Most of the day trading software that is available on the market is the same software that people have been using for 10 years. What surprises most people is that most professional day traders don’t use day trading software or even automated day trading software. Fibonacci software is very heavily advertised as unique and propriety when you can actually use free Fibonacci extensions and retracements that are provided by most day trading platforms.
What’s important to realize is that the market is dynamic, it changes all the time.
To try and place a “set of rules” to something that changes all the time is bound to fail, this is the prime reason that most day trading software doesn’t work.
When I first started day trading I immediately started searching for day trading software because I thought that was the answer. 10 years later, I am traveling around the world and teaching people how to day trade because what is important is to read how the market works and learn how it moves the way it does. That idea is the prime concept that I teach in my training program.
As a day trader that has been in the industry for ten years I want to let you know that most of the automated day trading software that you find on the market today you can find on the internet for free. This goes for all of the fancy day trading indicators as well. Don’t bother spending thousands of dollars on indicators that don’t work. Instead, focus on finding a proven strategy and someone that knows what they are doing in the market.
There are different kinds of day trading software that you have to be aware of. In order to start day trading we will need a platform to host our indicators, data feed, and indicators themselves. I included indicators in this list because that is software as well.
Most companies that offer day trading software offer data feeds included in the package. Most professional day traders that I have met in my 10 year career use either Tradestation or Ninja Trader to host their indicators.
Tradestation is one of the oldest trading platforms on the market but also hasn’t changed with the times. It is extremely expensive if you don’t have a brokerage account compared to other platforms like Ninja Trader which you can use for free or for a one time fee.
Click here to learn more about Tradestation.
Ninja Trader is the market leader now having the best charting and execution. Early in my career I used Tradestation for charting and Ninja Trader for execution. Now that NinjaTrader added charts to their arsenal I used them exclusive provider of charting for The Day Trading Academy. They have a feed called Kinetic as well which is one of the best on the market.
Click here to learn about Ninja Trader.
Most day trading software comes with a data feed option and the most important thing to understand about data feeds is whether they are unbundled or bundled. Understand that when data is being delivered you don’t want it to be sent to your platform in a packaged format. That’s like saying you eat 5 or 6 rolls of sushi all at once instead of one by one. We need to have the data unbundled to make sure that we are seeing every detail.