Software

How Trading Software Works

Online day software can be divided into four categories:

• • Data – Before you start trading for the day, you need to know the prices of the stocks, futures and / or currencies you want to trade. For stocks and futures, the prices usually come from the exchange where they are traded. However, Forex does not have a central exchange.

Charting – Smart traders will usually chart prices in charting software. Many providers will also offer data feeds. These chart packages usually offer basic technical analysis indicators. Opt for a more advanced package, and you can benefit from more indicators and the ability to test your strategies.

• Trade execution – with your towels and after analyzing them on a chart, you want to trade at some point. For that you need some kind of trading execution software, an electronic trading platform. Many software today will also allow you to develop your own trading strategies with an application programming interface (API). It can also offer automated trading capabilities, specifically for day trading.
• Broker vs Independent Vendor – Many brokers offer software that is directly connected to their internal systems, but you can also use third-party applications from independent software vendors at brokers that support such integration. The advantage of third-party solutions is that they often have more advanced features and allow you to trade with different brokers with one interface.

 

Tools

Mac or Windows?

When choosing your software, you need something that works seamlessly with your computer or laptop. Any crashes or technical problems can cost you serious profits. Fortunately, the day trader is no longer limited to Windows computers, but the popularity of day trading software for Mac has seen a rise in the world in recent years.

For example, MetaTrader4 is the world’s most popular trading platform. It’s user-friendly, so combined with easy navigation on Mac, it’s ideal for beginners and veterans alike. Whether you’re looking for the best trading software for Mac or Windows, check reviews to ensure that the technical tools, data feeds, portfolio trackers, backtesting capabilities, and any other features you need won’t experience compatibility barriers. Also, ensure that the initial download of trading software is free. Trusted brokers don’t need to charge you for the installation privilege.

Mobile Day Trading Software

You can also find extremely useful mobile trading software, usually in the form of an app on iOS and Android. It is not designed to replace table copy applications as it lacks the capability. It is best used to supplement your normal trading software.

Be sure to select the program for free when choosing your software. A good app will provide concise market updates, trends and the usual share prices for stocks. If the app overloads you with information that prompts you to make impulsive decisions, stay clear.

What to look for

Brokers often offer software, but if you want extra features that are essential to your strategies, you have to pay quite a bit more. So do a thorough software comparison before you start trading with your hard-earned capital.

Cost and need

• Does it meet your needs? – There is no one size fits all. Different trading software will suit different people. Do you follow a simple stock strategy like moving average tracking? Alternatively, do you want to use a more complicated multi-conditional strategy? Need a live forex feed? To make sure it meets your needs, get a free trial software download and practice on it your first day.
• Cost – How much does day trading software cost? It is too easy to choose the cheapest trading software. While this may save you money in the short term, you may be sacrificing essential features that your strategy needs. Adding these features later can cost even more than investing in comprehensive software. Also, check if the software is available as part of the standard brokerage account, or does it come at extra cost?

Technology

• Speed of Execution – time is money and nowhere is this truer than in the day trading world. Make sure your software allows you to enter and exit trades quickly. Check reviews for any red flags of the trade. A few seconds can be the difference in the red or black at the end of the day.
• Accessibility – is it a web-based software offering? If this is the case, you only need an internet connection to get online, and there are no costs for installation, updating and maintenance. Web-based trading software is the best option for beginners. However, if you use extremely complicated algorithms, you may need a desktop-based installable software. Keep in mind that this will be a much more expensive route to go down.
• Features – Day traders rely on short-term price movements to make profits. What does your strategy need to monitor these price fluctuations? Do you need charts, specific feeds, news sources, specific market access? If so, check if it will be included by default.
• Analysis – Is your strategy dependent on technical indicators and pattern recognition? Can the software recognize arbitrage opportunities? A comprehensive analytics software will provide you with all the analytics features you need in a user-friendly bundle.

 

 

Forex Trading Software

What is the best forex trading software available right now? With hundreds to choose from, finding the right software for your needs is not a simple decision. The first question to ask is ‘what information, resources and tools do you need to improve your forex strategy?’

Here are some of the most popular forex trading software available:

• Trading Platforms – Allows you to manage and execute manual forex trades.
• Trade Signal Generators – These will provide you with the recommended levels at which you can enter and exit positions.
• Technical Analysis Software – This provides you with charts of historical exchange rates, plus a wide variety of technical indicators.
• Automated forex trading software – Once you have pre-programmed your rules and strategy, these programs will automatically execute on your behalf.

Stock Trading Software

With today’s volatile market trends, choosing the right stock trading software is essential. It is often said that there are very few stocks worth trading every day. This means distinguishing the profitable traders from the rest before they make their big move. Before buying, always check the reviews of trading software first.

Additionally, check the following features of your software:

• Market Scan – The program should scan the market for potential opportunities and quickly draw your attention to stocks of interest.
• Graphic software – this will help you decipher the market conditions; so look for software that keeps their charts user-friendly, or even offers customization options.
• Portfolio Tracking – This will help you keep a close eye on all past trades and help you identify mistakes and improve your strategy.
• Backtesting – the software should allow you to test your trading systems against the historical data, giving you an idea of whether and how successful your strategy will be before risking real capital.

