Trading has evolved from the busy podiums of world stock exchanges we’re used to seeing in the ‘80s and ‘90s. These days everything is done via computers and phones.
Modern traders are relying mainly on software to achieve the results they need. That being said, not all software is made equal. We’ve put together a list of must-have software that expert traders around the world use.
Every trader needs a good broker. TD Ameritrade was and still is one of the best options on the market. Going with TD Ameritrade gives you access to a complete ecosystem that is both extensive and customizable.
You’re looking at a wide range of tools, feeds, and a variety of submenus that allow you to really get in there and grab the data you need. Granted, this software is best used on a computer as that platform gives you the ultimate overview of all the features.
That being said, TD Ameritrade is known for offering one of the best mobile app environments as well. If you do a lot of trading on the go, this is definitely a platform you’d want to look into.
If you’re wondering about the tech behind the app, you’ll find that this software offers extremely fast order processing. The research side of the app covers anything from mutual fund screeners to charting and trading idea generators.
The analysis is a massive part of trading in general, especially day trading. Your ability to anticipate future trends is often dependent on the tools you have available. Bookmap is another awesome trading platform that is geared towards market data visualization. It also offers the analysis of price action, order flows, and much more.
What makes Bookmap stand out is the refinement it offers from the moment you download the installation file. It’s extremely easy to install and setup, allowing you to get going in a very short time frame.
Feature-wise, there’s plenty to mention. This platform offers an intricate heatmap that makes it much easier to figure out different resistance and support points. Best of all, you can completely customize this tool to your liking.
One of the more important features is one-click trading. Bookmap may be a strong analytical tool, but it is also a trading platform that allows you to execute trades quickly and reliably.
Last but not least, you’re also gaining access to a number of very useful indicators. The team behind this software has listened to the feedback from its user base and used their suggestions to put together a powerful selection of indicators.
NinjaTrader is one of those platforms that really lets you set things up how you like it. The platform is mainly geared towards forex, futures, and stock market trading. That being said, it’s a powerful tool that comes complete with some of the most impressive auto trade algorithms already built-in.
However, that’s not why NinjaTrader is the choice of pros. Its true power lies in its advanced charting and advanced market analysis tools. Powerful and fully customizable, these features allow you to run custom scripts, do back testing, set up stop losses, and generally strategize in ways that not many platforms allow for.
The only thing to keep in mind with this software is the steep learning curve. NinjaTracker has been unforgiving to new users ever since it first appeared in 2004. That being said, it doesn’t take too long to crack.
Last but not least, we have to mention TradingView. This industry-leading charting software remains one of the most advanced technical analysis tools you can use to develop, test, and adjust your strategies.
TradingView works with all kinds of environments and offers information on cryptocurrencies as well as more traditional forms of trading. The free version of the software is plenty powerful. However, it’s the paid version that gives you access to all the bells and whistles you’ll need to get the most out of this tool.
Finding the Right Tool for the Job
Trading software exists in various tiers. The key to becoming a good trader isn’t in obtaining the latest and greatest there is. Rather, it’s about finding the software that fits your needs and your trading style.
Some traders are looking for high levels of customization across several pieces of independent software, while others are more interested in having all of their features in one platform. The software we’ve mentioned today represents several options that are used by experts. We’ve offered a few options because we know that not everyone has the same requirements. Needless to say, all of these will work just fine.