Anyone know of a good day trading software?
Posted on Jul 05, 2009 under Currency Trading Software |I’m a 19 year old day trader, have been trading stocks and currencies since I was 17. Now I’m going back to college (hopefully if financial aid comes through) in the Fall and won’t have time to monitor the markets like I have been for the past few months. Does anyone know of a good day trading software that is accurate? I’ve done dozens of hours worth of research and the one I’m liking so far is the Wave 59 RT software found here: http://www.wave59.com/default.asp
Does anyone have any experience with this company and it’s software? Does anyone know of any reliable piece of software that will help me in my day trading while being a full time Finance student? Thanks for any help you guys give
NOTE: It would be preferable if the software was reasonably priced. I cannot afford a $10,000 price tag.
I looked at the site you sent and it looks a little interesting. However, I disagree with the fact that indicators won’t work just because they’re old. In fact, I would say the opposite is true - the reason they are still around is because they work so well.
I use ThinkorSwim for daytrading. They have the best software of the brokers I checked out as well as really great commission pricing. One thing they don’t do is tell you when to enter and when to exit a trade. If you are looking for software that does that, I would encourage you to learn to read charts on your own and not be dependent on any software for your trading.
Edit - Oh, and stay away from the forex robots. At least 99% are scams and I wouldn’t reward them for all the spam they put on the internet.
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June 29th, 2009 at 10:18 am
I looked at the site you sent and it looks a little interesting. However, I disagree with the fact that indicators won’t work just because they’re old. In fact, I would say the opposite is true - the reason they are still around is because they work so well.
I use ThinkorSwim for daytrading. They have the best software of the brokers I checked out as well as really great commission pricing. One thing they don’t do is tell you when to enter and when to exit a trade. If you are looking for software that does that, I would encourage you to learn to read charts on your own and not be dependent on any software for your trading.
Edit - Oh, and stay away from the forex robots. At least 99% are scams and I wouldn’t reward them for all the spam they put on the internet.
References :
June 29th, 2009 at 10:21 am
Software is for analysis, so without knowing what kind of analysis you’re doing, its tough to answer the question. A lot depends on what you’re using to make trades. If you’re just trading fundamentals/news (which case you will likely get owned) I imagine you don’t need any specialized software other than what you’re broker provides. Most of them provide, for free, basic real time charts and streaming quotes. That’s all most people need. And most people lose money.
If you’re every going to get serious about it (which I do not suggest because its ridiculously difficult) then I suggest picking up a book on technical analysis. One you’ve waded through that you will want specialized software. The cool thing is that you can try it all for free for as long as you want. I recommend ninja trader. I use it for futures and currencies. If you want to download it and use it for free check out Amp futures (google).
I hate to break this to you, but perhaps its the best thing-or maybe you already know. Finance school will do absolutely 100% nothing to teach you about trading. So do well in school, but for trading you’re going to have to count on you’re own research. Futures trading is zero-sum. Any money you make comes directly out the pocket of another trader that same day. How are you going to take their money? That’s what you need to figure out. Also consider if this is really what you want to do because while the rewards can be lucrative, it will probably be the hardest thing you will ever do. School is easy, its designed so that anyone can do it. Trading is the opposite.
So think hard if this is really what you want, or if its just a hobby. Remember also that being young doesn’t buy you anything. I’m 21 and when it comes to taking their money, no one cares.
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full time futures day trader
June 29th, 2009 at 10:56 am
http://www.comparethestockmarket.com Hope this helps.
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June 30th, 2009 at 2:14 pm
If you need to free up a lot of your time, then automated trading systems may be worth looking into for your situation. Some info can be found here: http://www.codexcommodities.com/Automated_Trading_Systems_Futures_Commodity_3.html
(But be careful and do your research though, becasue there’s a lot of absolutely worthless systems out there too!)
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July 1st, 2009 at 11:16 pm
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