Trading Software Defined
A trading software is an avenue where traders and investors can manage their assets and markets positions through a broker. It is a software which allows traders and investors to open and close their market positions as well. A trading software is either paid or free and is offered by a broker. It all depends on the policies applied. Such policies could either be a trader needs to maintain a funded account or to meet the required number of trades per month.
Trading Software Broken Down
A trading software is a software, usually offered by brokers, which enable traders and investors to trade as well as to monitor their trading accounts. It comes with a lot of features and benefits which include a wide range of trading tools which clients can customize. Some of its features include multiple order types and Expert Advisors support, advanced charting tools, real-time news and price feeds and so much more. Furthermore, some trading software offer money managers and different trading software have different spreads and leverage as well. Trading software can also be tailor fitted for a specific market. Such markets are stocks, options, futures and currencies.
Choosing a Trading Software
Choosing a trading software requires a lot of things to think about. Once and for all, a trader or investor should think about the free features that the software has to offer. Some trading software requires an additional fee for day trading while others don’t.
The trader or investor should consider the time frame when he will trade. Will he trade for a short or long term? Short term and long term trading requires different trading software features that is why it is very important to know such a thing. The features that come with the trading software might be confusing, thus taking time to figure out what you exactly need is a great help.
For short-term traders and day traders, they will usually need trading features such as Level 2 quotes and a depth chart. On the other hand, an options trader will need trading features that are specially made to foresee options strategies. While a lower fee is more attractive, it is very important to find out the features that come with such fees.
Trading Software Types
There are trading software available for use for any trader of any broker while there are also trading software that are proprietary. This means that the trading software can only be used with a specific broker. That makes it necessary to check out and choose a reputable broker to manage your account. With this traders can lessen their risk and diversify their portfolios, most traders use not only one trading software.
Furthermore, different trading software bound traders and investors into different requirements in order for them to use it. There are trading software which requires a minimum equity in their account while others require approved various trading options.
Top Trading software
Here are some of the top trading software in the industry at the moment
- MetaTrader 4
- MetaTrader 5
- eToro OpenBook
- Plus500 Platform
- UTIP Platform
- Sirix WebTrader
- Oanda fxTrade
Choosing a trading Software is something that should be taken seriously, as your asset greatly depends on it. Choose a trading software that is useful to you and not a trading software which offers a lot of features but these features can’t be of use to you.