Good stock trading programs
should offer these features
What should be included in
best stock trading software
Stock trading programs are important tool for every stock trader. Online brokers offer different types of stock trading software with different features and functions.It is not easy to say what type of stock trading programs is the best. Stock trading software preferences of daytrader could differ from what swing trader or active investors expect to have in best stock software.
Different types of stock trade software
So I would like to stress that there is not single one best stock software that fit everybody requirements. My opinion is that it is very good to sit and write something about
your trading approach
to market before selecting best stock trade software. Are you daytrader or do you prefer to hold open positions for several days or weeks ? Do you prefer to use stock trading programs provided by broker for order entry only or do you want also to have ability to create
stock charts
and analyze them realtime ?
Important features that should be
in best stock trading programs
ALERTS
It is important to have ability to set up alerts. These alerts will notify you when your conditions are met. It is very good to use alerts to be notified when the price of monitored stock is moving close to point of some action. Type of actions is defined by your
trade management
rules but typically it will be either
entry point
or
exit point
or level when it is necessary to move your stop using
trailing stop
techniques. Here is example of simple window for definition of alert conditions. This is available in
my broker's
stock trade software.
REAL TIME DATA
You have to have real time data available in your stock trade software. Every stock you want to monitor must have these data available. They are needed for alerts as mentioned above. But if you like to have also stock charts in your best stock software then you need data - and
realtime
are best.Here is example of how realtime stock quotes are published in my online broker's stock trade software:
SHORT SELLING AVAILABILITY
Every good traded or investors should be prepared also to trade stock during declines.
Short selling
strategy should be one of several strategies incorporated in every trader's or investor's
stock trading system
and
business plan.
Best stock trading software allows you to check whether the shares you want to sell short are available for shorting. The green sign on the picture below indicates that ED shares can be easily sold short.
ATTACHED ORDER
Good stock trade software should have good stock order management incorporated. One of very good features is possibility to attach one order to another. It helps you to place
stop loss order
to system of your broker immediately when your entry order is filled.There are attached order on the picture below. First one in trade entry order and second one is stop loss order.
It is not easy to find only one
best stock trading software
As you can see it could be little tricky to find best stock trading software for every individual trader or investors. It takes some time to review several versions of stock trade software. it is also good to check some online stock trading forum and its section about stock trade software. Or to read some blogs or websites of individual traders with similar approach to trading/investing and read their experiences.
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