Online stock trading can be very rewarding when done the right way. When you are interested in this type of investment, you will need to select a good trading platform that will make the process easy for you. You are also better off getting a broker to help you with trading depending on the type of trader you want to be. There are so many brokers out there, most of which offer free account opening on their platforms to get you started trading. Whether you are a beginner to this type of trading or an advanced trader, it is important to make sure you choose the right platform and brokerage for your trades and below are the most important basics to keep in mind when taking your decision.

Value types

It is wise to start by finding out what securities you will be able to trade on the platform. It is best to choose one that gives you the opportunity to trade all the stocks that interest you now or in the near future. Stocks, IPOS, futures, and options are some of the securities you can choose to trade.

Real time quotes

There are different ways to get price quotes, but if what you get is data that is not really up to date, then you will be doing very little in terms of maximizing your profits. Most web-based platforms offer real-time data, but is it important to make sure that’s what you’re really getting from your trades? You may need to update manually, but the platform must have adequate measures to offer streaming.

Alerts and watch lists

As an active trader, you will find very important alerts for your trading. Watchlists and alerts can depend on different aspects that are likely to have an impact on trading. Therefore, you should select a platform that allows you to customize such alerts via text or email so that you can make any trading-related decisions.

Execution of orders and times

A good trading platform should at least allow you to place orders that can be executed at any time within trading hours or remain valid unless you cancel them. On platforms that are more advanced, you may be able to place limit orders with more variability in order to have more control over order timing and execution as well.

types of orders

Trade order placement may differ from platform to platform, but basically you can place trailing stop orders, market orders on close orders, stop loss orders, and so on. A wider selection of orders might be better for those who are just getting acquainted with online trading. For advanced traders, a platform that allows you to place conditional orders for multiple trades that you set up can be great. In this way, automatic executions are possible depending on the specific triggers selected.