In order to keep up with the fast pace, traders rely on the best day trading software to get them through the day.
Day trading consists of buying or selling stock in hopes of making a short term gain. A day trader puts on a position with the intent of closing it out before the trading session ends.
With thousands of securities to chose from in the market, day traders typically focus on active stocks that are experiencing above average volatility. After all, in order to turn a quick profit, a stock has to be moving.
Regardless of the day trading strategy, traders rely on tools to help them execute, decipher news and analyze charts.
Let’s take a look at some of the best day trading software.
Best Day Trading Software – Brokers
The firm had over 3.5M brokerage accounts at the end of 2016. It offers traders a web-based, mobile platform, and a derivatives platform via OptionsHouse.
Some of the platforms key features include: real-time news, consensus ratings, price analysis, option analytics, and much more.
Offers clients a web based, mobile, and the thinkorswim platform.
Some of the advanced features on the thinkorswim platform include: backtesting, conditional orders, level II quotes, streaming CNBC, paper trading, options analytics, alerts, screeners and much more.
You can also input and create your own scripts on thinkorswim. The charting on the thinkorswim platform is among the best in class.
Geared towards more serious day traders, offering more than 100 order routing destinations.
Some of the key features of Lightspeed Trader are: integrated charting with studies, hot keys, advanced scanners and filters, watchlists, option analytics, quick trade linking from quote screens, charting, news, low latency execution, level II quoting, block ticker alert, and much more.
Home of the Das Trader Pro, this sophisticated trading platform offers traders: collocated order executions, Regional, Totalview, ARCA, and Bats Book, direct access order routing, multiple stop types, real-time account management, advanced charting and much more.
The firm specializes in locates, important for traders who rely on shorting stocks as part of their strategy.
Founded in 1994, Interactive Brokers is the largest U.S. electronic brokerage firm by the number of daily average revenue trades.
The IB Trader Workstation offers: research, news and market data, real-time monitoring, the ability to create automated trades, risk management tools, paper trading and hot keys.
Best Day Trading Software – Charting
A web-based charting tool, TradingView offers features for beginners and advanced traders.
Some of its top features include: spread charts, multiple layouts, over 50 intelligent drawing tools, advanced price scaling, comparisons, alerts on indicators, alerts on drawing tools, stock screening, customized technical analysis and much more.
TradingView offers a free and paid version of its services.
A charting package that offers customers hundreds of technical indicators. It has real-time data, advanced charting tools, and customization. For traders who are more tech savvy, you can create your own scripts using eSignal.
In addition, you can backtest to identify patterns and determine odds of success. They also offer free online education and customer support.
This premium charting service starts as low as $50 per month. It offers direct connection to a number of brokers, including: Interactive Brokers, ThinkorSwim, and LightSpeed.
Best Day Trading Software – Research
Offering a free and paid version, BamSEC allows traders the ability to scan through SEC files quickly and effortlessly.
Some key features include: historical data, email alerts, finding texts quickly across all filings and transcripts, integrated highlighting, table referencing, and much much more.
This web-based platform offers a free and paid version. One of its best features is its screener.
Traders can use the screener to find trading opportunities. Stocks can be filtered by descriptive, fundamental, and technical criteria.
For example, you can search for stocks by a specific chart pattern, marketcap, industry, and much more.
The website also has the latest headlines, analyst upgrades/downgrades, along with the largest gainers/decliners on the day.
A virtual research analyst that helps traders by digging through technicals, fundamentals, social media, earnings and more.
Other features include: OddsMaker Windows, Chart Windows, Alert Windows, Compare Count Windows and Top List Windows.
Day traders use this software to identify in-play stocks.
Best Day Trading Software – News
A squawk service that offers a full newsfeed, audio, calendar suite, security snapshot with key facts, watchlist alerts, sentiment indicators, and the ability to chat with the newsdesk.
Everything is coming in at real-time, essential when you are trading an event driven or news based strategies.
Trade The News
A pioneer in financial audio squawk. The service is fast, offering text headlines, audio, unbiased insight, and runs 24 hours per day. It covers the equity market, fixed income, currencies, commodities and much more.
The Bloomberg Terminal will cost you more than $1K a month, but in terms of news, historical data, and other capabilities, it’s the number one choice among professional traders.
It carries over 1,000 news sources in 30 languages globally and provides a powerful search engine to capture content from 90,000 web sources and social media.
Best Day Trading Software – Online Journals
Most successful day traders journal their activity. They write down their goals, setups, trading plan, and then review it to see how they performed.
Keeping quality records of your past trading performance can help you discover what holes you have in your trading and what steps you need to take to improve.
An online journal, offering a free and paid version of the product. It’s 100% private, available online and mobile, ability to set email reminders, customizable diary, and military grade security.
A cross-platform app designed for note taking, organizing, tasks lists and archives. The platform is trusted by millions of customers making it a leader in the industry.
Day trading works best when markets are volatile. Overall, the markets have not been volatile, as witnessed by a low VIX. However, with thousands of securities in the market, there is always something that is moving.
Day traders rely the best day trading software to help them find stocks that are moving and get news in real-time. For them, speed and execution is critical. Some of the best trading software is free. However, that is not the case with everything. If you are serious about becoming a successful day trader, paying for a service or a piece software are the costs of doing business.