They offer application programming interfaces (APIs) that allow you to trade with third party trading platforms. As the compatibility of third party trading software depends on the broker, you should take note of what your broker offers.2.
Reliability of Trading PlatformThe trading platform plays a critical role as it sends time-sensitive trading orders for market execution. It should transmit our orders reliably and the connection to the trading servers should be stable.
One-Click TradingTo safeguard against accidental submission of orders, many trading platforms need you to confirm your trading order. A limit order stands ready to exit with a profit and a stop order limits my loss.Bracket orders are also helpful for trading ranges.
Stop orders just outside both sides of a trading range can catch break-out trades in both directions.
For fading break-outs, bracket limit orders will do the job.Decide if you need to employ bracket orders depending on your trading style and strategy.
Trading IndicatorsReview your trading strategy and list down the trading indicators you need.
Check that your charting software has the tools of your trade.If your preferred charting platform lacks your favorite indicator, do not despair.
It is common for both in-house and third party platforms to combine trading and charting abilities.For those software, you might be able to trade from the charts. For instance, your trading records might reveal that your trading strategy works better at certain times of the day.
A spreadsheet software does exactly that, and is ideal for recording and analyzing our trading records.I recommend Microsoft Excel for its advanced data analytics capabilities. You can find support for it easily and there are many trading related Excel plug-ins.For free alternatives, you can try Google Drive or OpenOffice. Chart NotesChart snapshots showing our trading setups are valuable study notes for serious day traders.An excellent software for annotating charts for study is Microsoft OneNote.
Furthermore, you can sync your notes across different mobile devices and review your chart notes on the go.
You can do a lot more with OneNote.Video-recording your computer screen, or screencast, is also an effective way to record our trading setup charts.
Open source supporters can go for Cam Studio.Choose Your Day Trading Software WiselyA final tip.
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