If your company is involved in securities, currency trading or investing, trading software delivers powerful tools that keep you on top of the market and give you confidence in the split-second decisions you’re forced to make under pressure. Even if you’re just a private investor, trading software has the power to help you find new opportunities and make the most of the investments you’ve already made.
Features and Advantages of Trading Software
There are many different types of trading software, each of which offers features specific to the type of investing it’s designed for. Here is an overview of the three main types of trading software:
- Currency trading software. Also known as Forex trading software, these applications offer streaming quotes in real time, a list of order types that you can place and tools to manage all your current positions. Advanced features allow you to customize your layout and trading options, trade from charts and complete transactions with one click. (Given the sensitive nature of online investing, the default is to require confirmation before completing a requested transaction. You can eliminate this step if you so choose.)
- Stock trading software. The features of stock trading software are similar to those seen in Forex trading applications. Quotes are delivered in real time, and you have interactive tools that help you view, manage and analyze all of your current positions and holdings. With stock trading software, you can also get instant access to highly detailed information about a given stock’s price history, and stock trading software also lets you view public financial information about listed companies and access global markets from your computer desktop.
- Day trading software. Sometimes categorized with option trading software, day traders use these applications to inform the split-second decisions they need to make on their investments. Enhanced quoting capabilities and one-click trading are standard with these programs, and you will also enjoy interactive tools that provide in-depth statistics on your day’s transactions so you can perform detailed analyses of your investments’ performance and identify ways to earn even more money.
These products help you maximize profits, minimize losses and balance your portfolio. They are a powerful tool in the arsenal of any investor, so if you rely on the markets to earn a living, they’re an investment you should strongly consider making. You can also get stock trading software that’s designed to perform market analyses of the trades you’ve already made, rather than assist you in making them.
Popular Trading Software Applications
Some trading capabilities are included in advanced asset management software applications, but by and large, you’ll get more power from a dedicated program with features specific to investing.
FXCM is a leading name in the world of currency trading software, but for stock trading, any software that is compatible with Bloomberg Terminal applications will be of value to the investor. Keep in mind, though, that many companies offer data, charting and execution products separately. Make sure you know what you’re buying if you’re going to download the software directly off a website.