Trading platforms come in two forms – as software programs or online applications. In any case, main purposes of trading software are execution of trades and market analysis based on charts and technical analysis tools.
When starting to use trading software a trader needs to have full understanding if this software meets his needs, that is, if it is designed primarily either to execute trades, or to make market analysis, or both.
A binary options or forex trader might be interested in much more specific software solutions than a stock trader. It is essential to determine the type of information needed for trading; basically, there are three data types: End of day (EOD), real-time, and historical. Real-time information is renewed on a constant basis and is critical for day traders, whereas EOD and historical data are mostly applied by traders looking at the daily, weekly or monthly charts.
For the purpose of optimization of trades it is recommended to consider software that allows automated trading, which will increases chances of executing a trade at the right moment. Portfolio management features are no less important for any trading software, since a trader has to be able to track their positions, cash amount and balance (profit/loss) at any time.
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