However, perhaps the most important question of all is with regard to trading software. All of the questions posed above depend on trading software to get the job done. Day traders without the proper trading software and analysis tools to go to war with may quickly be left behind.
This article will take a look at what trading software is and the important things to look out for when choosing it. We will then take a look at the four different trading software packages offered by TradeZero, specifically the trading platform ZeroPro, which in my opinion is the most efficient of them all.
What Is Trading Software?
It is essentially a computer program offered by a broker/dealer that facilitates day traders in both the analysis and execution of trades on any given stock. Good trading software should improve the trading experience by making trading both easier and intuitive, by being user friendly, by being rich with functionable features and by providing reliable real time data.
Important Things To Look For When Choosing Trading Software
Is It User Friendly?
Even well designed trading software can be intimidating for new day traders. However, once familiar, trading software such a ZeroPro is extremely user friendly. The charting in particular is extremely easy to navigate while providing all the necessary technical analysis indicators such as VWAP (Volume Weighted Average Price), EMA’s (Estimated Moving Averages), volume, key levels, drawing tools and multiple time frame options among other features.
Does The Broker Provide Sufficient Technical Support?
This crucial factor is often overlooked. Personally I found out the hard way when I signed up to a broker whose software wasn’t as smooth as promised. That was only the start of the problem. The main problem was that I couldn’t get any support. With TradeZero, the customer support is the best I have ever experienced. The few minor questions I have had were quickly dealt with in online chat.
Does The Broker Offer Free Trials For The Trading Software On Offer?
With so much to consider, it is often too late by the time some day traders realize that the trading software they have already subscribed to doesn’t suit them. This is why a free trial is a great offer as it allows day traders to test the water before taking the plunge
Does The Trading Software Offer Reliable Live Data?
Particularly day traders rely on real time data to make fast and informed decisions. If this data is laggy and unreliable then there is a problem. As mentioned above, a free trial is the best way to find out if a broker offers reliable data via level 2, time & sales and live charting.
Does The Trading Software Provide News And A Scanner?
In addition to technical analysis, good trading software will also provide the two essentials of a real time stock scanner to find the recent big movers and a news service that updates any press releases that a stock might have. News can drive stock prices and the sooner a day trader has access to this news the better. ZeroPro has an archived and easy to use news service for every stock. Just one click can give instant access to news articles published by reputable sources such as Benzinga. Having this sort of information on the same platform as the trading software is very convenient rather than having to go browsing the web separately. The same can be said for a scanner.
Stock Trading Software Offered By TradeZero
Trading software can come in many forms. Often it will be software that needs to be downloaded onto a desktop like ZeroPro. Trading Software can also come in the form of a web browser like ZeroWeb or ZeroFree or a mobile interface such as ZeroMobile. TradeZero thus has four trading software options to choose from so as to cater for the differing needs of all day traders.
- ZeroMobile is perfect for both beginner traders learning the ropes and those with more experience who are on the move and often away from their desktop.
- ZeroFree is a completely free, browser based trading system.
- ZeroWeb is an incredibly efficient and user-friendly trading software suitable for traders of all levels.
- ZeroPro is a state of the art, dynamic and feature rich online trading software. The charting, customizable windows and ability to save multiple layouts will help take your trading to the next level, in my opinion.
Despite the many considerations facing new day traders, perhaps the most important one is choosing the correct trading software. Trading software facilitates the trading and analysis of stocks in an efficient manner to give day traders a possible edge in the markets. It is important that trading software is user-friendly, has good technical support provided by the broker, offers a free trial to test the waters, has reliable live data and provides a stock scanner and reputable news service. TradeZero is a broker that offers four different types of trading software packages. Personally, in my opinion, I have found ZeroPro in particular to be an excellent choice.
This content (“Content”) is produced by John Maher. The Content represents only the views and opinions of Mr. Maher. Mr. Maher’s trading experiences and accomplishments are unique, and your trading results may vary substantially. TradeZero does not endorse the Content and makes no representations or warranties with respect to the accuracy of the Content or information available through any linked third party sites. The Content has been made available for informational and educational purposes only and should not be considered trading or investment advice or a recommendation as to any security. Trading securities can involve high risk and potential loss of funds. Mr. Maher is compensated by TradeZero for producing the Content and may also receive compensation for customers he introduces to TradeZero.
TradeZero provides self-directed brokerage accounts to customers through its operating affiliates: TradeZero America, Inc., a registered broker-dealer and a member of FINRA and SIPC; TradeZero Inc., a dealer registered with the Securities Commission of the Bahamas; and TradeZero Canada Securities ULC, an IIROC member firm and member of CIPF.
TradeZero - Homepage (September 21, 2022)
TradeZero – ZeroMobile (September 21, 2022)
TradeZero – ZeroFree (September 21, 2022)
TradeZero - ZeroWeb (September 21, 2022)
TradeZero – ZeroPro (September 21, 2022)