Best Day Trading Programs
Best software for day trading:
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Luxalgo - advanced charting tools and indicators;
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TraderVue - best trading journal;
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Nurp - algorithmic trading bots;
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Trendspider - best for analyzing stocks;
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Market Chameleon - best for stock and options traders.
For any serious day trader, having the right tools is crucial to achieving success in this competitive arena. While natural attributes like instincts, discipline, and work ethic are important, today's technological edge can provide that little extra help to spot opportunities and execute strategies with maximum efficiency. This guide provides an independent review of some of the most popular options currently available on the market and aims to give a feel for what each software does best. With the variety of features and price points on offer, diligent research pays off for discerning investors.
Should I Use Extra Day Trading Software?
Investors who engage in day trading use trading programs and software to help them earn more money and reduce risk. In addition to securing the latest market information, they may provide a crucial source of information for their decision-making. Generally, these tools consist of software, electronic devices, calculators, and technologies for calculating, tracking, and analyzing data.
In addition to providing day traders with detailed insights into the stock market, these tools can help them increase their job performance. The tools can be especially beneficial to novice day traders who aren't familiar with forecasting and trends.
For a basic level of traders, a simple broker trading platform is enough, but for advanced day trading it is better to use additional software that will help you earn more.
8 Best Day Trading Software and Tools
Luxalgo - Advanced Charting Tools and Indicators
The Lux Algo trading system aims to remove noise from the market, especially when it comes to messy charts. You can decide to manually enter and exit positions with the help of the built-in algorithm that analyzes the markets on your behalf. Every signal should be carefully considered and verified using my very technical, fundamental and price action analyses.
Lux Algo v2 is designed to run in TradingView. It can be configured on any trading instrument or timeframe on your platform charts. Forex, stocks, indices, and commodities can be traded using this platform.
You may want to consider trading the most popular currency pairs, such as EURUSD and GBPUSD, as they tend to have the most liquidity, which can lead to some good market moves. Additionally, it may mean they have some of the tightest spreads, so I can save on trading costs over time. It is particularly important if you are using a scalping strategy. Day and swing traders can also use Lux Algo v2.
TraderVue - Best Trading Journal
Not only is Tradervue suitable for day traders, advanced traders, and tech-savvy individuals, but also for beginners. Even a first-timer can learn how to keep a trading journal with the abundance of educational materials available.
With Tradervue, you get more than just a trading journal. The platform combines social media with a trading journal. With this tool, you can keep track of your trades and share them with other users around the world. The company was founded in 2011 by Greg Reinacker, former founder and CTO of NewsGator. Based on the founder's desire to review his trading history, the platform was born.
In order to benefit the entire trading community, he released the platform to the public. By supporting automated trade imports directly from your broker, Tradervue helps you keep track of your trading history. When you want to up your game, it's helpful to have all your trading history in one place and able to search through it. It is even possible to share your trades with fellow traders and receive feedback or use them as examples for giving advice.
Nurp - Algorithmic Trading Bots
Nurp is an algorithmic trading platform that aims to simplify sophisticated trading strategies for users of all experience levels. Their flagship product, the Algorithmic Trading Accelerator, provides access to 4 advanced algorithms developed by the in-house team of quantitative analysts. The algorithms automate trading across different markets like Forex, gold, and cryptocurrencies based on predefined rules. Bots works with any brokerage that supports MT4/MT5 platforms. Nurp claims average monthly growth of 4-8%, even in down markets.
Pricing involves a one-time access fee and monthly licensing costs per active algorithm. A 30-day money-back warranty is offered, subject to certain conditions
Backtesting on historical market data enables traders to optimize strategies before going live. Users can also customize parameters like position size and stop-losses based on their individual risk tolerance. While the algorithms execute autonomously, users retain full control over their brokerage accounts and trades.
In addition to trading tools, Nurp offers extensive educational resources to support users’ journeys. This includes case studies, blogs providing expert insights and analysis, and interactive webinars led by industry professionals. Customer support is available by phone, email, live chat, and online communities.
Nurp's trading algorithms:
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FED Bot - a top-performing algorithm designed for Forex trading.
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Gold Digger Bot - tailored for volatility in precious metals like gold and silver.
