Financial trading is no longer centralised in marketplaces, and investors and brokers do not need to be physically located inside the stock market to pursue their financial activities. The rise of technological platforms and easy access to the internet made it possible for everyone to trade from home.
Some pit traders still exist, and a few brokers conduct their activities from trading floors. However, access has been limited in capacity and to certain personnel.
Nowadays, an investor from Asia, for example, can connect with a European brokerage firm to execute trades in the New York Stock Exchange market, all through digital trading rooms and digital charts.
A single glance at your trading dashboard will show you everything you need to know about and to track your investments. If you are new to trading, the trader’s room can be complicated for you, and it is easy to get intimate. However, we simplify it for you.
What Can You See in a Trader’s Room?
Trading platforms, like MetaTrader or cTrader, feature a dashboard full of charts, signals, order execution options and tools that help you succeed in the financial market.
Once you enter your trading room, you will have all the tools you need to analyse the market, set technical indicators, place buy and sell orders, and manage your capital.
These trading platforms connect you with a brokerage company that receives your trading orders and executes them in the real market. For instance, if you are trading with currencies, your Forex broker will directly access the Forex market and operate on your behalf in exchange for commission fees.
Also, your trader’s room may include market updates and news to help you make an informed trading decision and shorten the analysis process, where you can easily access needed information.
Getting Started With Trader’s Room
It is easy to get lost the first time you are on a trading platform. So, here is what you need to do.
- Register your account on the trading platform of your choice. Ensure the legality of the company and the legitimacy of its offerings.
- Top up your account with your trading capital, which will be used when you execute market orders.
- Find your trading dashboard or trader’s room and select the asset or asset class that you want to analyse.
- Select the market order you want to execute (buy/sell) according to the given prices in the trading room.
Customise Your Trader’s Room
Trader’s room is highly flexible and customisable, where you can add/remove analytical tools, charting options, signals and indicators that you want to see or frequently use.
Here are some major advantages that modern trading rooms offer.
You can adjust your interface and the options you want to see on the main display, such as news feeds, selected market updates, favourite indicators and more. You can change the dashboard whether you prefer a simple-looking display or a crammed interface full of data and figures.
Rookies usually start with a simple interface that is easy to track and understand, including the top three charting options and a selection of news feeds. When you level up your skills, you can go for a more sophisticated dashboard with lots of charts and numbers.
Most trading platform providers incorporate ongoing technical support to help you resolve arising issues. You may face problems when placing a certain market order, questions about your equity display, or basic inquiries like adding a payment method.
Having responsive technical support is crucial to aid you in a timely manner so you can continue trading and making money quickly.
Many traders spend time finding relevant market information and researching the financial news. However, these interactive platforms integrate various API protocols to broadcast live updates from the market to your screen.
You can select the types of updates you want to receive and the markets you are interested in and receive relevant information to make quick decisions.
Today’s trading platforms use advanced technology to implement your requests faster and use various service providers. Some platforms use ECN technology to connect you with a network of brokers, choosing the best trading conditions at the lowest slippage and possible fees.
Trader’s room is today’s trading floor, which allows you to control your account and investment portfolio from your device. All you need to do is register a selected trading platform and find your trading dashboard.
Modern trading rooms are highly customisable, where you can adjust the view to your preference, selecting options and features that you need.
This introduction lowers the entry barrier to financial markets and allows more participants to seek financial gains by interacting with different markets and asset classes on one screen.