Every good broker, and especially top brokers should offer some stock broker software to traders. I mean program that can be installed on your local PC (or notebook) and allows you to trade directly from it.
Bad stock brokers offer only web page interfaces for trading. You cannot trade from a stand alone application with them. I personally prefer to use a stock trading platform installed on my PC. I feel much safer when I do trades through it.
A local program such a this also offers much better reliability regarding real-time data from exchanges and cooperation with other data providers. Charting features are much richer than web based trade and order execution pages.
It is fine to use a web based access to a broker if you are on a trip or during holidays and you do not have another option. Or if you use your smart mobile phone.
I personally prefer to have my notebook with me when I am out of my office. But sometimes firewalls on local Internet access block usage of special stock broker applications. Then the only option is web based broker access.
My preferred stock broker software
My current brokers offer several different applications for trading. Or you can use a third-party program and connect it to your favorite online stock broker.
Today I prefer these equity broker platforms for trading:
- Trading workstation from Interactive Brokers
- SaxoTrader from SaxoBank
- MedvedTrader- broker independent application
What are important features of stock trading software
I would like to stress several features I like to use when using my equity broker platform.
Trade order can be entered quickly and easily
I am not a typical daytrader. But it does not mean that I accept complicated entering of orders. I want to enter orders quickly and without any complications. And there should also be the possibility to enter complex orders. I like to use basket orders, stop loss orders, trail stop orders and other types of orders.
Real time account monitoring
A good broker platform should allow monitoring of account balance in real time. It is important to know balance, margin requirements and similar issues anytime you need.
Real time alerts and stock quote data
It is a good feature to have the ability to be alerted when something happens. It could be price movements, reaching abnormal stock volume level, news or similar issues. Good stocks broker software should not only provide alert windows but also sound alerts and the possibility to send alerts by email or to your mobile phone.
Stop orders are located on broker servers
It is important to know that when you enter a stop order that this order will be accepted and placed on the stock broker server. That stop loss order is not located on your trading software only. Otherwise the execution of the stop order is dependent on your software, your computer and your Internet connection. And that is a little bit risky.
What orders to use in your stock broker software
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