Stock Trading Software
There are many types of stock trading software designed to make a trader’s life easier. With the capabilities of today’s personal computers stock trading software has become more powerful than ever before.
This trading software ranges from free stock trading software to very expensive and sophisticated programs.
Stock Charting Software
This type of stock market software is widely used among traders worldwide. Charting software allows you to see a wide variety of stock charts. Additional information can be placed on these charts right next to the stock prices. Stock traders use stock charts to visually assess the best entry and exit points for their stock trades.
Stock Analysis Software
Stock analysis software does what its name says. It is used to analyze various stocks. The results of the analysis is then used to make stock buying and selling decisions.
Stock Picking Software
This is similar to stock analysis software in that it does analyze stocks. The most common type of stock picking software on the market today can actually be called stock scanning software. With this software you can scan through thousands of stocks and retrieve only those that meet a specific criteria.
Stock Prediction Software
Prediction is a tricky word to use in the trading business. Predication software can fit into a number of the categories of stock trading software that I have mentioned above. The reason for this is that by making a selection you are "predicting" that your selection will go in the direction your analysis has uncovered.
Certain other software also falls into the prediction category. This software is actually designed to predict the future price of a stock.
Stock Tracking Software
Most all stock trading software programs will track stocks. Tracking software is similar to stock scanning software. You can give the software a set of criteria
to track and it will return those stocks that meet the specified criteria. Stock tracking software can keep you updated about changes in the stocks you are following and some can contact you with the updates. Usually you can set some type of alert that lets you know about a key event such as when your stock hits a new high.
Online Stock Trading Platform Software
When you want to place a trade online this is the type of software that you would use. Online stock trading software is usually supplied by the online brokerage that you place trades through. This software has really come a long way and includes many of the features mentioned in the types of stock trading software listed above. Traders using this software can place trades from any computer with an internet connection. This give today’s stock trader tremendous flexibility.
Stock Trading System Software
Software of this type is used to help traders develop trading systems. Traders can design their trading systems and test them out using historical data. This process is called "backtesting" and is a very popular method of trading system evaluation. The basic premise of trading system design using backtesting is that if a trading system performed well in the past that it may do well in the future as well.