1. Day Trading Software Reviews
2. Day Trading Software Australia
3. Day Trading Software

Like starting any career, there is a lot to learn when you're a day trading beginner. Here are some tips to steer you in the right direction as you start your journey. These tips will get you set up with the proper equipment and software, help you decide what to trade and when to trade, show you how much capital you need, how to manage risk, and how to practice a trading strategy effectively.

Picking a Day Trading Market

As a beginner day trader, you may already have a market in mind that you want to trade. A day trader's job is to find a repeating pattern (or that repeats enough to make a profit) and then exploit it.

Stocks are the shares of the companies, such as Walmart (WMT) and Apple (AAPL). In the forex market, you're trading currencies, such as the euro and US dollar (EUR/USD). There is a wide assortment of futures available to trade, and futures are often based on commodities or indexes. In the futures market, you could trade crude oil, gold or S&P 500 movements.

Types of software. Day trading software falls into three main categories: Data, Charting, and Trade Execution. Important Data. A day trader needs to know the prices of the stocks, futures, or currencies that s/he wants to trade. In the case of stocks and futures, those prices come from the exchange where they are traded. What's up traders. Check out this cheap setup for small account day trading. Don't dump a ton of money into software you don't need! This is the same day trading setup I use to cheaply trade with.

One market isn't better than another. It comes down to what you want to trade, and what you can afford. The forex market requires the least capital to day trade. You can get started with as little as a few hundred dollars, although starting with at least $500 is recommended.

Day Trading Platform. A trading platform is a software that traders use to send their trading orders to their brokers. Day traders must use a trading software to send our orders because speed is critical for day trading strategies. Let’s go through the factors that affect our choice of trading platform. In order to keep up with the fast pace, traders rely on the best day trading software to get them through the day. Day trading consists of buying or selling stock in hopes of making a short term gain. A day trader puts on a position with the intent of closing it out before the trading session ends. Online day trading software can be broken down into four categories: Data – Before you start trading for the day you need to know the prices of the stocks. Charting – Smart traders will usually chart prices in charting software. Trade execution – With your data to hand and after analysing it. Open an account securely through Best Day Trading Software's website Charles Schwab offers a brokerage suite perfect for traders of all skill levels, capital, and research needs.

Trading certain futures markets, such as the S&P 500 E-mini (ES), which is a very popular day trading futures contract, requires only $1,000 to get started. Starting with at least $2,500 is recommended, though.

Stocks require at least $25,000 to day trade, making them a more capital-intensive option. While more capital is required to day trade stocks, that doesn't make it a better or worse market than the others. But if you don't have $25,000 to trade (and can't maintain your account above $25,000), then stocks likely aren't the best day trading market for you. If you have more than $25,000, then stocks are a viable day trading market.

All markets offer excellent profit potential. Therefore it often comes down to how much capital you need to get started. Pick a market, that way you can start focusing your education on that market, and not wasting your time learning things about other markets which may not be of help in your chosen market.

Don't try to master all markets at once. This will divide your attention and making money may take longer. Once you learn to make money in one market, it is easier to adapt to learn other markets. So, be patient. You don't need to learn all markets at once. You can learn other markets later if you desire.

Equipment and Software for Day Trading Beginners

To day trade you need a few basic tools:

• A computer or laptop. Having two monitors is preferable, but not required. The computer should have enough memory and a fast enough processor that when you run your trading program (discussed later) there is no lagging or crashes. You don't need a top-of-the-line computer, but you don't want to cheap out either. Software and computers are constantly changing, so make sure your computer is keeping up with the times. A slow computer can be costly when day trading, especially if it crashes while you are in trades, causes you to miss trades, or its slowness causes you to get stuck in trades.
• A reliable and relatively quick internet connection. Day traders should be using at least a Cable or ADSL type internet connection. Speeds vary across these types of services, so strive for at least a mid-range internet package. The slowest speed offered by your internet provider may do the job, but if you have multiple web pages and applications running (that use the internet), then you may notice your trading platform isn't updating as quickly as it should, and that can cause problems (see above). Start with a mid-range internet package, and try it out. You can always adjust your internet speed later if needed. If your internet goes down a lot, that's a problem. See if there is a more reliable internet provider. Day trading isn't recommended with a sporadic internet connection.
• A trading platform suited to your market and style of day trading. When you are just starting, finding the perfect platform isn't your goal. Download several trading platforms and try them out. Since you are a beginner, you won't have a well-developed trading style yet. Therefore, your trading platform may occasionally change throughout your career, or you may alter how it is set up to accommodate your trading progress. NinaTrader is a popular day trading platform for futures and forex traders. There are loads of stock trading platforms. Ultimately, try out a few that your broker offers and see which you like best.
• A broker. Your broker facilities your trades, and in exchange charges you a commission or fee on your trades. Day traders want to focus on low-fee brokers since high commission costs can ruin the profitability of a day trading strategy. That said, the lowest fee broker isn't always best. You want a broker that will be there to provide support if you have an issue. A few cents extra on a commission is worth it if the company can save you hundreds or thousands of dollars when you have a computer meltdown and can't get out of your trades. Major banks, while they offer trading accounts, typically aren't the best option for day traders. Fees are typically higher at major banks, and smaller brokers will typically offer more customizable fee and commission structures to day traders.

