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Yo, investors! Are you looking to get in on the stock trading game but unsure where to start? Well, I’m here to say that it’s a helluva time to jump in! With lower prices and higher volatility than we’ve seen in years, there’s no better time to make some dough in the stock market. And what better way to do it than with automated trading platforms and online day trading systems?

But before you dive in headfirst, let’s talk about what you should be looking for in these programs. You gotta review the criteria and talk with other stock traders to understand your own personal preferences. Plus, you gotta identify the facts you need to compare programs. You need a good understanding of the automated trading tools’ features and costs before you make a decision.

Now, there’s a lot of companies out there offering stock trading advice and stock trading strategies, from educational programs to recommended stocks to brokerage firm proprietary software. Prices range from thousands of dollars to less than 50 bucks a month for auto trading software. So, how do you decide which one’s right for you? Well, that’s what I’m here for. Let’s go over the features and benefits of the programs available for online stock trading.

Now, we won’t be discussing trading software for options or Forex trading. Instead, we’re focused on programs geared towards “day traders” who technically open long positions (buy) or short positions (sell short) and close ’em the same day. But not everyone who uses these programs closes out their positions by the end of the trading day — sometimes they hold their positions for days, weeks or months. We’ll call this “active trading” or “swing trading” for short.

So, what are the essential features of a stock trading program? Well, you need a data feed for stock quotes and indicators, stock charts or charting capability of major indicators, current balance and positions, and an order entry system. The order entry system should allow stop (loss) orders, stop limit orders, and trailing stops. Plus, most automated trading software should include a watch list of the stocks to potentially trade based on the parameters the stock trader has entered.

But that ain’t all! Let’s talk about some additional features you should be on the lookout for. ETFs can be part of an efficient trading strategy, so make sure your program includes trading capabilities for them. You’ll also want safety measures like a profit goal and profit protection for your investments. You want your program to lock in your profits if the stock price decreases or pulls back. Finally, you’ll want a program that displays current Profit and Loss (P&L) on your open positions and the status of the rules on your watch list.

Now, there’s a lot of technical indicators out there, so make sure your program offers the ones you need. And while some online stock trading systems do require actual programming expertise, others are simply point and click. Check out the online demo to see if it fits your level of comfort before making a commitment. And make sure you have enough memory on your computer for multiple accounts if you want to run several live long and short strategies.

At the end of the day, the best automated stock trading software will be able to execute your trading strategy even when you’re away from your computer. It’ll be updated daily using the latest data with hundreds of historical indicators representing the stocks’ previous conditions. Essentially, it’ll be a rules-driven software system that takes the emotion out of investing and allows you to make the most of this opportunity.

So what are you waiting for? Get that information and start evaluating your options for stock trading software today! And keep those HTML tags in check, baby!
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Ihab Salloum