Brought Back Online by Enda Trading


Best Day Trading Software

The demand for day trading software has been increasingly popular these days. This is because of the rise of the popularity of electronic trading. These days, retail traders have greatly increased in number. Now even home traders are already participating in day trading. Being a day trader means that a trader is able to complete a trade within a single trading day period. 

Best Day Trading Software
Day Trading Software
Best Day Trading Software Review
Day Trading Software Review

Best Day Trading Software Review

Placing a trade simply means simultaneously buying and selling a particular financial instrument. The most common financial instruments that are being traded are stocks, futures, and currencies (Forex). Day trading has become the most popular style of trading compared to Swing and Trend trading. 

Day trading mechanics are not necessarily complicated but it requires the trader’s quickness and agility. If you want to make sure that you transact your trades in the best conditions possible, then using a trading software is the perfect option for you. When you transact a day trade, you must be able to close out your position on a particular trade before the trading day ends. This aspect of day trading proves to be a big advantage since your position does not have to undergo overnight exposure. This is also a key factor especially in the futures and stock markets where it is hard to close to a certain position after normal trading hours.

Overnight exposure is very risky to non-day traders since it is a given fact that if major events happen outside of the normal trading hours, there will be a very huge difference between the close of the previous day to the open of the next day. As a result, non-day traders who hold their positions overnight will suffer a high potential of losing more money than what they originally hoped for or expected. If you are a day trader, you need a trading software that will help you decide when is the best time to open and close a trade within the trading day period.

If you are a good day trader, you must be nimble when placing your trades. This is a trademark for good day traders since day trading requires them to move quickly in and out of markets. This allows them to seek trades with higher success rates and cutting down their losses at a relatively shorter span of time. If you have the agility of a good day trader then you are more than likely to be able to make use of market opportunities compared to non-day traders.

However, day trading involves more transaction costs compared to non-day traders. This is because as day traders trade more, they generate more commissions and pay the spread more often. As your transaction costs increase higher, the more that you are pressured to generate more profits. Also, day trading requires more of your personal attention and supervision compared to longer term methods of trading. This is very evident since a day trader must invest a lot of his time and concentration when placing trades. Additionally, day traders must invest in modern technology, like specialized software for day trading for them to be able to generate more potential income and become profitable.

Basically, a day trading software is a computer program that is specifically intended for use by traders to facilitate day trading of stocks. There are three types of trading software that you can use:

First is the one that provides you with important data. You must always be updated with the accurate prices of the stocks, futures, or currencies that are available to trade. This data can be secured since stocks and futures come from a particular exchange or the location where they are traded. Currencies, however, are unique since Forex does not have a central exchange. Generally, stocks and futures exchanges do not want to go through the burden of supplying this data to millions of traders worldwide. As a result, they decided to make their price feeds available only to aggregation companies. These price feeds are then sold by these companies to the corporations and individual traders. You must take note that prices may vary greatly for price or data feeds when using the base price as the exchange setting. Do not be fooled during occasions where price feeds are available for free. These are usually delayed and are only useful to occasional investors but are worthless to you.

The second type is the charting programs. When you start day trading, you always want to chart prices regularly. The fastest and most efficient way to do this is by using day trading charting software. You can use this to monitor and watch your markets carefully. Charting software has the ability to display the past and current market information. This includes the volume and prices in a graphical view. You can also find charting software vendors that already include price or data feeds in their programs. Usually, charting software packages offer the same basic technical analysis indicators. But if you upgrade to advanced packages, it will often include a complete programming source code that allows you to create more indicators or test your different trading strategies.

Lastly, trade execution software are also available for you .Once you already have the prices or data that you need and you have come up with a logical analysis from your chart, you are ready to place or execute a trade. You can use this type of software to execute your trades for you. You can choose among the many brokers that provide proprietary software that are linked to their built in systems. But you can also look for third party applications that are widely available online. If you choose to go for a third party application, you can have the freedom to trade through different brokers while using the same graphical user interface. You may also want to consider getting an automated day trading software where you are no longer required to manually execute trades. You just set your desired parameters and the program will do all the trading for you.

