provide alternative ways to access the platform (through proper channels) when the normal channels are under disruption. All test results should be well documented, as those can be referenced when faced with an issue in the live environment.

1) Know the type of market and its regulations 2) Research the available brokers 3) Use money you can afford to lose 4) Don't believe in people who offer easy profits 5) Create a risk management strategy Is trading safe? Yes, trading is safe as long as you use a regulated broker in the financial market that you are interested in operating in, in addition to investing money that you can afford to lose without affecting your financial stability.

Trading platforms are enablers that enable efficient functioning in financial markets. Financial markets are a very dynamic place where things are constantly evolving, including the regulatory environment, underlying technology of the platform as well as the expectations from the users. Users expect the platform to keep improving on efficiency and data/reporting functionalities. What's may be fast and fantatistic for the users today can become painfully slow and utterly rigid for the users few years down the line. A revolutionary technology, might change the entire landscape for the providers of trading platform, as we are currently witnessing with the advent of AI and ML technologies.

The above is almost a rule within trading, because it is a reality that all investments carry risk and before seeking profitability or profits, you must prioritize your economy, and even more so if there are people who depend on you. I'm not telling you this to scare you, but at MDC Trading Academy we promote responsible and safe trading; Likewise, we believe that this activity should benefit your current situation and be the means to improve your quality of life. For this reason, you must do it in an informed and conscious manner regarding the risks involved.

Platform security is an absolute non-negotiable. And it should be secure from both internal and external abuse. Users of the platform should only be able to access and use the platform in approved and authorised ways, i.e. no one, including those providing IT services should be able to misuse it. Similarly the platform should be immune any kind of external IT threats such as malware, hacking, phising etc. All information exchanges over the platform must be encrypted with highest sophistication. Yet all of these must not burden the platform in terms of providing a smooth experience to the users. There should be adequate balance between user convenience and platform security.

1) Know the type of market and its regulations There are different types of markets to trade: currencies, futures, options or cryptocurrencies, to name a few. And each one has different regulations and institutions that supervise the participants in this activity. For example, at MDC Trading Academy we are dedicated to developing traders who operate in the United States futures market, which is regulated by the Commodity Futures Trading Commission (CFTC); through the Chicago Mercantile Exchange (CME) and supervised by the United States Securities and Exchange Commission (SEC).

Trading platforms are an important part of the operational infrastructure and they must be constantly reviewed for operational efficiency, robustness, overall support and quality of service provided to the users, especially under stress scenarios. If anything, the providers of such platforms should themselves carry out such reviews both at periodic as well as random intervals. They sould constantly be engaged with the users to seek constructive feedback. This will only help to improve the platform and keep their users satisfied. As part of the periodic review, the users and the platform provider must keep an eye on the changing regulatory and techonology landscapes so as to demand/provide improvement in the platform.

In the case of Forex, we wrote an article that can help you a lot to understand what operating in the foreign exchange market entails and I invite you to read it. Therefore, before operating in a market, I recommend verifying that it is regulated, supervised and that you know the responsible institutions. Learn about the basics of trading, markets, analysis and more in our free course. This way you will begin your path in this profession in a more informed way and you will know everything you need to achieve financial success.

A broker is the intermediary between traders and the market to operate, it is the only way to buy and sell assets. For this reason, it is a very important tool for trading; However, to avoid fraudulent platforms you should carefully investigate the available options. Review the risk, privacy policies and that it is a platform registered with official institutions. Also, check the reputation of the broker. It is crucial that you know in whose hands your money will be and how they will protect it, for this reason you should verify these aspects. Any type of investment carries a financial risk, this is because the capital is exposed to macroeconomic and microeconomic conditions such as inflation, devaluation, internal policies and supply.