Brokers / Platforms
Selecting brokers and trading platforms is an important decision. Some platforms are better than others depending on the market or product you are trading. Brokerage commissions can cut into profits however, going with the cheapest broker is not always the best decision. Balancing the quality of service and reputation with cost isn’t easy. When you get to the point you are trading with a mentor they will likely be able to give you some guidance in this area.
If you really want to do some comparative research on brokers there is a lengthy list at:
Investing.com Select the market and view the list of brokers in that market.
Seven-day free trial available.
TradingSim is a program that allows traders of any skill level practice trading equities, futures, or both, by using past market sessions to help them learn how to read and identify trends. You can practice trading your plan in a risk-free environment.
Free paper money account for 60 days
ToS is my favorite platform for trading options. Maybe I’m partial because it was the platform on which I first started trading options and it was hard for me to feel comfortable with anything else. ToS is TD Ameritrades platform which is definitely not the cheapest regarding commissions. If you’re trading longer term it’s no big deal. I use the Desktop version. There is a download link at the link above.
I’ve traded futures on it also and found it to be ok but if I’m strictly trading futures I would prefer Ninjatrader or TradeStation. I didn’t like it at all for Forex. I prefer MetaTrader 4 for trading Forex.
I have only traded Futures on TradeStation and liked it. I can’t really comment on it for trading other products. Although I know people who like it for Options and Equities trading.
Free Demo account available
I really like NinjaTrader for trading Futures. I’m not sure why but it seemed pretty simple to learn and I like the chart trader. It has a DOM but I prefer to use the Jigsaw DOM for reading order flow and place most of my trades on the chart with NinjaTrader’s built in chart trader.
Free demo account available.
I like MetaTrader 4 for trading Forex. It’s clean and easy to use. I haven’t traded Forex in awhile but used to trade it heavily and felt that MT4 had everything I needed.