Day traders need state-of-the-art software that is able to produce analysis and trading information that is updated up to the minute. Even those who know how to day trade professionally are no match for top-notch software. So, it is important to have top software to enhance your day trading abilities. Here are 3 top software picks for day traders.
1. TD Ameritrade
TD Ameritrade is one of the best software for day traders. It comes with a number of helpful tools and platform options that make day trading simple and lucrative.
This software offers a host of learning tools for those who are new to day trading. These tools include educational videos, articles, portfolio planning tools, and a chatbot for questions.
Even those who are experienced day traders will find TD Ameritrade helpful since the software also comes with advanced cheating software, customizable trading indicators, and practice trading features.
TD Ameritrade even comes with a mobile app, TD Ameritrade Mobile Trader app, which will allow you to take your day trading software anywhere.
The main downside of TD Ameritrade is its cost. Its customers will pay $6.95 per trade, which is a high cost.
Pros
? World-class trading platforms
? Detailed reports
? Educational tools
? Variety of asset options
? Mobile app
Cons
? Expensive margin rates
? Can be more costly than other competitors
2. Interactive Brokers
Interactive Brokers is a platform for active and professional day traders, as opposed to casual or long-term traders.
This software offers a number of features such as discounts for highest-volume traders, a broker’s trader workstation, volatility measurement tools, customizable alerts and watchlists, and monitors for unusual market activity.
Additionally, Interactive Brokers comes with a massive selection of stocks and rock-bottom fees. With the selection, you will be exposed to a number of options to diversify your portfolio and extend your investments.
Similar to TD Ameritrade, Interactive Brokers comes with a fee. When you open an account, you will need to pay a $10 monthly inactivity fee if you do not keep $100,000 in your account or if you do not make $10 monthly in trade commissions.
Though this may not sound like a lot, most brokers charge between $4 and $7, making Interactive Brokers a more expensive option. More so, Interactive Brokers has low commissions in comparison to other Brokers.
Additionally, Interactive Brokers can be very complicated for a new day trader. As a result, this software is recommended for those who already understand the ins and outs of day trading.
Pros
? Comprehensive desktop program
? Mobile app
? Access to a number of tradable assets
? Low margin rates
Cons
? Expensive
? Difficult for beginners
3. E-Trade
E-Trade is another great software for day traders that offers a number of features. These features include three platforms aimed at specific segments. The three platforms include E-Trade Web, OptionsHouse, and E-Trade Pro. Of the three, E-Trade Pro offers the most features, but you must hold $250,000 in an E-Trade account in capital to have a Pro account.
Other features include tools, interactive charts, technical pattern recognition, and snapshot analysis. These features are intuitive and easy-to-use, ensuring that even beginners can take advantage of this software.
The main downside of E-Trade is that most trades cost more than $6.95 a trade, which is the normal cost. With that being said, new traders can get 60 days of free trading by opening a new account and depositing a minimum of $10,000 to offset the higher trading costs.
Pros
? Intuitive design
? Easy-to-use
? Multiple platform options
? Free 60-day period
? Simple mobile app
Cons
? More expensiveSkylar Hammond is a writer for True Trader who specializes in topics such as stock trading, personal finance, and forex. He focuses on helping beginners and experts alike learn more about the market and improve their trading skills.
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