Equipment

How trading software works

Online day trading software can be categorized into four categories.

• Data – Before you start trading on the day, you need to know the price of the stock, futures and/or currency you want to trade. For stocks and futures, their prices usually come from the exchanges on which they are traded. However, forex does not have a central exchange.
• Charts – Smart traders typically chart prices in their charting software. Many vendors also provide data feeds. These charting packages usually provide basic technical analysis indicators. If you choose the advanced package, you can take advantage of more indicators and the ability to backtest strategies.
• Execute trades – At some point after you have your data in hand and analyze it on a chart, you want to start a trade. To do this, you need some kind of trade execution software, an electronic trading platform. A lot of software today allows you to develop your own trading strategies using application programming interfaces (APIs). It can also provide an automatic trading feature for daily trading.
• Brokers vs. Independent Vendors – Many brokers offer software directly connected to their in-house systems, but third-party applications are also available through independent software vendors with brokers supporting these integrations. The benefit of third-party solutions is that they have more advanced features and allow you to trade with many different brokers from one single interface.

Tools

Mac or Windows?

When choosing software, you need something that works smoothly on your desktop or laptop. Crashes or technical issues can result in serious gains. Fortunately, day traders are no longer limited to Windows computers, and the popularity of day trading software for Mac has skyrocketed in recent years.

For example, MetaTrader4 is the most popular trading platform in the world. It’s user-friendly, so combined with an easy-to-navigate Mac, it’s ideal for beginners and veterans alike. However, if you are looking for the best trading software for Mac or Windows, be sure to check out our review to ensure that technical tools, data feeds, portfolio trackers, backtesting features, and other features you need won’t run into any compatibility issues. Also make sure your initial trading software download is free. Reputable brokers do not ask for permission to install.

Mobile Day Trading Software

You can also get very useful mobile trading software, usually in the form of apps on iOS and Android. It is not designed to replace desktop applications due to its lack of functional areas. They are best used as a complement to your normal trading software.

When choosing software, make sure the mobile apps are free. A good app provides concise market updates, trends and general stock quotes. If the app is overloaded with information that forces you to make impulsive decisions, stay clear.

What to look for

Brokers often offer standard software, but you may have to pay a lot more if you want extra features essential to your strategy. 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 suits different people. Are you following a simple stock strategy like tracking moving averages? Or use a more complex multi-conditional strategy? Need a direct forex feed? Get a free software download trial and practice trading that day first to ensure it meets your needs.
• Cost – How much does the daily trading software cost? Choosing the cheapest trading software is so easy. While this may save you money in the short term, you may be sacrificing essential features your strategy needs. Adding this feature later can cost a lot more than investing in comprehensive software. Also see if the software is available as part of a standard brokerage account or does it cost extra?

Technology

• Execution Speed – Time is money and nothing is truer than in the world of day trading. Let the software quickly enter and exit trades. Check out our review of trade execution red flags. At the end of the day, seconds can make the difference between a red or black finish.
• Accessibility – Is this a web-based software delivery? If so, all you need to do is connect to the internet and there are zero installation, update and maintenance costs. Web-based trading software is the best option for beginners. However, computer-based installable software may be required if very complex algorithms are used. Keep in mind that this will be a much more expensive route.
• Features – Day traders rely on short-term price movements to profit. What does your strategy need to monitor these price movements? Need charts, specific data feeds, news sources, access to specific markets? If so, check if it will be included as standard.
• Analysis – Does your strategy rely on technical indicators and pattern recognition? Does the software recognize arbitrage opportunities? Comprehensive analysis software provides all the analysis functions you need in one user-friendly bundle.

Forex trading software

What are the best forex trading software available on the market today? With hundreds to choose from, finding the software that fits your needs isn’t a simple decision. The first question is ‘What information, resources and tools do I need to improve my Forex strategy?’

Below are some of the most popular currency trading software available.

• Trading platform – allows you to manually manage and execute Forex trades.
• Trading signal generator – provides recommended levels for entering and exiting positions.
• Technical analysis software – provides historical exchange rate charts and various technical indicators.
• Automated forex trading software – pre-program your rules and strategies and these programs automatically execute your trades.

Stock trading software

With rapidly changing market trends, choosing the right stock trading software is essential. It is said that few stocks are worth trading every day. That is what separates profitable traders from the rest, identifying them before they make their big trades. Always check a trading software review first before purchasing.

Also look for the following features in the software:

• Market Search – This program should search the market for potential opportunities and quickly draw attention to the stocks you are interested in.
• Charting software – look for software that keeps your charts user-friendly or offers customization options, as it helps you stay on top of market conditions.
• Portfolio Tracking – Closely track all of your previous trades so you can identify mistakes and hone your strategy.
• Backtesting – This software allows you to backtest your trading data against historical data to know if your strategy will succeed before risking your real capital.

