Are you planning to sign up for an automated trading platform for making your business work smoothly? Well, there are many automated trading software available in the market that can make you absolutely confused to decide on which one to opt for.
So, while choosing trading software, go through the features that it offers because all these platforms differ from each other in terms of services which come with some advantages as well as some disadvantages. Some of the features to keep in mind are mentioned below:
- Find out what programming language is used by the trading platform that you are deciding to buy. It is very important to know about the programming language because they have their own pros and cons. Usually C++, C#, Python, Java, R and MATLAB are used most of the time.
- The automated trading platform should offer great backtesting features because it can help you to figure out about performance of an algorithmic trading strategy on some data in the past. It will reflect the results showing how it performed in terms of profit and losses.
- Go for the one that also provides a web based platform because it will make backtesting and online trading more convenient and you can access the platform from any corner of the world. But then a web based platform may not offer many features like a desktop one.
- You might want software that gives you access to data because at times some of your business strategies would need daily EOD data and in case of some strategies, intraday trading data might be required. So, better to take into account the frequency of data that you would require.
- Check out how many strategies are allowed per account because some of the platforms have restrictions on the number of strategies that can be loaded from an account. Else you will require more than one account which means your computer must have enough memory for multiple accounts. In fact some of these platforms even have their own trading strategies that can be accessed by paying some fee.
- Prefer to choose the software which is not too complex to use. Say for example, 1G profit system is very convenient to use. Some of the software demand professional expertise to use them and some of them are so easy that anyone can easily understand the working.
- Usually, an efficient trading platform does not go out of service but if it ever happens then you will need a diligent team of customer care team.