Everyone loves a 20 monitor setup.
But the number of monitors does not determine whether you become a profitable trader. Trading hardware or software by itself will not transform your skills overnight. But your trading hardware matters much less than your trading software in terms of executing your trading strategy.
When you commit to trading stocks, you need to make sure you have all the software and tools you need for success. In today’s blog we will show you the 3 most important pieces of trading software you need to trade successfully:
Stock Charting Software
This is probably the most clear and obvious software program you should have from the start. Having a clean charting platform that not only looks good, responds good, and is reliable, but can also allow you to use different tools and make markings on your charts is key.
For our charting platform, we recommend TC2000. For years our educators and students have been successfully utilizing this platform to trade the markets. With great watchlist creation functionality, infinitely configurable charts, and tons of indicators. It is software you can count on even during extremely volatile conditions, like we’re seeing lately, the data feeds hold up strong and continue to print charts.
If you want a more in-depth look into TC2000 and how to use it, check out the blog below:
Stock Scanning Software
There are a few leading scanning software options on the market now. We mostly use TC2000 for scanning, but Trade-Ideas is a great tool for active intraday traders. Just like TC2000, the configurability of this software is amazing. Having scanning software to easily sift through ideas and help categorize the 10,000+ stocks into a small, tradable basket for yourself every day is what scanning software will do for you. Scanning software essentially allows you to add any single or multiple criteria to a scan and get an immediate output with a basket of stocks that fit that criteria, real-time. To truly be successful and self-sufficient as a trader, having a scanning software will help you find ideas and tradable setups that you would have otherwise missed searching manually.
Another great free scanner with some limitations like real-time result feedback is finviz.com. Nonetheless, this software is a great web-based option for those who especially are swing traders and only want a scanner to generate overnight watchlist ideas.
So many traders completely disregard having a trade journal with disastrous consequences. A journaling software like TradingSync is so crucial to your development, especially as a new trader. Softwares like these intake all of your trading data, and organize it into digestible statistics that you can use to improve your game.
What setups do you trade the best? What setups do you trade the worst? What times of day are best for you? What should you look to work on?
All of these questions will be answered and relayed to through a journaling software. Don’t skip out on this one! It is a key part of any trader’s development!
You need to have a brokerage account to actually make the magic happen. TD Ameritrade and E-Trade are solid brokers for mid and large cap traders like us. If your strategy is more based on shorting hard-to-borrow stocks, Cobra and Centerpoint Securities are good options for you. Don’t stress the broker and the other software mentioned here too much. What matters most is your strategy, your work ethic, your mindset, and your ability to manage your own emotions and psychology. If you want to learn more about these important components of trading, check out our day trading community below for free!
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