When to Day Trade

As a day trader, both as a beginner and a pro, your life is centered around consistency. One way to generate consistency is to trade during the same hours each day.

While some day traders trade for a whole regular session (9:30 a.m. to 4 p.m. EST, for example, for the US stock market), most only trade for a portion of the day. Trading only two to three hours per day is quite common among day traders. Here are the hours you'll want to focus on.

• For stocks, the best time for day trading is the first one to two hours after the open, and the last hour before the close. 9:30 a.m. to 11:30 a.m. EST is a two hour period you want to get good at trading. This is the most volatile time of the day, offering the biggest price moves and most profit potential. The last hour of the day, 3 p.m. to 4 p.m. EST is also typically a good time for trading, as some sizable moves occur then too. If you only want to trade for an hour or two, trade the morning session.
• For day trading futures, around the open is a great time to day trade. Active futures see some trading activity around the clock, so good day trading opportunities typically start a bit earlier than in the stock market. If day trading futures focus on trading between 8:30 a.m. and 11 a.m. EST. Futures markets have official closes at different times, but the last hour of trading in a futures contract also typically offers sizable moves for day traders to capitalize on.
• The forex market trades 24-hours a day during the week. The EURUSD is the most popular day trading pair. It typically sees the most volatility between 0600 and 1700 GMT. Day traders should trade within these hours. 1200 to 1500 GMT typically sees the biggest price moves, so this is a very popular and active time for day traders. During this time both London and the US markets are open, trading the euro and the US dollar.

As a day trader, you don't need to trade all day. You will probably find more consistency by only trading two to three hours a day.

Manage Your Day Trading Risk

You've picked a market, have equipment and software setup, and sometimes know what is good for day trading. Before you even start thinking about trading, you need to know how to control risk. Day traders should control risk in two ways: trade risk and daily risk.

• Trade risk is how much you are willing to risk on each trade. Ideally, risk 1% or less of your capital on each trade. This is accomplished by picking an entry point and then setting a stop loss, which will get you out of the trade if starts going too much against you. The risk is also affected by how big of a position you take, therefore, learn to how to calculate the proper position size for stocks, forex, or futures. Factoring your position size, your entry price, and your stop loss price, no single trade should expose you to more than a 1% loss in capital.
• Also, control your daily risk. Just as you don't want a single trade to cause a lot of damage to your account (hence the 1% rule), you also don't want one day to ruin your week or month. Therefore, set a daily loss limit. One possibility is to set it at 3% of your capital. If you are risking 1% or less on each trade, you would need to lose three trades or more (with no winners) to lose 3%. With a sound strategy, that shouldn't happen very often. Once you hit your daily cap, stop trading for the day. Once you are consistently profitable, set your daily loss limit equal to your average winning day. For example, if you typically make $500 on winning days, then you are allowed to lose $500 on losing days. If you lose more than that, stop trading. The logic is that we want to keep daily losses small so that the loss can be easily recouped by a typical winning day.

Practicing Strategies For Day Trading Beginners

When you start, don't try to learn everything about trading at once. You don't need to know it all. As a day trader, you only need one strategy that you implement over again and again.

A day trader's job is to find a repeating pattern (or that repeats enough to make a profit) and then exploit it.

You don't need a college degree or professional designation, nor do you need to read through hundreds of books, to do that.

Find one strategy that provides a method for entry, setting a stop loss and taking profits. Then, go to work on implementing that strategy in a demo account.

For forex and futures traders, one of the best ways to practice is using the NinjaTrader Replay feature, which lets you trade historical days as if you were trading in real time.

This means you can practice all day if you want, even when the market is closed.

No matter which market you trade, open a demo account and start practicing your strategy. Knowing a strategy isn't the same as being able to implement it. No two days are the same in the markets, so it takes practice to be able to see the trade setups and be able to execute the trades without hesitation. Practice for at least three months before trading real capital. Only when you have at least three months in a row of profitable demo performance should you switch to live trading.

Stay focused on that single strategy, and only trading the market you picked, only during the time you have chosen to trade.

From Demo to Live Trading

Most traders notice a deterioration in performance from when they switch from demo trading to live trading. Demo trading is a good practice ground for determining if a strategy is viable, but it can't mimic the actual market precisely, nor does it create the emotional turmoil many traders face when they put real money on the line.

Therefore, if you notice that your trading isn't going very well when you start to live (compared to the demo), know that this is natural.

Start with the smallest position size possible when you first begin live trading, as this helps alleviate some anxiety of losing large amounts of money.