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Nakamoto Bot - named after Bitcoin's pseudonymous creator, this algorithm focuses on top digital currencies.
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Yellen Bot - algorithm adopts a balanced approach and aims to minimize drawdowns through disciplined risk management.
Trendspider - Best for Analyzing Stocks
With TrendSpider, you can perform a variety of day trading, swing trading, investment and technical analysis in the back office. With this tool, you are able to discover trends faster and exploit them faster than the average trader, and you also get a better understanding of price movements and indicators.
There are already features in TrendSpider that other tools lack. In addition to what you usually do by hand, they assist you with Technical Analysis. Your drawings will become more complete thanks to the algorithm, and you will come up with new ideas that you might not have thought of otherwise.
In addition to real-time data and alerts, TrendSpider's software is suitable for traders looking for a modern trading tool. The use of automated charting and technical indicators such as exponential averages makes it easy to use. It is also easy to use dynamic price action alerts.
The program can be fully automated and the algorithms will make decisions for you. Also, the program enhances your skillset in the background while you customize the settings. It is also possible to use TrendSpider the traditional way.
Market Chameleon - Best for Experienced Stock and Options Traders
Day traders and active investors can use Market Chameleon's stock and options analysis platform for a wide variety of tools. For traders who want to build options strategies around earnings releases, the platform stands out for its premium options screens. Stock research tools are also available for free and paid on Market Chameleon.
Market Chameleon has a unique approach to marketing while there are many options available. You can customize your plan based on your level of experience. Additionally, it comes with a wide array of features and tools that most other options do not.
You will be able to see how your hard work is paying off, and get help to make smart decisions to stretch your dollars. The results will help you tailor your strategies and marketing plan based on what works and what doesn't.
Mindful Trader - Best for Backtesting Trading Strategies
Eric Ferguson runs Mindful Trader, a stock picking service for swing traders. Subscribers to Ferguson's service receive alerts about short-term stock, option, and futures trades based on backtested strategies.
Eric Ferguson has developed and optimized a custom swing trading strategy for Mindful Trader using backtesting. Pullbacks during an uptrend are the basis of this strategy. A Keltner Channel is particularly useful in identifying stocks that experience a brief dip below a moving average before resuming their upward climb.
Using this strategy, Ferguson trades stocks as well as options. A call option trade is a trade that involves in-the-money options that expire in three to nine days.
Besides trading futures for the S&P 500, Ferguson also trades options. Each of Ferguson's seven backtested futures trading strategies is explained in detail, so traders can copy them.
For day traders interested in learning Ferguson's stock, options, and futures trading strategies and adapting them for their own needs, Mindful Trader can be a useful service.
The Trading Analyst - Best for Trading Alerts and Signals
An affordable alert service with a great mix of features, Trading Analyst is well-balanced. In addition to a swing trading strategy, the service provides easy-to-follow recommendations that don't require much time to follow.
There is no doubt about the Trading Analyst's performance. 52% of trades are profitable for the service, with a profit factor of 2.05. This means that the service's profitable trades make about twice as much as what it loses when it is not profitable.
Using the alerts from this service from 2018, you would have seen an IRR of 141% - much higher than the S&P 500. It is also possible to profit from options when the market falls, as it has recently.
An average of two to ten trade alerts are sent per week, targeting gains of 50 percent to 100 percent. SMS messages deliver real-time alerts, as well as a portfolio tracker and an educational database. Since the team does not chase trades, some weeks are slower than others.
It also provides a weekly report that keeps you informed about current market events.
TradingView - Best Platform for Extensive Technical Analysis
For extensive technical analysis, TradingView is the best platform. You can chart stocks, indices, futures, currencies, cryptocurrencies, and more with this charting platform.
The TradingView platform provides a wide range of analysis tools, including fundamental fields and ratios, financial statements, valuation analysis, and historical data.
Furthermore, TradingView is a great way to screen stocks and network with other traders. This is the place where you want to be if you want to exchange insights with traders around the world.
Below are several features of TradingView:
Charts with extensive information
Real-time chat with other traders
A wide range of drawing tools
Trading software based on Pine Script - a unique programming language
Prices, indicators, and strategies alerts
Online streaming
The best financial mobile app
Easy-to-use
Cost-effective
How to Choose Trading Programs I Really Need?
