Choosing a trading platform with the right features can significantly impact your trading success. But with dozens of features advertised by every broker, how do you know what actually matters? This guide breaks down the essential features every trader should look for.
Order Execution Features
The ability to enter and exit trades efficiently is the foundation of any trading platform.
Order Types
At minimum, your platform should support these essential order types:
- Market orders: Execute immediately at current market price
- Limit orders: Execute at your specified price or better
- Stop-loss orders: Exit positions to limit losses
- Stop-limit orders: Combine stop and limit functionality
- Trailing stops: Automatically adjust stop levels as price moves favorably
Advanced tip: Look for platforms that support bracket orders, which let you set your profit target and stop-loss simultaneously when entering a trade. This automates your trade management.
Execution Speed
Fast order execution matters, especially for active traders. Look for platforms that route orders efficiently and show transparent execution statistics.
Order Routing Options
Some platforms offer order routing choices, letting you decide whether orders go to market makers, ECNs, or exchanges directly. This can affect execution quality and rebates.
Charting and Technical Analysis
Strong charting capabilities are essential for technical traders.
Chart Types
Your platform should offer multiple chart types:
- Candlestick charts (most popular for trading)
- Bar charts (OHLC format)
- Line charts (for trend identification)
- Area charts (for visualizing ranges)
- Heikin-Ashi (for trend trading)
Timeframes
Look for flexibility in chart timeframes. Active traders need:
- Intraday: 1-minute, 5-minute, 15-minute, 1-hour
- Swing: 4-hour, daily, weekly
- Position: Weekly, monthly
Technical Indicators
A comprehensive indicator library should include:
Essential Indicators
- Moving averages (SMA, EMA, WMA)
- RSI (Relative Strength Index)
- MACD
- Bollinger Bands
- Stochastic oscillator
- Volume indicators
- ATR (Average True Range)
- VWAP
Drawing Tools
Good platforms include tools for marking up charts:
- Trendlines and channels
- Support and resistance levels
- Fibonacci retracements and extensions
- Horizontal lines and price zones
- Text annotations
Market Data Features
Access to quality data makes informed trading decisions possible.
Real-Time Quotes
Streaming real-time quotes are essential for active trading. Delayed quotes may be acceptable for long-term investors, but traders need current prices.
Level 2 Data
Level 2 market data shows the order book with bids and asks at multiple price levels. This is critical for understanding supply and demand dynamics.
Time and Sales
The time and sales window shows every trade executed, including price, size, and time. Active traders use this to read order flow and identify buying or selling pressure.
News Feeds
Integrated news helps you stay on top of market-moving events. Look for real-time news from major financial sources and the ability to filter by symbols in your watchlist.
Research and Screening Tools
Finding trading opportunities is easier with built-in research tools.
Stock Screeners
Screeners let you filter stocks based on criteria like:
- Price and volume parameters
- Technical indicator signals
- Fundamental metrics (P/E, earnings growth)
- Sector and industry filters
- Custom combinations of criteria
Fundamental Data
For those using fundamental analysis, platforms should provide:
- Earnings reports and estimates
- Financial statements
- Analyst ratings and price targets
- Dividend information
- Key ratios and metrics
Watchlists
Organize your trading ideas with customizable watchlists. Look for the ability to create multiple lists and add custom columns for the data you care about.
Options Trading Features
If you trade options, specialized features are essential.
Options Chains
Clear, responsive options chains should display:
- All available strikes and expirations
- Bid/ask prices with size
- Greeks (delta, gamma, theta, vega)
- Implied volatility
- Open interest and volume
Strategy Builders
Platforms should support multi-leg strategies like credit spreads, iron condors, and butterflies with easy order entry.
Probability Analysis
Tools that calculate probability of profit and expected return help evaluate trade ideas objectively.
Risk Graphs
Visual profit/loss diagrams show how your position will perform at different price levels and dates.
Portfolio Management
Tracking and managing your positions effectively requires good portfolio tools.
Position Overview
See all open positions with current values, gains/losses, and key metrics at a glance.
Performance Tracking
Historical performance data helps you understand how your trading is going over time. Look for metrics like total return, win rate, and average gain/loss.
Tax Reporting
Year-end tax reporting features and wash sale tracking simplify tax time significantly.
Portfolio Features Checklist
- Real-time position P&L
- Cost basis tracking
- Dividend tracking
- Performance history and charts
- Exportable trade history
- Tax lot management
Alerts and Notifications
Stay informed without constantly watching screens.
Price Alerts
Set alerts when securities reach specific price levels. Essential for triggering your attention at key moments.
Technical Alerts
Advanced platforms allow alerts based on indicator signals, such as RSI reaching oversold levels or a moving average crossover.
News Alerts
Get notified when news breaks on stocks you are watching.
Account Alerts
Receive notifications about order fills, margin calls, or dividend payments.
Paper Trading
Paper trading (simulated trading) is invaluable for practice and testing strategies. Look for platforms that offer realistic paper trading with the same interface as live trading.
Mobile Integration
Even if you primarily use a desktop, mobile app integration is important for monitoring positions on the go. Your settings, watchlists, and alerts should sync between platforms.
Educational Resources
Quality platforms invest in trader education:
- Tutorials and how-to guides
- Webinars and live events
- Strategy guides
- Market commentary and analysis
Customer Support
When you have a problem, you need help fast. Evaluate:
- Phone support hours and wait times
- Live chat availability
- Email response times
- Quality of help documentation
Prioritizing Features by Trading Style
Day Traders Need
- Fast execution and Level 2 data
- Hotkeys and quick order entry
- Real-time scanners
- Time and sales
Swing Traders Need
- Strong charting and technical indicators
- Screening tools
- Mobile access for monitoring
- Alert systems
Options Traders Need
- Advanced options chains with Greeks
- Strategy builders and analyzers
- Probability calculators
- Volatility analysis tools
Long-Term Investors Need
- Fundamental research tools
- Portfolio analysis
- Dividend tracking
- Tax reporting features
Enhance Your Trading With Analytics
No matter what platform you use, Pro Trader Dashboard adds powerful analytics and tracking. Import your trades and see insights your broker does not provide.
Summary
The best trading platform has the features that match your trading style. Focus on the features you will actually use rather than being impressed by lengthy feature lists. Test platforms with paper trading before committing, and remember that you can always use third-party tools to supplement what your broker provides.
Ready to learn more? Check out our guides on how to choose a trading platform, charting software, and platform costs.