Day trading software can serve several different purposes. This page will describe the three main areas of day trading software then over time I may make specific suggestions in each area. The three main areas are the following: stock trading software simply used to execute trades, software used to chart the history of stocks, and software used to anticipate the future behavior of stocks.
I do suggest doing your research before investing in any particular package. You’ll find a ton of competition among day trading software developers. And while I can’t recommend one just yet, quality free day trading software is becoming more practical with the growth of the open source software development community.
Buying penny stocks can be a competitive and volatile practice requiring great research and precision. The idea behind day trading software is to take as much of the busy work out of penny stock trading as possible so you can concentrate on the insights that lead to hot penny stock picks.
Whether you use it for basic operations or to get a step on the competition, it is important that you not underestimate the importance of these tools. With the evolution of the day trading penny stock profession, you can rest assured your competition will be leveraging this software, so if you’re not, you’re simply putting yourself at a disadvantage among the day trading systems.
Stock Trading Software
Stock trading software is the basic software you will need to search for trades, obtain core information, execute your trades as well as manage your accounts. You’ll find some applications provide a complete package to handle all of your trading tasks. But many others come as separate components, each component specialized to fulfill a specific investment purpose.
In general, the component stock day trading software tends to be more powerful and advanced, although it is often less polished for the everyday computer user. Complete application packages tend to be less flexible, but they do provide a degree of convenience and efficiency that can save you time.
Stock Charting Applications
Day traders use charting software to carefully observe their markets. Charting software is the day trading software day traders usually utilize the most. Charting software displays current and past market information in a graphical view designed to enable quick decisions. When you see people refer to day trader software they usually mean charting software. You’ll also see this software used for swing trading.
When you select penny stock charting software, you will evaluate just as you might evaluate any software package. You consider ease of use, flexibility, and features. You will find that some charting software provides only the basics, such as charts and a few core indicators, while others provide more sophisticated features such as replaying charts. Even more advanced stock charting software will provide a programming interface for designing and implementing custom indicators.
Stock Predicting Software
The third type of day trading software involves a new breed of applications build to predict the hot penny stock picks. This is an area that can be a little sketchy. While there are applications that weigh a wide variety of variables to anticipate penny stock behavior, you should never strictly rely on any single application’s hot stock picks to make your decisions and invest your money. They should only be part of your overall comprehensive stock trading systems.
They do, however, take the leg work out of working through some of the data and numbers you must responsibly crunch before making every pick. Just don’t be fooled into thinking that buying a single penny stock picking application will make you rich overnight. They can and will help you succeed, but nothing replaces thorough investment due diligence.
Despite my warnings, I do believe they’re necessary if you want to compete in today’s market. Like it or not, you need to two things to compete: You need some kind of day trade software which provides potential picks and you need a membership with a reputable penny stock newsletter providing weekly penny stock recommendations.
Some will say that these are just made available to make money from you, but the fact of the matter is that all your top competitors will be penny stock trading with a penny stock newsletter and penny stock predicting application at their disposal. If you try to do it the old fashioned way, you’re willfully giving your competitors a head start every time.
Some of you may have reaches this page looking for my recommendations. While I have software that I prefer, I’m not ready to recommend or promote any single package as the best day trading software. There are just too many different options out there. It would be irresponsible of me to pretend I’ve fairly evaluate enough of them to tell you the day trading software I use is the best or that any one way will guarantee you your penny stock fortunes.
I am working on a responsible way of providing some recommendations, but I want to do this carefully. In the mean time, I hope this article on day trading software provides you with a solid foundation the subject and keeps you from plowing forward in too bold a fashion.