Charting software has changed the game for day traders. In fact, there are some who say that traders are only as good as their software. That way of thinking could be argued both ways, but there is no denying that charting software is an integral part of any day trader’s work. Data interpretation is a vital part of the business for a day trader. Day trading as it is known today would not be around if it weren’t for electronic trading platforms and the advancements in market software.
Brokerage firms worldwide offer a variety of software applications. Many of these offerings incorporate research, a variety of trade options, stock screening, and a host of functions geared toward proper analysis. These are most often presented to individuals who decide to trade through a certain brokerage firm.
In many instances, it is this software and more advanced versions that incorporate alert features, automated trades, technical indicators and much more that form a vital part of selling their services to you. Many individuals do choose brokerage options when they are starting out in forex trading because of the knowledge and experience that brokers have in the field. The trading tips that come from experience can often make the difference between profit and loss.
However, there isn’t one software package that stands out from the pack. Each has its own pros and cons, but knowing what’s in store will help you find one that is suited to your style and meets your needs.
MetaStock
This is probably one of the most popular software solutions around. The features incorporated into this software are phenomenal and make trading for everyone from beginners to pros easy. A vast number of technical indicators, drawing tools that complement the technical indicators, the ability to screen and filter fundamental data, and integrated news are only a few of the tools available to help you on your way. There are two packages available within the MetaStock range: Daily Charts Subscription and Real-Time Packages. Each one includes stock charts software that is widely appreciated.
Esignal
Another software tool that is extremely popular among traders, the Esignal system offers thorough research capabilities. The features differ depending on the package chosen. Global coverage comes through a variety of asset classes that include stocks, bonds, funds and forex. Customization capabilities within the stock charts software offer a personal experience. Technical indicators are present, but they are limited. Alert features are activated.
Wave59 PRO2
This product is geared toward traders with experience in the field. High-end, advanced-level functionality includes system testing, market astrophysics and pattern building and matching, among other features.
EquityFeed Workstation
A standout feature of the EquityFeed Workstation is the tool used for stock hunting. The tool is called Filter Builder. The Filter Builder incorporates a phenomenal number of filtering criteria that allows traders to scan and select stock according to their personal parameters. The availability of Level 2 market data is incorporated into the design. Coverage is inclusive of PinkSheet markets and OTC. Unfortunately, technical indicators are lacking and limited, and the inability to carry out backtesting is a negative for the software. The software does not allow for automated trading. The two-week trial period provides free trading platforms for users.
Variety is the spice of trading life
While the software packages mentioned are some of the most popular, there are plenty of other packages available, each with their own features and highlighted capabilities. You might not be too particular when the software is free, but if you are at the point of paying for the service, it is best to find a tool that suits your trading style and incorporates all the features you require. Take advantage of the free trial test periods and make informed decisions. For beginners, it is always best to go with software that is known for its basic functionality and opt for a monthly subscription rather than a one-off fee. Experienced traders should explore a variety of products to find one that meets their personal criteria.