Tool

How Trading Software works

Today’s trading software can be divided into four categories:

• Data – Before you start trading for the day you need to know the price of the stock, futures and / or currency you want to trade. For stocks and futures, the price will usually be obtained from the exchange where they are traded. Forex, however, does not have a central exchange.
• Charting – Smart traders will usually chart prices in charting software. Many vendors will also offer data feeds. These charting packages usually offer basic technical analysis indicators. Choose a more advanced package and you can benefit from more indicators and the ability to support your strategy.
• Trade execution – With the data you submit and after analyzing it on the chart, at some point you will want to enter a trade. For that, you need some kind of trade execution software, electronic trading platform. Many software today will also allow you to develop your own trading strategy with an application programming interface (API). They may also offer automated trading capabilities specifically for day trading.
• Brokers vs independent vendors – Many brokers will offer software directly connected to their internal systems, but you can also use third-party applications through independent software vendors with brokers that support such integration. The benefit of third-party solutions is that they often have more advanced features and allow you to trade with several different brokers with a single interface.

Tools

Mac or Windows?

When choosing your software, you need something that works seamlessly with your desktop or laptop. Any accidents or technical issues can incur serious costs. Fortunately, today’s traders are no longer confined to Windows computers, recent years have seen a surge in the popularity of day trading software for Mac.

For example, MetaTrader4 is the world’s most popular trading platform. It’s user-friendly, so combined with easy to navigate Macs, it’s perfect for both beginners and veterans. But whether you’re looking for the best trading software for Mac or Windows, check the reviews to make sure the technical tools, data feeds, portfolio trackers, backtesting capabilities and any other features you need won’t run into compatibility barriers. In addition, be sure to download the free initial trading software. A reputable broker will not charge for the privilege of installing.

Mobile Day Trading Software

You can also find very useful mobile trading software, usually in the form of apps on iOS and Android. These are not designed to replace desktop applications as they are lacking in capabilities. They are best used to supplement your regular trading software.

Make sure when choosing your software that the mobile app will be free. A good app will provide solid market updates, trends and common stock price markers. If the app presents you with information that pushes you toward impulsive decisions, stay clear.

What to look for

Brokers will often offer standard software, but if you want additional features that may be important to your strategy then you may have to pay more. Therefore, do a thorough software comparison before you start trading with your earned capital.

Cost & 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 tracking average tracking? Alternatively, would you like to use a more complex multi-conditional strategy? Do you need a live forex feed? To make sure it meets your needs get a free software download trial and first day trading practice.
• Cost – How much does day trading software cost? It is all too easy to choose the cheapest trading software. While this may save you money in the short term, you may be sacrificing important features that your strategy requires. Adding these features later may cost more than if you invested in comprehensive software to begin with. Also, check to see if the software is available as part of a standard broker account, or does it come at an additional cost?

Technology

• Speed of execution – Time is money and nowhere is that more true than in today’s trading world. Make sure your software will allow you to get in and out quickly. Check the reviews for any trade execution red flags. A few seconds can be the difference in red or black at the end of the day.
• Accessibility – Does it offer web-based software? If so, you only need an internet connection to get online, and you will have zero installation, update and maintenance costs. Web-based trading software is the best choice for beginners. However, if you are using very complex algorithms, you may need computer-based installable software. Remember this will be a much more expensive route to go down.
• Features – Day traders rely on short-term price movements to make profits. What is your strategy for monitoring price fluctuations? Do you need charts, specific data feeds, news sources, specific market access? If so, check if this will be included as standard.
• Analytics – Does your strategy rely on technical indicators and pattern recognition? Will the software recognize arbitrage opportunities? Comprehensive analytics software will give you all the analytics features you need in one user-friendly bundle.

Forex Trading Software

Which is the best forex trading software available in the market today? With hundreds to choose from, finding the right software for your needs is no easy 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 currency trading software available:

• Trading platform – This allows you to manage and execute forex trades manually.
• Trade signal generator – This will give you recommended levels to enter and exit positions.
• Technical analysis software – This will offer you historical exchange rate charts, plus various technical indicators.
• Automated forex trading software – Once you program your rules and strategies, these programs will automatically execute the trades 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 few stocks that are traded every day. That means identifying them before they make their big move will be what separates the profitable traders from the rest. Before you buy, always check for trading software reviews.

In addition, look for the following capabilities of your software:

• Market scanning – The program should scan the market for potential opportunities and draw your attention to interesting stocks.
• Marking software – This will help you break the market state, so look for software that makes their charts user-friendly, or even offers customisability options.
• Portfolio Tracking – This will help you keep track of all previous trades, help you identify mistakes and hone your strategy.
• Backtesting – This software will allow you to backtest your trading system against historical data, giving you an idea of what and how successful your strategy is, before you risk real capital.

