An important task when considering a trading software package is to make sure it meets your needs, matches your trading style and has the flexibility of being customised to your preferences.
When reviewing a stock software package, we evaluate them according to the following features:
Stock Charting and Analysis
The capability of viewing charts on selected stocks is absolutely paramount for the active investor or trader. It allows the trader to select and trade stocks that have favorable technical patterns. To do that requires a stock software package with a stock charting and analysis feature that offers a variety of chart types and accommodates different trader preferences.
Stock Portfolio Tools
Stock software packages need to offer tools that can be used to effectively manage stock portfolios. The trader needs to easily be able to create watch lists as well as set specific stock alerts. It is important for the trader to be able to view portfolio details such as the latest quotes as well as the ability to generate portfolio profit and loss reports.
Searching Capabilities
Of course, one of the bigger tasks an active trader must perform is searching the universe of stocks for potential opportunities. This type of feature allows traders to identify stocks that align with their personal trading strategies. In addition, the stock software package should allow the filtered search results to be saved for charting. This feature is absolutely necessary for traders that wish to conduct their own research.
System Testing
For the system-based trader a system testing function is a very important feature. The trader needs to be able to develop trading systems that can be tested over any time period, for performance and profitability. A robust system trading tool allows the trader to create combinations of entry and exit triggers as well as trading stops to build their own systems.
Technical Indicators
The stock software package needs to offer an abundance of technical studies and indicators to facilitate the locating of potential trade setups. This is a key software attribute as it helps in making prudent trade decisions. Technical indicators impact the quality of many other features of the software package like charting, system testing and searching.
Help & Support
No matter the software package, it is always important that the user has an avenue where technical or user related questions can be resolved. Whether it is e-mail, blogs, discussion boards, newsletters, online manuals or online chat it is absolutely essential that whatever support is being offered that it be timely, effective and informative.
The bottom line when evaluating stock software packages is to make sure it meets the trader's needs. This means that the flow and functionality of the software should facilitate a trader's stock analysis as well as the ability to easily come to a trading decision. DirectTrader assists traders in choosing a stock software package tailored to their needs. Their software meets all the above guidelines, allowing DirectTrader to work with clients of all levels of experience.