New To Trading

Day Trading Software

Day trading software covers all types of software used to analyze the markets and trade giving you access to all the tools you need. You can purchase software what will recognize trades and even do them for you. There is so much great software on the market, whether you are a beginner or a veteran trader it is important to do your research.

Here we will go over in detail forex software, stocks software, demo accounts, and others in great detail. It is important to know they work and the regional differences you may come across so you know what to look for in your software package.

Top Recommended Brokers' Trading Software:


Highlights   An ideal trading platform for both beginners and experienced traders! With over 8 million users eToro is one of the largest social trading platforms in the world. 
Licenses   CySEC, FCA, ASIC
Min Deposit:$200


Highlights   Plus500 is a globally-regulated broker offering to trade on more than 2,500+ leveraged CFD instruments commission-free covering Forex, Commodities, Indices, Shares, Options and Cryptocurrencies.
Min Deposit:$100


Highlights  BDSwiss is a Forex and CFD broker offering to trade on 250+ instruments covering Forex, Commodities, Cryptocurrencies, Indices and Equities, from 3 account types on the MetaTrader 4 and MetaTrader 5 platform.
Licenses  CySEC, FSC
Min Deposit:$100

How does the Software work?

Let’s break the trading software into four categories:

  • Data
  • Charting
  • Trade Execution
  • Independent Vendor or a Broker?

Data. You must know the prices of stocks and currencies before making any trades. The exchange platform will give you all the data you need to know for stocks and futures, Forex doesn’t have this central exchange.

Charting. Charting software will chart prices, some will even offer data feeds giving a basic technical analysis indicators the more advanced you go for the more indicators will be included and you will be able to run backtest and test your strategies.

Trade Execution. Now you have all the data you need and the information in a chart you will want to place a bet.  Well, to execute a trade you will need trade execution software a  trading platform. You can set your software to trade automatically for you and you can program it with your strategies.

Independent vendor or a broker?

Brokers will offer you the convenience of buying software that is directly linked to their in house systems. Or you can use independent software, the benefit being that you can use several different brokers at the same time and some even have more advanced features.

Mac or Windows?

You can buy the best software on the market but if it isn’t compatible with your computer it will have technical issues and crash frequently losing your profits. There have been developments in the recent years, previously a lot of day trader software was only compatible with Windows, that is not the case these days.

It is very important when purchasing software that you do your research beforehand, check its compatibility with your computer and check it has the specific tools required for what you intend to do. MetaTrader4 is the most popular trading software and great for Veterans and Beginners alike. But check the reviews first of any software you are interested in, and be sure that the initial download is free, you should not be charged for installation

Trading Software for your cellphone!

There are various very useful apps for both android and iOS. Not to be used instead of your computer software as they are lacking in certain areas, but a great tool to use to supplement what you have on the desktop. Don’t pay for your app, a reputable company will not charge you for the application, be wary of apps that try to manipulate your decisions and encourage you to trade certain options. What you need in an app is simply the most up to date market updates, stock price tickers and trends

What To Look For in Your Software

There are plenty of standard-issue software programs out there, but if you want to become a pro then remember to research because most brokers will charge significantly extra for for extra features.

 Prices and your Necessities

What are YOUR needs? Everyone has different techniques and different strategies, no one software works for everyone. So take the time to work out your strategies and practice that in your free software before spending any hard on cash.

What you pay is what you get. Although cheaper software may be enticing is it worth sacrificing the features in more expensive software that could, in the end, make you good profits. If you try and add features at a later date you are quite likely to be forking out even more than if you had just paid that bit extra for the more complex software initially.

Tech talk

Speed-time is of the essence when it comes to trading, a few seconds can really make the difference. So check those reviews!

Accessibility. There are some great web-only software packages out there so you don’t have to worry about installation, this is a great tool for beginners. Further down the line when you may want to use more complex algorithms it is important to have desktop software, however, there is a greater expense.

Features. You have to know what you are looking for, what features are required for your newly designed strategy? Think about whether you will need market access, if so, which one? Or will you be relying on the news, do you need to make data charts and data fields.

Analytics. Everything you need you should be able to find on a good piece of software, all the analytical features should already be included.

Forex Trading Software

There is so much great software available on the market at the moment finding the software perfect for you is no easy task.  What information do you need in your software? What resources and tools could enhance your performance and forex strategy?

Here are some of the most popular options for Forex traders:

  • Trading platforms – Where you can manage and execute trades.
  • Trading signal generators – Helpful guide recommending levels for you to enter and exit positions.
  • Technical analysis software – Including charts of past exchange rates and useful technical indicators
  • Automated forex trading software –a great way to earn a passive income, once you have programmed them to execute the strategy you desire to sit back and relax as they automatically trade for you

Stocks Trading Software

The market is a volatile place and changes on a minute to minute basis. No stocks are worth trading day after day, so it is important to be able to identify before big moves are made.

