Getting into the online trading game requires the will to learn as much as possible. It makes for a rocky road unless you are ready to put a few hours aside and grasp the basics. It is important to know which software will provide you with what you need, as some will be geared more towards Forex trading, while others might have far too wide a variety and send you into a spin.
Let’s take a look at some different software platforms and see what strengths they possess to get you the knowledge you need.
Where To Get The Software
One thing newbies will need to decide is whether to go through a broker to acquire the software, or to go directly to the software vendor. An advantage of going through a broker is that one is afforded free access to the software via a demo account. There are several recognized brokers who allow access to its platform via demo accounts. It is here you can play around with the software properties and well as give methods of trading, a perfect example of this being having a go at spread betting via City Index. This broker employs the WebTrader platform which is particularly helpful with its line of tutorials to assist in helping traders get to grips with software particulars, as well as explaining different trading instruments.
Some Popular Software Platforms
With online trading being a multi-billion dollar industry there is obviously no shortage of software trading platforms for traders to make use of. We’ve already mentioned the WebTrader platform, but let’s have a look at some other products and where their strengths lie.
VectorVest: One of the great things about online trading is how it has opened up foreign markets to traders who otherwise might not have found them. VectorVest is great for traders looking to take advantage of overseas markets, as this is where it specializes. There are also a whole bunch of features such as allowing you to customize the platform exactly to your liking.
MetaStock: MetaStock is perhaps the most well-known trading platform, probably for being such a well-rounded product. Almost every asset is covered by this platform – Forex, equities, commodities etc. If you live by using charts for assisting you with trading then their MetaStock Daily Charts Subscription will be just up your alley. A thoroughly tried and tested product, you cannot go wrong with MetaStock.
EquityFeed Workstation: If you’re a highly particular trader and spend countless hours looking for a specific stock then the FilterBuilder tool offered by EquityFeed Workstation will work a treat for you. This tool assists you in narrowing down your search for stocks to the finest detail and can save you plenty of time with your searching habits.
eSignal: A lot of Traders rely heavily on news stations to keep them going, and eSignal is highly recommended for traders sticking to this method. It is also great at updating traders on figures changing on the markets and is generally strong with regards to usability and interface management.
I hope this guide on Trading Software For Beginners To Look Out For was helpful to get you started with online trading, until next time, stay connected by following us on social media.