This week I thought I would try something new and release a piece of writing based on UX that is different to any of the previous releases of the series. I had the honour to catch up with Trading Room App and ask a few questions about the user experience of the free Trading Room Tools and how they can help us traders.
But first, who is Trading Room?
Trading Room is a well seasoned trader with almost three decades of trading experience. He is highly respected in the Crypto Twitter space with over 75,000 followers and is a mentor for many with quality and consistent content that is provided to the community for free.
You can find Trading Room on Twitter here.
Q: I think a good way to start this interview would be by giving the readers some background about what the Trading Room tools are. Could you address what the purpose of the tools are exactly?
A: Trading Room has introduced multiple tools to help traders make informed decisions regarding trade setups. Our primary tool is Price Action Scanner which consist of trends across 8 timeframes for more than 300 Coins. That means our proprietary algorithm tracks 300 coins x 8 timeframes = 2400 charts & delivers current trends across 2400 charts in a very simple and easy to use UI/UX.
With one glance, our users can identify Up-Trending coins, Down-Trending coins, sideways as well as breakout candidates. On top of it the Price Action Scanner also tracks price action across 11 time periods, ranging from 6Hours to 500 Days and tracks gains & losses for those periods as well as real time Fibonacci Levels.
This is a path breaking & first of its kind tool in the world. Without opening a single chart, users can literally scan thousands of charts & identify interesting coins and timeframes. All they need to do is, go back to classical charting tools like tradingview and check the coins of their interest.
This is a dream tool for Pro traders. Intermediate traders can use it too with some practice. New traders may need to watch our Tutorials first before applying this techniques.
In a nutshell, Price Action Scanner helps you reduce your screen time considerably and helps you find interesting setups in minutes.
Q: Was there any specific inspiration behind creating the tool?
A: Yes, we were trading commodities, currencies, CFDs & stocks earlier and our biggest challenge everyday was, where to start and what to look for. Every trader faces the same dilemma on almost a daily basis. That was the trigger for us to create simple and easy to use tools to help us identify interesting setups without wasting / investing much time.
Q: From a user experience perspective, I don’t really care about the algorithms behind the tools. I just need it to work. How have you ensured that this tool delivers results?
A: The proof is in the pudding. Thousands of users successfully are using this tool now. Trading Room helps them to cut down their screen time drastically at the same time gives them their life back as now they can do lot more beyond trading as they are saving time.
Q: I’m interested to know, how long was the tool in production for before release?
A: In terms of R&D across different markets, its going on for years now, but for Crypto itself we spent 9 Months before the release.
Q: Did you speak to any users about what they wanted from the tool or did you base this idea around your own needs as a trader?
A: The idea is based on our own need as Pro Traders. We know what is lacking in the market and what people will need. Our Focus is mostly based around pro traders. But other traders can learn it pretty quick if they are motivated enough.
Q: Did you have a set of features listed before building the tool, that you knew you wanted to include?
A: Yes we had absolute clarity of thoughts on what we wanted and how it should look, especially colors and UI/UX. I wanted to create a straight to the point approach wherein, we wanted to convey everything through colors itself.
Q: I personally think that the tool’s user interface is extremely clean. Did you test the website with any users before launch?
A: Nope we did everything in-house. We didn’t want our own judgment to be clouded with too many opinions. Everyone has their open opinion when it comes to creative field, and therefore we decided not to have too many opinions on that front ☺ Democracy has failed mostly so our approach was more or less “this is what we believe is good for you”.
Q: I really like that you’ve taken the time to create an ‘How to’ guide for each specific tool. What made you create these guides?
A: I believe our tools are unique and unless someone tells you what it is and how it works, it’s hard for new people to understand. We will keep creating more content in the future.
Q: I also like that you don’t have to register or make an account. It’s hassle free and convenient. Was this a conscious decision?
A: Yes we wanted to keep it free for most part & login-free initially but we may add login later as users wants to save their settings and use the same settings across different devices. We may add the Login feature in order to provide flexibility to switch devices and save settings.
Q: One of the only things I initially think could be improved is the button that allows you to add coins to the watch list. To me it looks more like alt-text (hover text) than a button you can click.
Is this something you have considered improving in some way?
A: Yes. We will be replacing it with the STAR icon like Binance. Its under works and we will be changing it soon. We have already implemented that feature for all of our white label as well as licensed versions.
Q: I have to ask, was Night Mode one of the first features on the list?
A: Night Mode was my primary requirement when we started the design. No financial software is complete without Night Mode.
Q: My last question now. I love that this tool is so mobile friendly, making it really convenient for the people who perhaps have a day job and don’t trade full time. Are there any plans to create a mobile app?
A: You see it all boils down to the cost. We have provided a free platform that has cost us serious money to build. We don’t accept tips or donations. We don’t have any serious Ad Revenue either considering we don’t accept any assignment on Twitter to shill coins or referral links. So keeping in mind all the development and maintenance costs involved, we may do the app only if there is enough demand and if people are willing pay a small monthly subscription price. Otherwise it’s not on the agenda for the time being.
We are developing Trade automation Software, Trade Journaling software, Trading algos, Trade Alerts, Position Calculators as well as host of other scanners, which won’t be available in our free version. Those ones will be available for only our white label buyers as well as licensed platforms.
Posty: Well that’s everything from me, thank you for your time it’s much appreciated.
I hope you enjoyed something slightly different this week. Hearing about some of the UX decisions from the owner of such an impressive trading tool themselves and the reasoning for creating it. I personally use the Trading Room Tools frequently especially the Volume Scanner as I have a full time job and it saves me a bunch of time trying to find the best coins to trade.
Go check out the tools yourself by clicking on this link.
This interview has been brought to you by elevateUX.
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- No payment, partnership or sponsorship has been made in the completion of this interview.
- This interview was complete on 6/6/2019.
Thanks for reading, Malone!
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