Day Trading Like a Pro: How to Pick the Right Trading Software and Broker
It all starts with two very important choices; a good trading software, and a good broker. These two elements can make or break your trading career. You need software that will execute your trades instantly, and give you all the tools to make your strategies better and efficient. You also need a broker who will not run off with your money and makes it easy to move it as you wish.
Choosing the trading software
Trading software has been for more than 40 years only that it has gotten very easy to use over time. As a new trader, this is what you should be looking for in a trading software. Click here for more information.
Platform
This is 2020 and you should be trading from anywhere you want. Everyone wants a software that has a web version in case you don’t have access to devices where the software is installed. The software should work on Windows, Linux, Android/iOS, and your browser. With this variety, you will never have access when you need to make a quick trade.
Cutting edge tools
With average knowledge you can become surprisingly good if you master how to correctly use signal indicators, drawing tools for analysis, and even make your tweaks for automated trading. How well do the tools make your trading strategy workable? Which tools’ combination makes your trades more accurate?
User interface
How well can you find what you need? What is the process of placing trades? You need software that is a breeze to use and responsive on whatever platform you choose.
The good thing is that all of the available trading apps today offer a demo version that you can try out and feel if it fits your needs.
Choosing the broker
Your choice of a finance broker is perhaps the most important thing as many brokers have flexibility in trading software. What are you looking for in a broker?
- Security – How safe is your money? Check for registration and regulation in your jurisdiction so that you have recourse in case you get into a dispute with the broker.
- Safety – How safe is your data and information? Is there a history of data breaches or hacking?
- Trade execution – How fast does the broker place your trades? This makes a huge difference in fast-moving markets
- Fees and commissions – How much does the broker take in the spread, swaps, withdrawal, and commissions? Does it provide swap free forex trading account aka Islamic account?
- Customer service – Do you get someone at the other end when it matters?
Fortunately, there are a lot of broker reviews out there. Join different trading groups on Facebook and see what others are saying. You will also get useful tips that have worked for those that have done it before you.