Have you wondered how some traders hit high figures in profit?
Trading software and analytical tools have helped many traders achieve more success, minimize losses, and maximize profit.
There’s no magic about being successful in trading, all you need to do is to gain more knowledge and use the right software and tools.
Trading is the most popular and viable short-term investment. Whether stock or currency trading, each can be a lucrative venture. Despite being lucrative, trading requires technical skills, such as the ability to read charts and analyze data quickly, research skills, risk, and record management, and the ability to monitor broad economic factors that affect the financial markets.
Investors who have these skills excel more in trading than those who do not. More investors lose money than those who excel.
According to research, about 70% to 80% of all beginner FOREX traders lose money and quit. And about 90% of all stock and day traders lose money in the long run.
Why Do Many Traders Lose Money?
Two factors have been identified as the major reasons people lose money in short-term trading like day trading.
1. Lack of Trading Skills
As I have mentioned earlier, traders can make money if they have the required trading skills. Most people who fail in trading lack the necessary skills or just trade based on luck without any risk management. When there is no skill and the luck doesn’t shine, it can result in a huge loss.
2. Emotions
High or uncontrolled emotion can lead to irrational decisions like panic selling. Inexperienced traders tend to panic and quickly exit when they notice the market is moving unfavorably. Panic selling sometimes occurs at the wrong time making many traders incur huge losses.
Best Solution For Trading Challenges
Looking at the issues identified as the causes of losses in trading, one would wonder about the best ways to solve these problems. That is thinking about tools and software that can help in the application of the required trading skills. It’s likely, that one trader cannot master all the trading skills at a time, and having the right tools will guarantee a better trading experience. These tools can help in risk management, market analysis, and goal setting. Traders who use the best trading software tend to have better emotional management and control.
Recommended: Take this course to learn about trading, investment strategies, and skills.
Why You Should Use Trading Software
- Saves time: Trading software automates tasks like market analysis and order execution, saving you time.
- Access to data: It provides up-to-date market information, helping you make smart decisions.
- Easy analysis: With customizable charts and indicators, it simplifies technical analysis for you.
- Risk management: It includes tools like stop-loss orders to protect your investments and minimize losses.
- Convenience: Many trading software platforms offer mobile apps, allowing you to trade on-the-go, anytime, anywhere.
Choosing the right software can be challenging to both beginner and experienced traders so we have searched out the best for you.
Best Trading Software And Analytical Tools
1. Blackbull
Blackbull ranked the number one fastest broker according to compareForexBrokers.com, a forex brokers comparison platform based on different regulation standards. It outpaced twenty competitor platforms with its cutting-edge technology providing near-instant market access and setting standards for forex and commodity trading.
Blackbull tradeable assets include
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- Forex: consisting of more than seventy major, minor, and exotic currency pairs
- Commodities: this includes energies such as crude oil and agricultural cash crops
- Equities: such equities in US companies like Telsa, Apple, and Netflix.
- Indices: includes major stock indices such as US30, S&P500, NAS100
- Metals: consist of precious and industry metals like gold, silver, and copper
- Crypto: includes copy trading and lead following
This brokerage platform is a good place for both experienced and beginner traders. There’s no minimum deposit and constant training is provided through demos.
2. Financial Modeling Prep
Financial Modeling Prep provides accurate financial data for trading and historical information up to thirty years back. This includes historical prices, fundamental data, and insider transactions that are proven.
FMP provides a comprehensive tool specifically designed to make easier your financial data integration process.
More benefits
- Allows easy access to user-friendly API documentation that suits all skill levels
- Enables API viewers to explore a user-friendly interface with a code-free API background
- Providers licensed data collected from trusted third-party partners such as the US Security and Exchange Commission and the Board of Governors of the Federal Reserve System.
- Provides a developer-friendly platform with accurate data, and seamless, well-documented, and informative endpoints.
- FMP API has over 100 endpoints and more are added every week.
To access all the data provided or more information go to the website and sign up.
3. The Trading Analyst
The Trading Analyst provides the best trading alert service that helps traders minimize losses and maximize profits. These alerts are sent in real-time via email, text messages, or telegram with clear entry and exit points.
This platform uses various trading systems to send alerts despite the market environment. The swing trading system provides 1-2 alerts per month with 3-30-day holding period. Other trading systems usually provide 2-5 trading alerts per week which can be held between one hour to three days.
More about this service can be found on their website.
4. Gullbanken
Gullbanken provides a platform where customers can order gold coins and pay with cards or crypto. They offer the best value for gold, with the highest security and safety, prices, and openness.
Trust is important when it comes to sending away your gold or spending a huge sum to buy such. When dealing with Gullbanken as a customer, you are 100% secure. They have their security transport and all gold in the security transport with avarn is locked and secured until it’s delivered at the Gold Bank.
You can order a free and fully secured gold package by filling out a form on their website.
For more information on pricing, packages, and perks, please visit the website
5. Coinbase
Coinbase is a cryptocurrency platform where users can buy, sell, transfer, and store crypto and NFTs. It’s a brokerage that makes it easier to trade and store cryptocurrency for beginners who have little knowledge about digital assets.
Coinbase provides a cryptocurrency learning platform Coinbase Learn, that rewards users with little amount of altcoins for taking quizzes and watching videos to learn about them.
Coinbase wallet is a safe-custody wallet that gives users complete control of their crypto holdings It allows both merchants and consumers, experienced and beginners to transact with new digital assets.