There are a lot of free day trading software programs that are available online that you can try out for yourself. Typically, it would be tiresome for you to sort through all the available products online. The easiest way to find out if a software program is any good is by reading looking for day trading software review about that product. Before you decide which best day trading software suits your needs, take a look at these day trading software reviews that may be helpful for you:

The Bloomberg Terminal is a real time day trading software that enables you to access the Bloomberg professional service where you can watch and analyze the financial market data movements and place your trades. This terminal provides news, price quotes, and messaging across its secure network.

CMC Markets Marketmaker is a stock day trading software renowned for its tight spreads and world leading financial trading platform. They provide 24 hour access to real time prices. Fast execution of trades is available through ‘one click dealing’. It allows you to monitor your account performance 24 hours a day. It has a customizable screen and you can save an unlimited number of trading screens. It has a professional real-time charting which integrates 72 indicators and overlays and even more customizable features. It offers a real time news and analysis from professional market commentary. This software can be accessed without funding required. You can also apply for free.

FlexFX, MaxxTrader, and MilanFx are all forex day trading software that are provided by FlexTrade Systems, Inc. These electronic Forex solutions are able to consolidate multiple streams of risk and liquidity into one location while providing algorithmic and visual customization. Additionally, this software gives you a comprehensive API interface using C++, C#/.NET, and Java. These are perfect tools for a number of important tasks like real-time drop copies, real time market data access on levels 1 and 2, order management, risk management, database updates, historical tick data access and black-box trading, just to name a few.

Portware FX offers a collective view of the entire Forex market place using real time. It offers a fully customizable graphical user interface. This is matched with a API access and powerful algorithmic engine that provides you with a complete and compelling Forex trading solution. Portware FX sums up liquidity from dealers, banks and gives a black box model for traders to draw on. Traders have access to this information through the user interface or through an API. It also allows point-and-click dealing. You can view the available liquidity for your prices at every price level. Additionally, you can customize the algorithms to deal at a certain price level from your configured sources.

Marketcetera is noted to be doing well in the day trading software ratings. It is the most noted financial software company that has developed a trading platform using open source. It can link financial exchanges to you using broker services. Essentially, Marketcetera also acts as a meta-broker itself, which allowed the further development of automated trading systems. This software uses the ACTIV Financial data stream services in real time. It also has a low latency equity data or price feed. This software uses the opens source library called QuickFIX that implements the standardized communication protocol call FIX.

Sierra Chart can probably be the most advisable day trading software for beginners. It is a global leader in software that provide high quality in trading, historical and real time charting, and technical analysis software for the financial market. It can support all market types like stocks, futures, currencies, indexes and options. It is a complete trading platform that provides automated and manual trading, market data, and highly customizable charting. Sierra Chart has become widely popular among E-Mini traders especially now that it supports advanced trading. The software gives you the ability to trade directly from the Trade window, the charts, and also their exclusive ChartDom that provides customizable and advanced order entry on the charts in the traditional price ladder format. It provides a large set of drawing tools, studies, and indicators. You can even create your own custom indicators and systems. This is possible by using the built-in Excel spreadsheets or Advanced Custom Study Interface and Language. The best thing about Sierra Chart is that it is being continuously expanded and improved.

These are just a few recommendations that you might want to consider. The most important thing about looking for the best software for day trading is identifying your own personal needs first as a day trader. Doing a thorough day trading software comparison is also recommended so you can clearly distinguish the strengths and weaknesses of one trading software program from another. Identify the strong points and weak points of the software that you are comparing and decide which of them is more likely to deliver what they promised. Also, it is very crucial for you to do your own part in researching about feedback and trader comments about the software that you want to buy. It is true that the best day trading software varies from one trader to another. This is because traders always have different preferences. Traders also have different personalities and these often affect their way of trading. Some traders may be very aggressive and always take the higher risk while some want to play safe and minimize losing large amounts of money. Always take note that your preference may not always be the same with others. So the top trading software for one trader may not exactly work the same way for you. You should be confident enough with your self and with your knowledge about the market to be able to pick out the right software. Seek advice from traders who have been in trading longer than you have and try to learn from their mistakes in choosing a trading software program. In the end, the important thing is that you find the software that you are confident and comfortable in. Choose the software that allows you to be more profitable and limits your losses to a minimum, besides the main objective in trading is for you to gain profit and not to lose money.