Other Instruments & Markets

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

• Commodity trading software –  There is a rich supply of international trading software for the commodity market. Furthermore, you can get your hands on some free online trading and charting software around.
• Bitcoin day trading software –  As the market is still evolving, there are new options emerging every month. You will also find some of the best trading simulator software, which may be free.
• Emini trading software – The Emini selection continues to grow, so you can choose between generic systems, or specialist Emini software. You will also find a good selection of scalping software, with many reviews on the software forums.
• Penny stock software –  There is healthy competition, so if you are looking for where to buy the best trading software for penny stocks, Google will quickly answer all your prayers in abundance. You can also find easy to buy and sell signal software for cent shares.
• Software for NSE –  You can get free trading software for the Indian market, or you can choose from a growing selection.
• Software for cryptocurrency –  You can choose between robots, prediction software, or you can get many manual options. You can also get your hands on virtual money management software that is useful for keeping your online wallet weight.

Perisian Jurnal

Day trading journal software allows you to keep a log book online. Why do you want that? Because they keep a detailed account of all your previous trades. They record instruments, dates, prices, entry, and exit points. This allows you to not only fill out your tax return easily, but also to analyze your recent trading performance. It can help you identify mistakes, allowing you to trade smarter next time. This makes it some of the most important intraday trading software available.

Popular Software

Make sure that when you compare software, you check the reviews first. Even those that claim to be one of the ’10 day trading software’, may have some serious shortcomings. Also remember, the easiest trading software is not necessarily the best. If it’s as simple as it being less than the requirements outlined above, your bottom line may suffer.

Having said that, consider the popular and good options below:

• MetaTrader – Market leading multi-functional trading platform. Integrates with many major brokers.
• TradingView – A leading charting package with many technical analysis tools and the ability to build and repeat test strategies. Can also automate trades, and copy trades.
• Linux Software – Considered some of the fastest realtime trading software around.
• JSE Software – Considered one of the best day trading software available.
• MCX analysis software – One of Tim Sykes’ highly recommended trading software systems.
• TD Ameritrade – Some of the best live and virtual day trading software available, scoring especially high in US reviews.
• Etrade Software – Great software, fast, reliable and used by traders at all levels.
• Consortor Software – This German software offers some of the best trading simulation software for free.
• AlgoTrader – This is perfect if you are looking for customizable open source software to implement automated strategies.
• NinjaTrader – allows developers to build their own integrated indicators.
• ZuluTrade – Replace trading signals or trading traders or trading traders. Popular in the US.
• eToro – the leading social trading network. Copy profitable traders – or be a ‘leader’ and earn when other traders follow your trades.

Software Strategies

Choosing the right software is a very important decision, but part of that decision comes with making sure it works harmoniously with your day trading strategy. If you trade forex using a simple price action strategy, then you probably have everything you need with your broker’s standard program software.

Tools like TradingView can also help you build and back test strategies, including using your own code if desired.

However, if you have a complex strategy, you may need software that has all the indicators and technical tools at the notice of a few clicks, to ensure that you make quick and accurate decisions. Your strategy needs may be greater and you may need optional advanced features that are often expensive.

Demo Accounts

If you want to test a certain software before making it, the best way to do it is with a “demo account”. A demo account is a form of practice account where you trade for free with “play money” using the real software and its features. It’s a great way to experiment with your own software, strategies and skills and is something we recommend. We list all demo trading accounts here.

Regional Impact

Tailored for specific markets

The best trading software for Australia and Canada, maybe less than the mark in the Indian and South African markets. This is simply because software in India can be very different to Australian software. Spider Software, for example, provides technical analysis software specifically for the Indian market. But if you want to trade stocks in the West, you may find that remote software doesn’t give you all the access to the data feeds and news sources you need to trade successfully.

There is also the matter of cost. You can get a lot of free charting software for the Indian market, but similar and comprehensive software in the UK, Europe, and the US 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. Accounting software needs to be able to accurately calculate how much tax is owed to your country’s specific body, for example the IRS. Apart from wasting your time, any tax mistakes will fall on your lap, as will the fines.

Final Word In Location

If you’re British, do your homework and find out what the best trading software is specifically for the UK. If you are Canadian, check you won’t face any tax problems if you invest in accounting software from South Africa.

Ambil Mata Rumah

It should be noted that your choice of broker may restrict the tools available to you. Free day trading software may seem like a no-brainer to begin with, but if it comes at the expense of technical tools that can improve trading results then it may cost you in the long run. Remember the best day trading software for forex may not cut the mustard when 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 test driving it first, and your day trading software should be no different.