Stock trading software is a computer program that helps the investors to take investment decisions without the hassles of manually doing the complex technical analysis and researching other data relevant to the stock in question. It can come in handy for those investors who are new to stock trading and want to take informed decisions but cannot do so because of the lack of adequate technical knowledge and experience. It is also useful for day traders, casual, short-term or long-term traders. It makes the calculations easier and can eliminate human errors in calculations.
If you are analyzing the stock data, you are likely to be swayed by your personal biases, feelings, fears and emotions about a particular stock. Your interpretations of the charts and graphics too can be influenced by your state of mind at a particular time.
This software automates the technical analysis and gives you the power to make decisions fast. It can analyze many stocks in a short time and can facilitate comparison analysis.
There is yet another benefit of using software. You make your own calculations about the profitability of a stock but feel unsure about your estimations. Use of stock trading software can confirm or negate your findings. This way you can find a kind of logistic support from your software by double checking your calculations.
Stock trading software saves you enormous amount of time in doing analytical calculations like a workaday calculator or ready reckoner. You do not have to spend hours clicking on Yahoo and Google stock pages, reading newspapers and magazines and interpreting the data. The software can download the relevant and processed data in no time to enable you to make the right decision. You can devote the same time to study other aspects of analysis that are not covered by software.
For example, you can read the latest news flashes appearing right at the moment on the website of your stock brokerage firm. Technical analysis is not the only consideration while making an investment decision. You may, for example, have to consider the immediate investment climate or economic scenario prevailing in the country at that moment. Consider another example. The news media nowadays is almost daily filled with the policies on interest rates, mortgage loans, foreclosures, and real estate prices and so on. These news items exercise deep influence over the stock price movements, which are hyper sensitive to such economic factors and variables.
To sum up, stock trading software can help you to generate high probability mechanical buy/sell signals, identify the channel breakouts, control your investment risks, accurately predict the new tops and bottoms, show the trading trends in a given scenario and nullify the impact of your fears, greed and other personal idiosyncrasies.
Tips for choosing the right stock trading software
The most important point in selecting stock trading software is your comfort level in using it. Instead of buying software right away, you must give it a sufficient try. Most of the software vendors offer a trial period. You can find out if you have a good chemistry with it.
Look for the software product of a company that has been in use for a sufficient time in the stock trading business. Software need to be tested in various stock trading scenarios before introducing it to the general public. Do not allow yourself to be swayed by the glib promises of making you millionaire overnight, or, that it can predict the future movements of the stock. If it were so, the software vendors would have made themselves filthy rich instead of selling it for a few dollars per copy.
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