Day Trading Software

There are three main types of day trading software avaliable. The first is about data. This is the price of stocks, currencies and futures to be traded. These prices come from the exchange where trading takes place for stocks and futures, but Forex is different because there is no central exchange. Day traders need current prices, not delayed prices form an exchange price feed that may be one day old.

Charting is another type of day trading software. Prices will be charted by day traders and many of these charting vendors also give data feeds. The basic charting package gives the same technical analysis indicators. Some packages, that are more advanced, include a programming language so the day trader can create more indicators or test different strategies for trading.

Trade execution is the third main type of day trading software. After a trader has gathered all his or her data and has put it on a chart for analyzing, they will want to place a trade. This is when they need trade execution software. There is proprietary software linked to a particular broker’s in house system, but there are many other applications. These are third party programs that retain the same interface, while trading with different brokers. They may also have special features, for example, automatic trade execution.

Bloomberg Terminal will connect the day trader to the Bloomberg Professional service where he or she can monitor and analyze market data movements and trades.

Warped AI is a third party day trading software that streams market alerts using machine learning and artificial intelligence. It claims to give more useful information to any type of stock trader. News Analyst, part of Warped AI, is trading software that breaks down news articles and rates the content. The trader can use this information to predict the market. It is online and can be accessed from any computer.

Marketcetera is an open source website for any trader that offers tools for strategy automation, integrated market data, multi-destination FIX routing and broker neutrality.

Flextrade has won the award from FX-Week for Best Algorithmic Trading Technology Vendor for the fourth consecutive year. Access to resources that are sophisticated and integrated is what gives traders the best chance to perform well. They also won the Leader of Innovation award for 2008 from Financial I Magazine.

MarketMaker offers charting and analytical tools and live trading sessions. They give seminars and webinars to learn about MarketMaker and the financial markets. There is much more day trading software available online. They all have the basics of data, charting and trade execution, but each is innovative and it is worth the time to research to fine the one that fits your day trading experience.