Selecting Online Trading Software
Why Do You Need Online Trading Software?
If you trade online there are technical components involved: smartphones, tablets, laptops, and desktop computers. All of these devices are powered by various levels of software components or “apps” that give you access to the online broker you’ve selected as your business partner for your investing activities.
There are literally hundreds of applications and platforms that facilitate online trading, and many have the features and information that will help traders to be successful in their investment strategies. Selecting the wrong trading software can be as damaging to your trading profits as picking the wrong online broker. If the trading software or trading platform is insufficient for your needs or is overwhelming in its complexity, your efficiency in making the trades you identify as potentially profitable will suffer as a result.
What Online Trading Software Do You Need?
Flexibility is a key advantage to selecting the online trading software that will benefit your trading style for maximum results. There are some leading components of trading software that you need to consider when evaluating online brokers and software tools:
- Research components that allow you to view historical information about your proposed investment, including earnings reports, dividends paid to shareholders, current trends.
- Cost – some online trading software is actually available free, or may be included for clients of the online broker that provides it. Be sure you understand any related terms, as some brokers will charge for software services if account balances or trade activity fall below certain levels.
- Charting functionality – there are many types of stock charts from the well-known real-time stock ticker to detailed analysis charts for beginning and advanced trading levels. Match the charting capabilities of your online broker’s software to your trading experience. Highly sophisticated charting and index tracking may overwhelm a beginning trader with information that is not relevant to their trading level making interpretation difficult and even misleading. Select tools that meet your current needs and grow into more advanced techniques as your knowledge and experience warrant.
- Execution capabilities – your trading success after all depends on your ability to easily and quickly place buy and sell orders. Evaluate software functions to place orders to your online broker to ensure your instructions to your broker are clear and executed with the least delay possible.
- Account information – one of the best software tools you can benefit from is a record of your transactions and gain/loss results. Not only is it useful for your analysis of performance in your activities to help you further develop your investment strategy, it is invaluable for keeping records for tax purposes.
- Watch lists – an important feature for day trading is a customizable watch list that allows you to easily and quickly monitor the investments you want to track for buy and sell actions.
- Stock screeners are an additional tool usable by beginning investors and day traders. Select the stocks or other investments you’re considering and set the criteria or notification points you want to monitor, and let the software keep track for you. You can typically save your selections for repeat use on future sessions.
- Ease of use – like any tool, if you can’t understand it or it is difficult to use, it will not be used to its full capability, if at all.
There are many other tools focused on specific types of investments such as forex and options. Investopedia provides a basic definition of tools, while Trading Software Insider provides more detailed comparison of available tools.
The SureTrader Advantage
SureTrader provides the tools day traders need not only to get started quickly, but also the most advanced software and platforms to help optimize profits while minimizing risks. Consider the many significant advantages of signing up with SureTrader for your online broker, including advanced technology and the highest levels of service and support.
SureTrader is dedicated to the success of our customers, including the best in trading options, support of multiple platforms, and lightning-fast execution of trade orders.
Contact SureTrader right away to get started doing trading with the best in online brokers.
Disclaimer: SureTrader Blog is not intended for U.S. persons. Stock information is not to be viewed as buy or sell recommendations.