• Trading Software

    The trading software you choose to handle your transactions is a major key to your success. Having a wide assortment of tools and options at your fingertips via your trading software and your ability to utilize all the benefits is imperative to maximize your gains and minimize your investing risk.

    • Proficiency Will Make You $$

    You don’t have to be a computer guru or a programmer by any means. You just have to become proficient and very comfortable with your trading platform; so comfortable, that the execution and the handling of your strategies become second nature.

    The world of online trading is full of investors who got in a hurry, decided to skip over the basics, and their impatience led them right to the head of the loser line.

    Lots of Different Markets Require Excellent Trading Software

    Whether you’re trading stocks, options, futures, currencies, commodities, bonds, ETF’s, CD’s – whatever, you need good trading software. In today’s investment world, I just don’t see how you can manage without it.

    It’s not about the difficulty of trading the various instruments you can choose from, it’s about how well you handle the executions and do your homework. Now, it’s true that, for example, trading options is more challenging than trading traditional stock shares, but it’s the actual development and performance of your strategy that makes the difference in success or loss.  And, to employ your strategy you need to be proficient and comfortable with your trading platform and all the other tools available to you with your software.

    • Remove Fear and Greed

    The knowledge and confidence that you acquire by following the training rules to master your trading software will remove the downfall of most investors; i.e., human emotion – fear and greed. Trust me, fear and greed – deviation from your strategy – will knock you down every time – been there, done that.

    • Different Flavors of Trading Software

    Some trading software is super simple and some, after looking at it, might make you think you need a Ph.D. in computer science to operate it. Some trading software is free and some is very expensive, but all of it falls to the same reasoning, and that is, what is best for you and your style and your goals.

    Experimenting and practicing with some free trials or simulated trading platforms is the best route to follow in making your personal decision as to which software will work best for you. Don’t be intimidated or quick to eliminate your options (pun).

    • Some Software Reviews

    Let’s talk about what is out there for you to consider, and I’ll share with you what has worked for me.

    A good place to start your search for what trading software suits you is with your broker. I found that TradeStation is the best there is, but the fees are kind of steep. However, the full-featured platform is unmatched. I currently use Think or Swim’s software to trade options and I love it. I also use Scottrade and I have used Strategy Runner.

    • Criteria for Choosing Trading Software

    Top Ten Trading Software Reviews

    Reviews of trading software usually follow a set of criteria to produce ratings: fees and commissions, ease of use, support and customer service, trading tools, and types of investments offered.

    This site at http://stock-software-review.toptenreviews.com/ provides a review of the top 10 trading software packages:

    1. Profit Source
    2. eSignal
    3. VectorVest
    4. MetaStock
    5. TradeStation
    6.Tradedecision
    7. Wave 59
    8. StockWiz 5
    9. StockShare V2
    10. Stock Predictor

    Three of my favorite broker-provided trading software are:

    • TradeStation (the best – they have it all)
    • Think or Swim (wide variety and easy to understand)
    • Scottrade (very user friendly)

    Also MultiCharts

    You need software that can handle automated trading as well as manual. The flexibility is endless; it’s the learning of operation of that plethora of information and tools that is important. You should learn all your software’s charting functions. It’s vital to see clearly in a chart what your strategy can and cannot produce for you. Risk analysis tools will help you make decisions on each strategy individually or in combination with other strategies.

    Some trading software functions with other software and desktop applications, many of which you are already familiar. The main thing is to realize what is available to you and make well-informed decisions on how to go about meeting your goals. The right trading software will get you where you want to be with a fat wallet and a smile on your face.

    © 2011, www.daytraderoptions.com. All rights reserved.

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