Other instruments and markets

On top of the software for the tools above, you can also get your hands on:

• Commodity Software –  There is a rich supply of international trading software for commodity markets. Plus, you can use some of the best free online trading and charting software.
• Bitcoin Day Trading Software – As the market continues to grow, new options appear every month. You will also find some of the best trading simulator software, which is probably free.
• Emini software for trading –  Emini options continue to grow, so you can choose between generic systems, or specialist Emini software. You can also find many good software options, with many reviews on software forums.
• Penny Stock Software –  There is some healthy competition, so when looking at where to buy the best penny stock trading software, a quick Google will answer all your prayers in abundance. You can also easily use buy and sell signal software to use for penny stocks.
• Software for NSE – You can find free trading software for Indian markets, or you can choose from the ever-growing options.
• Cryptocurrency software –  You can choose between robot, prediction software, or you can find many manual options. Now you can also get useful virtual money management software to keep your online wallet heavy.

Magazine Software

Day trading journal software allows you to keep online logs. Why would you want that? Because they keep a detailed record of all your past trades. They record the instrument, date, price, entry and exit points. It allows you to not only fill in your tax returns with ease, but also analyze your recent trading performance. This can help you identify mistakes so you can trade smarter in the future. This makes it the most important day trading software available.

Popular Software

Be sure to check the reviews first when comparing software. Even those that are among the ‘top 10 day trading software’ can have serious drawbacks. Also remember that the easiest trading software is not necessarily the best. If it’s easy, because it lacks the requirements outlined above, you may suffer.

Having said that, you should consider the popular and well-regarded options below:

• MetaTrader – Market-leading multifunctional trading platform. Integrated with many leading brokers.
• TradingView – The leading charting package with a wealth of technical analysis tools and the ability to set up and backtest strategies. Can also automate trades and trade.
• Linux Software – Considered to be some of the fastest real trading software in the world.
• JSE Software – Considered one of the best futures day software available.
• MCX Analysis Software – One of Tim Sykes highly recommended for trading software systems.
• TD Ameritrade –  Some of the best live and virtual day trading software available, with US ratings in particular.
• Etrade Software – Nifty trading software, it’s fast, reliable and used by traders of all levels.
• Consors Software – This German software offers the best trading simulation software for free.
• AlgoTrader – This is ideal if you are looking for customizable open source software to implement automated strategies.
• NinjaTrader – allows developers to build their own integrated indicators.
• ZuluTrade – Automate trades or copy trading signals or traders.
• eToro – Leading Social Trading network. Copy profitable traders – or become a ‘leader’ and earn as other traders follow your trades.

Software strategies

Choosing the right software is an extremely important decision, but part of the decision is ensuring that it works harmoniously with your day trading strategies. If you are trading forex using a simple price action strategy, you may have everything you need with your broker’s standard trading software.

Tools like TradingView can also help you set up and backtest strategies, including using your own code if desired.

However, if you have a complicated strategy, you need software that contains all the indicators and technical tools with a few clicks to ensure you make quick and accurate decisions. Your strategy needs are likely to be greater, and you may need advanced features that are often expensive.

Demo Accounts

If you want to test a particular software before committing to it, the best way to do this is with a “demo account”. A demo account is a form of practice accounts where you trade for free with “play money” using the real software and its features. This is an excellent way to test software, strategies and your own skills and is something we highly recommend. We list all trading demo accounts here.

Regional Impact

Tailored for specific markets

The best trading software for Australia and Canada may not hit the mark on Indian and South African markets. This is simply because the software in India can be extremely different from Australian software. For example, Spider Software offers technical analysis software specifically for Indian markets. But if you want to trade stocks in the West, you may find that remote software won’t give you all the access to data feeds and news sources you need to trade successfully.

There is also the issue of cost. You can get plenty of free mapping software for Indian markets, but the same powerful and comprehensive software in the UK, Europe can often come with a hefty price tag. So make sure your software comparison takes location and price into account.

Tax Considerations

The same principle applies to day trading tax software. The accounting software must be able to accurately calculate how much tax is payable to your country’s specific body, for example the IRS. Besides wasting your time, any tax mistakes will fall on you, as will any penalties.

Final Word on location

If you’re British, do your homework and see what the best trading software is specifically for the UK. If you are a Canadian, you should make sure that you will not face tax problems if you invest in accounting software in South Africa.

Take Home Points

It is worth bearing in mind that your choice of broker may limit the instruments available. Free day trading software may seem like a no brainer to start with, but when it comes to sacrificing technical tools that can improve trading decisions, it can cost you in the long run. Remember that the best day trading software for forex cannot cut the mustard if you use it for stocks; so do your research and consider all the factors outlined above. Most importantly, you wouldn’t buy a car without testing first, and your day trading software should be no different.