Make sure the program will be able to strengthen one or another component of trading. For example, if there are problems with discipline and you need a database of transaction statistics for analysis, it is worth keeping a trading journal. If you don’t want to sit around your computer all day, then you need an alert service.
Use the trial period to experience the service directly. Some software providers offer 7-day free trials or longer.
Consider if the software is stable. Even though many traders may think speed is more important, the stability of a trading system is probably the most important. Because some systems have significant downtime, stock quotes and executions must be reliable. The more trading time you have, the more likely you will be able to take advantage of all the opportunities that may come your way.
Consider the speed of the system. It is extremely important for a trading system to run quickly (if it is stable, of course). It is important to be able to take full advantage of good trading opportunities when they arise. As a trader, you want to make sure you are the first to take advantage of that opportunity since you won't be the only one. In order to see the trade and make it, speed is important. Hence, you should use a fast system.
Check if the system has stock charts. For a trader, stock charts are very important. The purpose of these is to keep track of previous transactions throughout the life cycle of a stock. Charting programs allow you to run countless technical analyses on stocks. You can identify patterns in the way a stock trades using these studies. The historical patterns of stocks may provide a day trader with future trading opportunities.
Should I Pay for Day Trading Software?
Many day trading software providers offer free functionality or a trial period. However, the full functionality is usually paid and we recommend using it, both because of the better features, and because you will use them more carefully and persistently if you pay.
Some of the features you may get when paying for day trading software include:
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Fast order execution
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Advanced charting tools
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Backtesting capabilities
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An inuitive user interface
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Real-time quotes
There are also paid tools that can help you become the advanced day trader you've always desired. Traders of all levels can benefit from software that includes screening and technical analysis tools.
Best Day Trading Platforms for Beginners
Summary
You can discover many horizons when you explore the best day trading software and computer programs. Beware of letting the thought of making money at a click cloud your judgement, you still need to fully understand the software you are using, what it can do, and what it might lack.
You will be able to benefit from day trading if you evaluate day trading software completely and thoroughly, along with a thorough understanding of your trading strategy.
FAQ
What is the most profitable form of day trading?
Intraday trading is one of the most profitable ways to make money trading. Stocks are bought and sold on the same day before the market closes. To sell your stocks, you need to monitor your market position throughout the day. If you invest in the right stocks, intraday trading can be a great method of making fast profits.
Is day trading a stressful job?
Day traders should be able to stay calm and control their emotions under pressure since day trading can be intense and stressful. Additionally, day trading involves risk-traders should be prepared to sometimes walk away with a loss of 100 percent.
Why are common mistakes day traders make?
Intraday traders commit mistakes such as averaging positions, not doing research, overtrading, and following too many recommendations. Many day traders have lost money because of these mistakes. It is estimated that 90 percent of intraday traders lose money.
What makes a day trader successful?
In all aspects of trading, successful day traders understand the power of scaling. Those who succeed scale what works, and those who fail ditch what doesn't. The goal of traders is to consistently optimize their strategies over time by scaling strengths and eliminating weaknesses. Increased wins and profits are the result.
Glossary for novice traders
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Overtrading
Overtrading is a phenomenon where a trader executes too many transactions in the market, surpassing their strategy and trading more frequently than planned. It's a common mistake that can lead to financial losses.
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Options trading
Options trading is a financial derivative strategy that involves the buying and selling of options contracts, which give traders the right (but not the obligation) to buy or sell an underlying asset at a specified price, known as the strike price, before or on a predetermined expiration date. There are two main types of options: call options, which allow the holder to buy the underlying asset, and put options, which allow the holder to sell the underlying asset.
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3
Algorithmic trading
Algorithmic trading is an advanced method that relies on advanced coding and formulas based on a mathematical model. However, compared to traditional trading methods, the process differs by being automated.
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4
Index
Index in trading is the measure of the performance of a group of stocks, which can include the assets and securities in it.
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Forex indicators
Forex indicators are tools used by traders to analyze market data, often based on technical and/or fundamental factors, to make informed trading decisions.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Also, Oleg became a member of the National Union of Journalists of Ukraine (membership card No. 4575, international certificate UKR4494).
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).