7 Best Tools and Software for Serious Day Traders

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By Jacob Maslow

Day trading requires access to opportunities, allowing you to make the most of the markets. However, the best day traders need a good computer, fast internet, and a few software tools to help them make smart trades.

These seven tools and software have different purposes but can make your trading more efficient if you are a serious day trader:

1.      Keeping a Record of Trades

Online trading journal software is vital if you need to review your activities and improve your trading strategies. Tradervue is the popular software that can help you understand your mistakes, refine your trades, and exploit your profits properly.

Use Tradervue to import all your trades in the journal, and you can include notes and reminders. Furthermore, the software provides analysis and reporting tools to help you study your trade performances. Finally, you can share notes and trades with others online to exchange insights.

2.      Find a Winning Day Trading Platform

Trade Ideas is a winning day trading platform for anyone looking for trading opportunities. Its features include trading charts, watchlists, backtesting, automated trading, and more. In addition, the software platform uses AI algorithms to establish trading opportunities for every stock in the U.S. and to give you trading recommendations.

Initially, the software seems challenging to navigate, but day traders using multiple screens will appreciate that the design of each of the eight windows requires individual resizing. Another advantage is that each window works separately or linked, depending on the type of workflow needed.

Finally, you need no coding knowledge to operate the software and have access to plenty of resources to enhance your stock trading knowledge.

3.      Charting Software

You are ready to start trading when you have a day trading platform. But first, you need to find the right stocks to trade, but how do you identify them? Your success depends on finding these stocks and trading in them.

Charting software can perform multiple tasks to help you compare stocks at your chosen timeframes and analyze their price movements. StockCharts is an affordable and user-friendly solution for finding real-time and historical data. It is also customizable.

Besides technical alerts, the software allows you to choose from an extensive range of charts.

4.      Advanced Charting Software

Brokers provide you with charts, but as an advanced day trader, you probably want one with advanced capabilities. eSignal is the oldest program but has an intuitive UI, endless coding possibilities, and accurate data. The platform does not perform brokerage tasks, but it integrates with over 50 brokerage platforms to allow for the quick execution of orders.

eSignal first hit the market in 1983, but it gives you freedom for editing and coding charts as you need them. Furthermore, its drawing tools and customization features added to its incredibly user-friendly UI, access to real-time data, excellent support, and resources make this tool worth every cent you pay for this software.

5.      Fast and Reliable Information

Before buying shares, you need access to fast and reliable information because it can help you make the right decisions when looking for opportunities. Benzinga is an excellent platform for both research and finding breaking financial news. An upgrade will allow you to have real-time access to the information, and you can request alerts, either on email or on your desktop.

Listen to the headlines and breaking news on Benzinga Pro Squawk to help you make fast and winning decisions.

6.      In-depth Technical Analysis

In-depth technical analysis requires a program with extensive real-time technical analysis. TradingView provides this for several financial instruments, including stocks, currencies, futures, and cryptocurrencies.

Some powerful analytical tools on TradingView are fundamental fields and ratios, valuation analysis, financial statements, historical data, and much more. Moreover, TradingView allows stock screening and networking with other traders so that you can exchange insights.

Besides the features mentioned above, TradingView also has alerts, live streaming, tens of drawing tools, Pine Script trading language for programming, and affordable pricing.

7.      Market Profiling

Getting market intelligence to help you make informed decisions requires expert technical analysis. One of the best tools on the market is the TAS Market Profile software program. According to your needs, there are several packages to choose from, and some of the proprietary indicators include TAS Market Map, TAS Boxes, TAS Ratio, and TAS Compression Levels. You can also watch the four indicators known as Advance/Decline Line, Breadth Ratio, Trin, and Tick which rely on stock volumes and can provide important information on stock movement patterns before making trading decisions.

Final Thoughts

The competitive field of day trading requires informed decisions. Using the right tools remains your main defense line for making these since there is no one-size-fits-all regarding day trading.


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