Online Trading Software
Online trading software packages have flooded the market recently. Trading software is an easy way for trading companies to make commission without really needing to do a thing. It is not surprising therefore that the majority of online trading companies and brokers are eager to provide consumers with trading platforms. The following are five of the most popular online trading software packages currently available on the market. That said, it should be stressed that different packages all have different features and the only way to find the best package for your personal needs is to shop around and experiment with demo versions of software.
OmniTrader by Nirvana Systems
Technical analysis software that uses over 120 technical indicators to produce accurate buy and sell signals. Features include a built-in portfolio, simulation mode, trade comparisons engine and automated order and stop confirmation.
Pros: extremely simple to use, step by step instructions, complete up-to-date information and quick to get up and running. Good for setting up multiple indicators in different time frames.
Cons: back testing reporting is very basic, system can be slightly erratic.
Retail Price: $200 to $600
MetaStock Professional by Equis International
Charting and analysis software that provides traders with real time data including real time charts, over 150 formulas and line studies, expert advice, buy and sell signals, nine different charting styles and drag and drop charting which eliminates the need to use any form of programming or coding.
Pros: extremely useful explorer, free formulas, comprehensive manual and good support.
Cons: too complex, difficult to resize charts, difficult to understand system language.
Retail Price: $1100 to $1700
TradeStation by Omega Research
A powerful platform that allows traders to chart various market studies including strategies and indicators. Comes with a built-in optimization tool for writing personalized systems and then back testing the results. Numerous add-ons such as option stations and radar screens are readily available for the software.
Pros: powerful software that works for long term and day trading, unique charting abilities, real time streaming data.
Cons: difficult terminology to understand, expensive.
Retail Price: $2100 to $2500
Wave59 by Wave59 Technologies
An advanced trading system incorporating new-age features and indicators such as time and price patterns, neural nets, custom scripting and geometric patterns.
Pros: advanced algorithms that give extremely accurate information on various financial markets, user friendly interface, free 30 trial period.
Cons: expensive, utilizing all the features can be incredibly complex.
Retail Price: $2000 to $2500