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A General Overview
One thing I’ve noticed over the years that I’ve been involved in the stock market is how stock software has grown as a method of trading. There are many many types from stock trading software available on the market from Worden Telechart to Decisionbar. Some of the stock market software works great, Wave59 comes to mind, while some things like the highly advertised stock trading robot have turned out to be little more than a giant sham out to take your money. I think it’s the good stock option software that makes people really believe in this stuff, and it’s the very bad stock charting software that makes people think that all stock option trading software is a giant sham. Word of mouth is varied, which is too bad considering that some of the best software stock can really help out your trading.
If you are looking for stock analysis software then this site is a good place to start looking. If you are looking to avoid bad stock investing software then check out the site and look before you buy for an honest analysis. One thing is for sure, before you pay for stock investment software do your research or you’ll get ripped off. I’ve used a lot of stock market trading software in my day and I think that makes me a bit of an expert. Here are a few general rules:
1 – Stay away from stock picking software, stock tracking software is better because it tells you information and let’s you weigh the risk (something that no computer can do for you)
2 – Free stock trading software is your enemy… if it’s free you’re getting exactly what you pay for… I’d much rather get some online stock trading software that I have to pay a fair price for
3 – If you want the best stock trading software you’re going to have to pay for it. Like I said earlier telechart 2007 is some great stock chart software but it doesn’t have the features that premium stock trade software like asctrend has
A realm I’ve never really delved into is day software stock trading because I find day trading in it’s self to be quite a sham. Also there is a lot of free stock charting software for day traders and that scares me a lot. Like I said before when you get free stock market software it’s probably crap.
There is a lot of stock exchange software out there too that I sometimes forget about. If you get a good piece of stock scanning software it should have a couple major characteristics:
1 – The stock market analysis software needs to be FAST. I hate sitting around all day waiting for the indicators to get back
2 – If you are buying a type of stock prediction software be sure you are getting information about WHY the software thinks the stock is a winner… not just what stock to buy
I love stock market investment software a lot and I stand by the fact that a lot of it works. I prefer stock screening software myself, the stuff that screens out stuff you don’t even need to look at based on parameters you give it. People who like stock pick software are stupid for a magnitude of reasons I’ve already said, basically that they feel that it can compensate for their general incompetence (which it can’t).
What you need is stock technical analysis software, because something that computers can do is calculate numbers. Stock market charting software is also pretty good because charting is a pretty basic function. That being said you can get pretty good charts. If you want stock trader software that the real traders use then my friend Josh Hayes of BigWaveTrading LOVES worden telechat. Stock market timing software is good too because timing is something a computer can do.
There are a lot of great points made here, especially for those just getting into things. I know that everyday I see and hear about more and more people looking to take control of their trading because traditional methods just are not working out for them anymore. As for the free trading software, I totally agree with you here. It is worth paying for something that is supposed to make you the kind of money you are looking for. Free software is more about the person who created now than on helping you get what you need out of it.
You know I agree with most of what you’re saying here, and really it’s a reflection on technology and software in general. In other words, software has come forward in all industries to help speed things along and make our work more efficient, but it should never be a replacement for our own education and ability to reason and reach our own conclusions. I second your opinion that everyone should be using stock screening software, as this will literally save you hours per day, but once it’s narrowed down to a “watch list” people really need to do their own due diligence and crunch the numbers on their own. Never let a computer or program make the final decision for you on a trade. Just let it help you to narrow down options.
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