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How much of an impact can the right stock trading software make for you?

Stock analysis software can be a game changer for traders. A big problem traders face is picking the right stocks, and timing trades to perfection. Let’s take a look!

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Image: StackSocial

Stock trading is a complex undertaking at the best of times. Manual attempts to identify viable stock trading opportunities are unreliable at best, given the glut of data in the financial markets. The sheer size and scope of the trading arena make it impossibly difficult to perform technical and fundamental analysis, stock screening, and trade executions without any stock analysis software. Everything comes into sharp focus once you are juggling multiple trades simultaneously. Without effective software, failure is an inevitable result.

For starters, world-renowned stock trading software offers multiple feature-rich elements to traders, including charts and graphs, stock watch lists, and alerts. These are incredibly important when it comes to picking stocks to trade. Traders are spoilt for choice with many available options, vis-a-vis stock trading software. Gone are the days of stock traders manually pouring over newspapers, calling brokers, and attempting to unravel the great mystery of stock price movements. Today, computer software programs run much of the stock market.

Advanced technology has shifted expectations, and allowed the world’s premier hedge funds to take trading activity to the next level. While day traders may not have access to these powerful stock trading systems, there are plenty of technologically advanced options for trading stocks more effectively. Regardless of the stock trading platform used, traders expect certain standards to be met. These include accurate and reliable data, up to the second pricing, rapid executions of trades, access to charts, graphs, and other powerful trading tools, and stock screening resources, et al.

Why is it so Important to Have Accurate Data at Your Fingertips?

Automated trading is now standard with the world’s best stock trading systems. This is especially important when it comes to day trading activities. The accuracy and reliability of data is sacrosanct. Given the volatility of equities, particularly penny stocks, it is important to work with up-to-date pricing whenever trades are being executed. It is essential to capitalize off short-term pricing movements, particularly when news breaks and there are outsized movements in prices. If the stock trading platform is slow to respond to these variables, the entire trade could be lost in a matter of seconds.

It comes as no surprise that the accuracy of data forms the bedrock of a successful day trader’s game plan. This begs the question: how do you know that a stock trading platform provides accurate, reliable, and real-time data? That’s an easy question to answer – user reviews and analysis. One thing that gets people fired up more than anything else is losing money. Any stock trading software worth its salt will pour tremendous time and effort into guaranteeing the effectiveness of its trading platform. Glitches, malfunctions, delayed executions, insufficient tools and resources will automatically invalidate the efficacy of any stock trading platform.

What Tools Should You Be Looking for With Your Stock Analysis Software?

Stock trading software designers have an unenviable task on their hands. The complex nature of the software dictates that it must be capable of performing superhuman actions such as real-time stock screening and analysis, up-to-the-minute pricing, interactive charts and graphs, access to pertinent financial information, and instant execution of trading activity.

The challenge for trading software designers is making all of this easy to understand for casual traders. The backend of these powerful trading platforms is stacked with features, the likes of which most of us will never understand. But it’s the functionality that really matters to day traders. In this vein, it’s important that powerful stock trading platforms are user-friendly.

Even with the best intentions in mind, there is going to be a learning curve with all stock trading platforms. There is simply no way around this. Day trading is all about learning, and profiting from your knowledge is simply a by-product of a job well done.  Expect to put in all the time and effort that is needed to master the powerful functions, features, and elements of stock trading software.

The more you learn about the software’s capabilities, the better for you. Everyone focuses their attention on charts and graphs, and for good reason. These visual aids present price/time data which proves valuable to identify trends, patterns, and anomalies.

Charts have to be understood if actionable decisions are going to be taken from them. That’s why it is really important to pick a stock trading platform that allows you to personalize features and functions to expectations. While you are at it, you may want to consider tech solutions that offer you paper trading options. These are simulated trades, under real-world conditions. There is no risk of loss with paper trading, and you get to implement a variety of stock trading strategies while you are learning how to use the trading platform. 

Of course, everyone has preferences when it comes to this trading platform or that trading platform. There is no blanket solution for everyone, but there are certain checkmarks that the best trading platforms meet. This gives you the jumpstart you need when you are looking to trade stocks online.

Traders who prefer community-based trading options may want to consider other alternatives for day trading, such as Profit.ly. This stock trading platform is a lot of different things, including a stocks trading educational resource, an analytics resource for day traders, and a social network for stock traders.

If this type of stocks trading platform better fits your trading style and preferences, it’s certainly worth considering. One other platform that works great with ‘decision support software’ as opposed to ‘technical analysis software’ is Jigsaw Trading.  This trading platform is particularly effective when it comes to the depth and sales component, with tremendous data provided to traders. When you’re looking to crunch the numbers with lots of big data, you may want to consider Jigsaw Trading as your preferred stocks trading platform.

Note to Traders

There are stock analysis platforms for a seemingly endless array of trading requirements. Some traders opt for stock trading platforms to better help them with stock screening, stock charting, and others for tax-related purposes. Whatever option you decide upon, it is imperative that you thoroughly review user-generated assessments of the stocks trading platform to ensure that you are not entering a minefield.

Whenever real money is being exchanged in the stock market, the stock trading platform must be fully equipped to deal with the exigencies of market volatility, demand and supply, real-time trade executions, and the provision of accurate and reliable data around-the-clock.

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