Are you struggling to become a better stock trader? Most capitalists fail to succeed in the world of trading due to using the wrong stock trading software.
These software systems provide users with an analysis of the financial products in the stock market, in the form of stocks, futures, and options. Such trading platforms are designed by software companies, which afterward sell them to online brokers, eventually reaching the hands of clients.
When looking for such a platform, make sure you choose recommended software by TradingReview, equipped with the most essential trading features.
Take a look at the top eight features of these systems in detail.
Charts are undoubtedly among the most practical features to look for in a trading software platform. These are of essential importance for technical analysis, hence enabling traders to keep track of the price movement history. Based on this information, capitalists are capable of predicting upcoming price movements and planning their reaction to such changes.
Moreover, the price charts come in a variety of types, such as candlestick, bar, and line, suitable for traders with different preferences. Although most types of software are equipped with all of the above-mentioned chart types, make sure you check whether the software you choose has the ones you most frequently use. Additionally, it’s important for the charts to feature both pre-market and post-market data in order for traders to follow the latest trends.
The scanning tools are another indispensable feature of trading platforms, enabling capitalists to scan the stock market for potential trading opportunities. These platforms are either equipped with basic scanners or sophisticated scanners, both of which provide useful information to traders. The former allows capitalists to include some basic criteria, while the latter enables users to look for particular patterns.
Nevertheless, scanning tools can be either beneficial or detrimental to traders, depending on their experience and impulsiveness. For instance, most novice traders interpret all the results provided by the scanner as unmistakable trading opportunities, thus often ending penniless. In contrast, experienced traders aren’t too impulsive to use an opportunity without conducting any type of market research. Click here for some useful tips about preventing impulse trades.
Additionally, in order for scanners to be considered as absolutely useful, these tools are supposed to provide fast, real-time results. There is no point for scanners to provide capitalists with opportunities that are no longer profitable and fresh. Make sure you inspect the results attentively prior to deciding to take a further step.
The newsfeed feature of trading software platforms is doubtlessly beneficial for capitalists who wish to track the latest financial news, related to the stock market. However, this feature requires users to pay a subscription fee in return for the daily portion of news. Although not many traders are fond of paying an additional fee for such a feature, the newsfeed is particularly beneficial for day traders.
Furthermore, in order for users to make profitable day trades, they need to stay on top of financial news. However, day traders are advised not to get tricked by the sensationalistic headlines to avoid making bad decisions. Therefore, it’s paramount to place your trust in the most reputable newsfeed in the stock market, not the ones that provide this feature for ridiculously cheap monthly fees.
Another indispensable feature to take into account when choosing a stock trading software is the speed of the system. It’s the only way for you to genuinely enjoy your day trading hobby or profession, without waiting for ages for data to appear.
There’s nothing worse than coping with frozen software when you are about to enter an important trade. Therefore, prior to selecting the right system, make sure your computer is capable of handling the system requirements. For further guidance on the types of trading software to choose from.
Easy to customize
In order for users to find a stock trading platform as convenient, the software interface is supposed to be straightforward. Despite its ability to handle complex tasks, it should be simple for traders to use and customize. Each function is expected to be performed in no more than a few simple steps to ensure maximal efficiency.
A wide range of technical indicators
Every stock trading platform has to be equipped with the most basic technical indicators, such as MACD, RSI, moving averages, volume bars, and a handful of other crucial indicators. However, the more sophisticated platforms include a myriad of other extensions and additional options.
For instance, some of the top-notch software systems enable traders to create their own default charts and duplicate them when necessary. Nevertheless, make sure you don’t overcrowd your charts with too many indicators, as these won’t be beneficial anymore. Use the ones you find essential, not every single indicator provided by the platform.
The research tools are believed to be incredibly practical for users of stock trading platforms. This feature allows traders to delve into the financial history of a particular company. Prior to purchasing stocks from any company, you are encouraged to inspect its current and past financial history. Apart from providing users with financial metrics, the research tools also reveal the latest financial news about companies. Instead of using the Internet to conduct research, this feature offers every information you need to know.
Last but not least, every stock trading software is expected to provide its users with round-the-clock administrative, trade, and technical support. This kind of assistance is particularly valuable for day traders who face everyday trade challenges, some of which as impossible to overcome without professional assistance.
In addition, some platforms provide support via phone or e-mail, which isn’t exactly convenient for both brokers and traders. Consequently, make sure the software you choose offers support through the platform, not via other means of communication.
Choosing the right platform is of crucial importance to your success.
Make a smart choice of software features!