1. Trading platforms
Zili Zhou

2. Definition
Software that enables investors and traders to place trades and monitor accounts through financial intermediaries
Often times, trading platforms will come bundled with other features, such as real-time quotes, charting tools, news feeds, and even premium research
Platforms may be tailored to specific markets

3. 2 broad types of trading platforms
Proprietary platform
Commercial platform
A customized platforms developed by large brokerages to suit their specific requirements and trading style.
Targeted at day traders and retail investors.
Characteristics:
-easy to use
-assortment of helpful features (such as news feeds and charts) for investor education and research.

4. What to consider for your trading platform
Costs/fees for the intermediary platform
Features involved/available for the platform
Broker’s overall reputation

5. Popular trading platforms
TradeStation
Interactive Brokers
thinkorswim
optionsXpress
TradeKing

6. TradeStation
A popular trading platform for algorithmic traders that prefer to execute trading strategies using automated scripts developed with Easy Language
It has a program called OptionStation that allows options traders to create their own options strategies
But it doesn’t have a browser-based method for accessing customer’s account
Average No. of trades: 640 per year
Cost: $99.95 per month

7. Interactive Brokers
It not only charges the lowest commissions on stocks and options, but also has the lowest margin fees and pays near the top for cash
Order Wizard: a program designed to coach the user through placing a trade and also shows the 40 order types available with the platform
But the customer service remains terrible
The platform is exclusive for customers who don’t need trade hand-holdings
Cost: $14.95 per trade for mutual fund, $0.01 per share for stock

8. thinkorswim
Geared for self-directed stock, options and futures traders, purchased by TD Ameritrade in 2009
It’s a Java based software platform and customers can log in via a browser- based platform as well as multiple mobile devices
Good customer service and a wider audience than TradeStation
Cost: free for holders in TD Ameritrade and a flat $9.95 per trade in general
But customers must have at lease $500 in their accounts

9. optionsXpress Charles Schwab has merged with optionsXpress for trading
A versatile Website with loads of tools and ways to track your portfolio
It’s easy to use, an excellent education resources, and has a wide array of items to trade, including futures
But it has not forex and requires customers to deposit $1000 minimum in their accounts
Cost: $8.95 per trade for stock, $9.95 per trade for mutual fund

10. TradeKing
A relative newcomer to the online brokerage business, site features new, slick tools that focus on finding and executing options strategies
It has a recently added, automated cost-basis and portfolio-tax reporting system called Scivantage's Maxit that not only tracks capital gains, but helps to make better tax-related trading decisions
Individual trading activity has to be shared in the TradeKing community in order to access to all features
Excellent customer service
Cost: $4.95 per trade

11. Conclusion
Investors should choose an online trading broker based on their knowledge and investment goals
-if experienced:
thinkorswim is better for its good customer service, easily accessible system, and low fees
-if relatively new:
TradeKing is better credited to it tutorial system and excellent customer service. Cost is not too high as well