Many beginning traders make a wide-spread mistake when they use the wrong instruments. The day trading software selected correctly is crucial. While an experienced trade can do well by using far from ideal instruments, beginning traders need all possible advantages.
This means that you need the best day trading software, as well as scanning software and charting software.Experienced traders often make an example about the possibility to ride a road bike in the sand. It does not matter whether you have a road bike that costs 2,000 US dollars. In fact, you cannot ride a bike in the sand.
However, if you ride a beach bike that has fat tires, you are sure to have a great time. In this case, guy riding a road bike will wonder why it is so easy for you.
The secret is simple – you use the equipment that is appropriate for the environment. The matter is which instruments you use rather than how much money you spend. Simplify your life by using the below stock trading software.
Day Trading Software
For day trading you will need several items including:
- Online broker
- Scanning Software
- Charting Software
- Breaking News Software.
Below you will read about our favorite day trading software. You will find out why we use it and why we think that traders need them.
Lightspeed Financial Broker
You can choose among a hundred brokers, and all of them will suggest a different experience.
As a rule, brokers are classified into different groups depending on what services they offer and what financial instrument they usually use. There are forex, long-term investments, options, stocks, and scalping brokers.
Active day traders need hotkeys, direct access routing and high-speed execution. These are the reasons why skilled traders use Lightspeed and think this company to be the best broker and one of the best instruments for all traders.
CMEG (Capital Market Elite Group) is the best variant for you if you trade with the 500 US dollars trading account. You are allowed to do unlimited day trading with the minimum balance of 500 US dollars (no limits for the trader’s days).
Stock Scanning Software
Now when your broker is funded, you can start trading! You must find a way to find stocks to trade. If you use my Momentum and Gap and Go strategies, you can trade by using only a few stocks.
It is crucial for your future success to know how to identify this stock before they make the bog move.
Trade-Ideas is a one of the best scanning software for all types of the stocks. It is possible to use their predetermined searches to monitor Volume spikes, Turbo Breaks, HOD movers, Biggest Gainers/Losers, etc. With Trade-Ideas you can create your own scanning software and use a set of hundred filters to define what you want to see.
Do you like trading certain stocks? No problem! Do it! Trade-Ideas are the best software in the world that scans the market and finds winning stock setups.
eSignal Charting Software
So, you have a broker and you have set your Trade-Ideas, and you want to obtain high quality charts. It is possible to use standard charts your broker uses.
They will be effective for some time, but finally you will wish to get on a higher level and use the charts that can draw and write formulas.
This is when you will need eSignal. In order to make charts, a lot of traders used TC2000 for a long time. However, when they added more monitors, this software happened to be too slow. eSignal enables easily run charts on several monitors at once without any delays (read on how to set up a trading computer).
This is impressive. It is important to have the possibility of monitoring several stocks at the same time for successful trade. In addition to the fact that eSignal is fast and reliable, it allows setting scripts. You can use them as custom indicators for reversals and automated drawing of resistance/support lines.
Benzinga – Breaking News Software
All traders start each day with reviewing the stocks detecting as a result of using Trade-Ideas scans. Here they search for the news catalyst and the reason for the stock growth. Sometimes stocks are moving in compliance with the market or a strong market. However, in other cases they have a unique catalyst – earnings.
It is important to understand the reason why the stock is moving, because some catalysts are stronger than others. Try to use Benzinga Profor searching for the latest headlines. After that listen to Benzinga Pro Radio.
They read headlines, too, and inform us about the sharp increase in shares, breaking news reports, etc. You can earn a good profit due to this breaking news feed.
ТАС Market Profile
One of the best day trading software is TAS Market Profile. There are several packages, and you can choose any depending on your needs.
Here is a set of TAS indicators that offers 7 ones including: TAS Navigator, TAS Compression Levels, TAS Boxes, TAS Vega, TAS Ratio, and TAS Market Map. You can try TAS Vega, Market Map, and TAS Boxes for active trading. They are truly important for taking trade decisions.
They also suggest a TAC scanner. This unique instrument lets you see the movement of stock at various periods of time with various levels of buying and selling confidence. This is a great edition for the above charting software, recommended to use it every day.
Scanners and indicators work at many various charting platforms including Tradestation, eSignal, and Bloomberg.
Summary
Right instruments and software for day online trading will show you the correct direction for more reasonable decisions. Trade is one of the most competitive jobs you can choose. That is why do your best to put yourself at advantage!