Your software must have these capabilities.

Market scanning – the program should have the ability to scan through the market and pick out any interesting stocks for you.

Charting software –The software must be easy to use, shows you clear charts and has the capability of being programmed to suit your own needs to decipher the markets for you.

Portfolio tracking – It is important to keep a portfolio of all the trades you do, that way you can monitor what works and what doesn’t and see any mistakes that you have made.

Backtesting – Crucial software that you can use once you have created the unique strategy you can run it against past markets to get a pretty accurate idea of how well you will perform in reality.

Other Instruments & Markets

In addition to the software listed above, you can also find these other great complementary options.

Commodity trading software – For the commodity markets there is an extensive range of software, you can also find free online trading and charting software.

Bitcoin day trading software – This is a new market still and is changing and developing on a month to month basis, as is the software so keep your eyes out for new developments. You can also found some great free trading simulator software.

Emini trading software – Emni options are also continually developing both the generic and specialist versions. You can also get your hands on great scalping software.

Penny stocks software – There is an abundance of good software out there for penny stocks trading as well as user-friendly buy and sell signal software for penny stocks.

Software for NSE – for the Indian Markets there is a lot of great free trading software available.

Software for cryptocurrency – There is a variety of software available to assist you, from robot to prediction software as well as a virtual money management software to help keep your online wallet full.

Journal Software

To be able to improve significantly you have to learn from your mistakes. The best way to do that is to keep track of all the past trades you have made in a log-book. This journal software will allow you to record the date, price, the instrument and all your entry and exit points. This makes it some of the most valuable software for your development. Also handy to keep track of everything for the taxman.

Popular Software

Just because it is popular doesn’t make it the best. Software claiming to be some of the best doesn’t mean anything, check those reviews. Take into consideration that not everyone needs the same kind of software, each package serves a purpose. Software designed for the forex market will not be the ideal software for a day trader. If your software is lacking in any of the areas mentioned above your bottom line may fall.

Here are some of the most popular software options on the market today.

  • MetaTrader – Many leading brokers opt to use this software as it a popular multi-functional programme.
  • TradingView – Popular for its vast range of great analysis tools, from backtesting, to automate trading and copy trade.
  • Linux software –The speediest real-time trading software out there
  • JSE software – Ideal for futures day trading
  • MCX analysis software –Tim Sykes highly recommends this trading software.
  • TD Ameritrade – Popular in the US for live and virtual day trading
  • Etrade software – Whether you are a veteran or a beginner this fast trading software is reliable and popular.
  • Consors software Great German free simulator software
  • AlgoTrader – Popular because it’s capabilities to customize and programme for automated strategies.
  • NinjaTrader – considered one of the best for integrating your own indicators.
  • ZuluTrade – Popular in the US this is great for automated or copy trades
  • eToro – Popular amongst copy traders this leading social trading network allows you to copy from the best, and become a trader that others copy from.

Software Strategies

There is excellent software on the market, but the most important thing to investigate is whether the software you like the look of is compatible with your day trading strategy.

Ybroker’skers standard program software may even be all you need if you have a simple price action strategy on forex. TradingView is a useful tool to backtest your strategies before going on the market.

If you have a complex strategy you must find software that includes all the tools you need. The more complex the strategy the more complex the software you need with greater capabilities and more advanced features.

Demo Accounts

Try before you buy! If in doubt trial run a “demo account” where you can practice using real software with pretend money. This way you can see whether the features are compatible with what you need. There are various trading accounts here and it is recommended to give one a whirl before you commit.

Regional Impact

Where you are in the world will greatly affect what is the best software for you. Software that works well in Hong Kong may not be compatible with a market in Europe. Using software designed for the Asian market won’t give you all the capabilities required for the Western market as it won’t offer you the same news updates or data feeds.

There is an abundance of free software available for the Asian markets when the same quality from a Western country will be rather pricey. But beware of a free option may not provide you with everything that you need.

Tax Considerations

Wherever you go in the world you must be sure that you have your taxes in order before you start trading to avoid a hefty fine. Your taxes will depend on what taxing body you fall under and it is important to clarify that your software can accurately calculate your tax.

Final thoughts

As with everything in the trading, game research is imperative. The correct software could enhance or diminish your profits so choose wisely. Your choice of broker could also greatly impact your trading, restricting, or amplifying the tools available to you. The most popular software doesn’t necessarily mean it is the best for your needs or covers all the features and functions you need to optimize your strategy. Work out what is best for your location and test it before you buy it.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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