To sign up for more details about the platform, go to the website
6. eToro
eToro is a social trading multiple-asset investment platform that gives traders access to over 5000 financial services. It gives traders and investors access to short-term and long-term investment options including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities that can be invested in without leverage.
eToro’s social trading network allows users to copy the trades of more experienced traders for stock crypto and ETFs.
For more information, you can sign up on the platform’s website
7. LuxAlgo
Lux Algo is a company specializing in the creation of technical trading tools designed to help traders of every market. It provides next-gen trading indicators worldwide for smarter trading. The AI solution works on any device with real-time data, a fully automated price action toolkit with advanced indicators made from community feedback.
LuxAlgo provides thousands of automated alerts, full-screeners, user strategies, and active updates to optimize your analysis from the 15,000+ member community.
Visit the website for more information on pricing, plans, and perks.
8. CapTrader
CapTrader gives you access to more than 120 exchanges worldwide on fair and very competitive terms for trading in more than 1 million securities such as futures, options, ETFs, stocks, and many other trading instruments. It’s an online brokerage for investors and traders who want the optimum in global stock market trading with better offers, conditions, and technology.
CapTrader offers you access to an infrastructure that easily processes more than a million securities transactions every day. The technology behind it automatically routes your order to the best execution in a fraction of a second.
For more information about pricing and packages, visit the CapTrader website
9. PairTradeFinder
PairTradeFinder PRO trading software has supported billions of backtests and millions of pair trades worldwide. Created over 15 years by highly profitable hedge fund managers, PTF PRO gives traders an “edge” using a proven platform to trade “long or short” a.k.a. “pair trading”, protected from market crashes and big account drawdowns.
Pair trading has been demonstrated effective in all market conditions. PTF PRO is easy to learn and use, offering an acclaimed 4-hour, 14-lesson Pair Trading Course taught by professional pair traders as part of a new subscription. A huge value-add to new and seasoned traders alike, initiating them in the art of stock pair trading.
Visit the website to sign up and check the features and pricing.
10. VectorVest
VestorVest is a cutting-edge system that combines industry-leading research, analytics, and insights. Powered by advanced algorithms and the expertise of a dedicated team, VectorVest helps investors find, evaluate, and monitor investments tailored to their needs.
VectorVest tells you when to buy, what to buy, and when to sell. It’s that simple. It provides unbiased, independent answers to your investing questions. What stocks should you buy? Is it now a good time to buy? When should you consider taking profits?
For more information on how to use this trading software, visit the website
Benefits of Using Trading Software
- Time-Saving: Trading software automates tasks, saving time on market analysis and order execution.
- Access to Real-Time Data: Provides up-to-date market information, helping traders make informed decisions.
- Easy Analysis: Offers customizable charts and indicators, simplifying technical analysis for traders.
- Risk Management: Includes tools like stop-loss orders to protect investments and minimize losses.
- Strategy Testing: Allows traders to test their strategies using historical data before applying them in real markets.
- Diversification: Provides access to various markets, enabling traders to spread their investments.
- Mobile Trading: Many platforms offer mobile apps for trading on-the-go, offering flexibility and convenience.
Generally, the availability of the best trading software and analytical tools empowers traders to navigate financial markets with confidence and efficiency. With features like real-time data analysis, customizable charts, and risk management tools, these platforms facilitate informed decision-making and enhance trading strategies. Whether for beginners or seasoned traders, the right trading software streamlines processes saves time, and maximizes opportunities for success. As technology continues to evolve, embracing these tools remains essential for staying competitive in the dynamic world of trading.
Frequently Asked Questions About Trading Software
- What is trading software?
- Trading software is a computer program or application designed to facilitate trading activities in financial markets, allowing users to analyze market data, execute trades, and manage their investment portfolios efficiently.
- How does trading software work?
- Trading software works by providing users with access to real-time market data, technical analysis tools, and trading interfaces. Users can input trading strategies, set parameters, and execute trades directly through the software platform.
- What features should I look for in trading software?
- Key features to consider when evaluating trading software include real-time market data, customizable charts and indicators, order execution capabilities, risk management tools, and integration with trading platforms and brokers.
- Is trading software suitable for beginners?
- Yes, many trading software platforms offer user-friendly interfaces and educational resources tailored for beginners. However, it’s essential to choose a platform that aligns with your skill level and trading goals.
- Can trading software guarantee profits?
- No, trading software cannot guarantee profits as trading involves inherent risks, and market conditions are constantly changing. However, trading software can help users make informed decisions based on data and analysis.
- Are there different types of trading software?
- Yes, there are various types of trading software designed for different trading styles and asset classes. These include stock trading software, forex trading software, cryptocurrency trading platforms, and options trading software, among others.
- Do I need to pay for trading software?
- Some trading software platforms offer free versions with limited features, while others require a subscription or one-time payment for full access to advanced functionalities. It’s essential to consider your budget and trading needs when choosing trading software.
- Can trading software be used for automated trading?
- Yes, many trading software platforms support automated trading through the use of algorithms or trading robots. Users can program their trading strategies and set parameters for the software to execute trades automatically based on predefined criteria.
- Is trading software safe to use?
- Most reputable trading software platforms employ robust security measures to protect users’ data and funds. However, it’s essential to choose a trusted and regulated platform and follow best practices for securing your trading accounts and personal information.
- How can I get started with trading software?
- To get started with trading software, you can sign up for an account with a reputable platform, download the software, or access it through a web browser, and familiarize yourself with its features and functionalities. Additionally, many trading software providers offer demo accounts or tutorials to help users get acquainted with the platform.