Other instruments and markets

In addition to software for the above instruments, you can:

• Commodity trading software – There is a wealth of international trading software for commodity markets. You can also experience the best free online trading and charting software.
• Bitcoin Trading Software – New options appear every month as the market continues to grow. Also, some of the best trading simulator software is probably free.
• Emini Trading Software – As Emini options continue to grow, you can choose between generic systems or specialized Emini software. There are also many good scalping software options with many reviews on software forums.
• Penny Stock Software – Since there is healthy competition on where to buy the best trading software for penny stocks, Google will answer all your prayers in no time. You can also easily find use and buy signal software for penny stocks.
• Software for NSE – Find free trading software for the Indian market or choose from an ever-growing selection of options.
• Software for cryptocurrency –  You can choose between robots, predictive software, or you can find many manual options. You can also use useful virtual money management software that keeps your online wallet heavy.

Journal Software

Weekly trading journal software allows you to keep an online log book. why do you want that Because they keep a detailed account of all your previous trades. Record equipment, date, price, entry and exit points. This makes it easy to fill out your tax return as well as analyze your recent transaction performance. Identify your mistakes so you can trade smarter in the future. This is some of the most important intraday trading software.

Popular software

When comparing software, check the reviews first. Even those proclaiming it as one of the ‘top 10 day trading software’ can have serious flaws. Also, the easiest trading software isn’t necessarily the best. You may struggle with conclusions if easy, as they fall short of the essentials outlined above.

Consider these popular and well-known options:

• MetaTrader – the market leading multifunctional trading platform. Integrated with many major brokers.
• TradingView – The premier charting package with rich technical analysis tools and the ability to create and support test strategies. You can also automate trades and copy trades.
• Linux software – considered the fastest real-time trading software.
• JSE Software – considered one of the best futures trading software.
• MCX Analysis Software – one of the trading software systems recommended by Tim Sykes.
• TD Ameritrade – the #1 live and virtual trading software with particularly high scores in top US reviews.
• Etrade Software – Fast, reliable and great trading software used by traders of all levels.
• Consors Software – This German software offers the best trading simulation software for free.
• AlgoTrader – ideal if you are looking for customizable open source software to implement automated strategies.
• NinjaTrader  – allows developers to create their own integrated indicators.
• ZuluTrade – Automate trades or copy trade signals or traders. Popular in the US.
• eToro – the leading social trading network. Copy Profitable Traders or Become 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 is making sure that the software works in harmony with your daily trading strategy. If you are trading forex using simple price action strategies, you can have everything you need with the broker’s standard program software.

Tools like TradingView allow you to come up with a test strategy and revert, including using your own code, if you wish.

However, if you have a complex strategy, you may need a software that has all the indicators and technical tools in just a few clicks so you can make fast and accurate decisions. Your strategy needs are likely to be larger and may require optional, advanced features that are often pricey.

Demo accounts

A “demo account” is best if you want to test certain software before committing it. A demo account is a form of live account where you trade with “game money” for free using real software and its features. It’s a great way to try out software, strategies, and your own skills, and one we highly recommend. All trading demo accounts are listed here.

Regional impact

Tailored for specific markets

The best trading software for Australia and Canada falls short of the best for the Indian and South African markets. This is because Indian software can differ significantly from Australian software. For example, Spider Software provides technical analysis software for the Indian market. However, if you’re looking to trade stocks in the West, your remote software may not give you all the access to the data feeds and news resources you need to trade successfully.

There is also the issue of cost. You can get plenty of free charting software for the Indian market, but powerful and comprehensive software from the UK, Europe and the US can often come with a price tag. Therefore, location and price should be considered when comparing software.

Tax Considerations

The same principle applies to same-day transaction tax software. Accounting software must be able to accurately calculate the amount of tax due to the Internal Revenue Service (eg IRS). Besides wasted time, tax errors fall into your lap, as do fines.

Last word in position

If you are British, do your homework to find out what is the best trading software for UK. For Canadians, make sure there are no tax issues if you invest in accounting software in South Africa.

Take home points

The broker you choose may limit the tools available. Free day trading software may seem like a no-brainer at first, but it can cost you in the long run when sacrificed for technical tools that can improve your trading decisions. The best trading software for forex trading might not cut the mustard when used for stocks, so do your research and consider all the factors discussed above. Most importantly, you shouldn’t buy a car without testing it first, and your daily trading software should be no different.