How to choose the right software for trading

[beginner_av]

If anyone is interested I can share some of my experience (I am also learning, like you), about choosing the right software for your trading needs. Do let me know.

 

[skarpio]

You have at least me. Go on!

 

[oxusmorouz]

Nice initiative BAV. Pray, continue.

Edit: It would be great if you can add software reviews too.

 

[Saint]

If anyone is interested I can share some of my experience (I am also learning, like you), about choosing the right software for your trading needs. Do let me know.

Do share,Abhijeet......looking fwd to another learning experience.

Saint

 

[deb99891]

plz sir'
doshare ur experience
eagerly waiting
regards

 

[beginner_av]

My God, never expected you guys to be here. Now I have to raise the bar.

Anyway, to start off, here are some basic assumptions (particularly for newbies):
1. You already know about trading
2. You are well capitalised to justify the software costs
3. You have zeroed in on your trading philosophy and know what you are looking for (in trading, not software).

I will keep my personal biases away and try to put as much stuff as possible here. So lets start.

Remember all software are not made equal. Other than the basic, intermediate and advanced usage, there are software that claim to do many things, but are good at only a few things. So first write a statement as to what you want to do with the software that you plan to purchase/use.

Some valid points may be:
1. I want to view market profile
2. I want to create custom indicators
3. I do not want to view indicators but need signals to trade
4. I want to scan >5000 symbols every 5 minutes
5. I want to look for chart patterns to trade
6. I want to create robust statistical techniques
7. I want to create option strategies - plain vanilla to exotic
8. I want to do intermarket analysis
etc etc.

Now go back and add another column and put real/time or end of day next to all your statements.

Once done you are ready to delve deeper.
The first thing we ask is cost. This is not correct. First ask, is it the right stuff for me (Will come to "right stuff" later). If yes then only go for cost. Cost is not just the software cost, but the hardware and the data service to run it properly. Also consider upgrades.

More later.

 

[CreditViolet]

Some valid points may be:
1. I want to view market profile real time
2. I want to create custom indicators
3. I do not want to view indicators but need real time signals while trading
4. I want to scan >5000 symbols every 5 minutes
5. I want to look for chart patterns to trade
6. I want to create robust statistical techniques
7. I want to create option strategies - plain vanilla to exotic
8. I want to do intermarket analysis
etc etc.

I thought you already had it sir ( except pt.7), hush-hush.

 

[beginner_av]

I am trying to share my knowledge Sir CV, just as you are doing. I am just talking about how to proceed formally to choose trading software (so no point 7 at all!), particularly for others who are not fortunate enough to be blessed by you (hope you dont take your blessing over my head away after reading this!!!)

 

[CreditViolet]

I am trying to share my knowledge Sir CV, just as you are doing. I am just talking about how to proceed formally to choose trading software (so no point 7 at all!), particularly for others who are not fortunate enough to be blessed by you (hope you dont take your blessing over my head away after reading this!!!)

Good ol' knowledge sharing just like it happens at the pr0n forums
Hopefully sir, you wont get too specific with the intimate details between us eek, rest is all fine.

 

[sanx]

Wonderful BAV , nice initiative . Will be looking forward to learn from this thread . Thanks .You are no longer beginner .