Having a good broker software on your computer is a good way to give yourself an edge over the other traders out there. A fast internet connection can help you react and make decisions faster than other people as well.
This software is a great option for beginners or pros, however, if you have to ask what is day trading, then you might want to read up on it before you officially get started.
Here are my top picks for day trading software!
Forex trading is a great way to get started into day trading, as the alternatives can be much more expensive. If you want to start small and then move into trading larger stocks, I recommend starting with forex.
It will give you an idea of how the market works and what trends you need to watch out for. Plus, the software is up to date and very informative for traders.
This trading software runs more like a social network, making it popular to trade through with the younger generation. It works by you earning commissions when other traders follow what you are doing, but you can also copy what high earning traders are doing to make money.
This software is open-source, meaning that you can have access to the code that runs it. Because of that, it is popular for programmers to add functions to the software fairly often. It is customizable and can be used to follow AI developed strategies- which can be great for helping beginners to build confidence.
NinjaTrader offers free demo services that use real historical stock data, making it the perfect software to learn the market for beginners. There is no risk involved in learning with the demo, meaning that you can make logical decisions that help you learn how to be an efficient day trader.
This software also allows for programmers to build their indicators that work with it- allowing for customizable AI as well.
What Should I Look for in Day Trading Software?
First of all, how much does it cost to use? You want to choose something between the most expensive and cheapest platforms- you do not want to miss out on quality functions but also do not want all of your day trading profits to go towards fees.
Of course, you will want to find out if the software meets your needs. There are many different options for trading out there, not every piece of software is going to have exactly what you want it to.
You can always get a free trial download and practice on the platform before you make any commitments to the program. It may even take a few downloads to find one that you think suits you the best- remember, you are not committed to any one platform. So do not be afraid to branch out and experiment!
Free Software Might Not Always be Best
Your choice of software might not come with all of the tools that other pieces of software include. You will probably want to start with a completely free software, but that likely does not include all the resources that you need. A free trial that charges later after you get to test the software is better than a completely free platform, which is probably missing some key components.
Those are my top picks for day trading software. Each one has something different and unique to offer, so you might want to test out each one and see what matches your trading style the best.
Skylar Hammond is a writer for True Trader who specializes in topics such as stock trading, personal finance, and forex. He focuses on helping beginners and experts alike learn more about the market and improve their trading skills.