Trading Software

Trading software is used by day traders to place the entry and exit orders that make up their trades, and is often known as order entry software. Trading software displays the current (and sometimes most recent) prices for each market, and usually interfaces with charting software to provide a graphical view of the market.
Each day trading brokerage has their own trading software, so the trading software that each day trader uses will often depend upon which brokerage they choose. The trading software for some popular day trading brokerages are as follows :
Interactive Brokers : Trader Workstation (known as TWS) Transact Futures : TransactAT Peregrine Financial Group : Best Direct Some brokerage trading software is available free of charge as long as a trading account is maintained with the brokerage (such as Interactive Brokers' TWS software). Some brokerage trading software is available free of charge if a minimum number of trades are completed each month (i.e. if a minimum amount of commission is generated). Some brokerage trading software is only available for a monthly or yearly fee, which can range from around $50 to $1000 per year.

Click Here! Brokerage provided trading software can always be used to make trades, but some day traders prefer to use additional trading software that interfaces with their brokerage or brokerage provided software. Additional trading software (sometimes known as a front end) can provide a different display, and different features (such as automatic target and stop loss orders), and is often easier to use than brokerage provided trading software. Some popular additional trading software are listed below : In addition to third party trading software, some day traders prefer to program their own trading software, that interfaces with their brokerage or brokerage trading software. This allows the day trader to program the software in their preferred programming language (C/C++, Visual Basic, etc.), and to include exactly the features that they want when they are trading (such as automatic reversals, breakout entries, etc.).
All day traders need to be familiar with their brokerage provided trading software, but usually you can use any compatible trading software that you prefer. Most brokerage provided and additional trading software offers a demonstration version, so that you can test the software before you decide if it is the trading software that you want to use. This allows you to become familiar with the software before you start using it for real trading, and it is recommended that beginning day traders use trading software that offers a demonstration version.