As you become more comfortable trading real money, increase your position size up to the 1% threshold discussed above. Also, continually bring your focus back to what you have practiced and implementing your strategies precisely. Focusing on precision and implementation will help dilute some of the strong emotions that may negatively affect your trading.

Final Word for Day Trading Beginners

Pick a market you are interested in and can afford to trade. Then, set yourself up with the right equipment and software. Choose a time of day that you will day trade, and only trade during that time; typically the best day trading times are around major market openings and closings.

Manage your risk, on each trade and each day. Then, practice a strategy over and over again. You don't need to know everything to trade profitability. You need to be able to implement one strategy that makes money.

Focus on winning with one strategy before attempting to learn others. Hone your skills in a demo account, but realize that it is not exactly like real trading. When you switch to trading with real capital, a bumpy ride is common for several months. Focus on precision and implementation to steady your nerves.

• Picking a Day Trading Market
• When to Day Trade
• Practicing Strategies
• Final Word for Day Trading Beginners

Not every trader is searching for long-term holdings for a retirement account—some traders are more interested in earning a profit by buying and selling assets on a daily basis.

Day trading is the process of buying and selling stocks (usually done online) within a 24-hour span. We’ve created a list of some of the best trading platforms for day traders, along with a list of characteristics you can use to identify the next great day trading interface.

Quick look: the best day trading software

1. TD Ameritrade: Best for resources
2. Interactive Brokers: Best for high-volume traders
3. E-Trade: Best for intermediate to advanced traders
4. Charles Schwab: Best for premium features
5. eOption: Best for advanced traders
6. Tradespoon: Best for all levels
7. Yewno Edge: Best for alternative data – coming soon

First, understand the risks and potential of day trading

Professional day traders are drawn to the benefits of day trading, which can include:

• Work-from-home opportunities. Day traders are often attracted to the freedom of location—especially for parents of young children, those who care for family members or students.
• Virtually unlimited earning potential. Forget waiting for a raise or fighting coworkers for a promotion. So long as you choose liquid assets that can be easily bought and sold, the only limit to your income is the successfulness of your trading strategy.
• Independence. Day traders never have to worry about someone stealing their idea at a meeting or dealing with a difficult boss. Many day traders report a huge amount of personal satisfaction from being personally responsible for all of their income and losses.

Some of the risks of day trading include:

• Capital losses. Even if a majority of trades are profitable, day traders may see commissions, fees, and minor losses slowly chip away at their profits, which results in less money earned.
• A lack of guaranteed income. If you have a family to support, guaranteed income is likely very high on your list of needs to provide for your family. The unpredictability of the market and the potential for trading loss can cause undue amounts of stress.
• High barrier to market entry. Pattern day traders must have at least $25,000 in their accounts before they may begin trading on the margin (even if their brokerage’s minimum is lower than this amount) according to regulations from the SEC.
• Psychological addiction. It can be easy to get addicted to the action. The connection between trading and gambling addiction is so strong that Gamblers Anonymous has a recommendation that traders hold a stock for at least 18 months before selling, if they hold stock at all.

What makes a good day trading software?

Before you choose what day trading platform, you should know what separates great brokerages from okay ones.

Low fees and commissions

Unlike investing for retirement (which typically involves purchasing a stock or fund and holding onto it for years), day traders make a large number of trades per month, sometimes executing upwards of ten trades a day.

This means that fees and commission prices should be more important to day traders than long-term buyers. Even a few dollars’ difference in commission price can make a huge impact for active traders.

A comprehensive and responsive platform

Day traders (especially those that scalp and sell as soon as their assets become profitable) rely on quick movements to make money on their trades.

The best day trading platforms are responsive and employ an up-to-date research center to help traders plan more effectively and quickly buy and sell their shares.

Trading platforms should be easy to use and intuitive—check out a few YouTube tutorials before making a commitment to ensure that you understand where the most important tools on your platform are located and how to operate them.

Minimum account balances

Most platforms have some type of minimum balance, ranging from $500 for basic accounts to $10,000 for professional trading platforms. Make sure you have enough capital to meet the account minimum before you sign up for a platform.

Great research tools

Research tools, like market analyses, expert editorials, and market movement news can also be particularly beneficial for day traders.

The best trading platforms also offer daily news and research over a breath of multiple asset types and industries to offer you a full picture of how the market will move on a daily basis.

Mobile compatibility

Do you frequently trade on the go? Some brokerages offer mobile trading platforms for smartphones and tablets that will allow you to trade away from your desktop—an invaluable benefit for full-time traders who want to watch their charts 24/7.

The best day trading software

1. TD Ameritrade

Best For

• Beginner investors
• Advanced traders
• Investors who want portfolio-building advice.

TD Ameritrade offers a large number of tools and platform options to make day trading simple and profitable.

The brokerage’s online desktop platform offers a host of learning tools for new traders, including a full library of educational videos and articles, portfolio planning tools and even a chatbot that can answer questions on demand.

TD Ameritrade’s expert-level thinkorswim platform offers advanced charting software, customizable trading indicators, and practice trading with a dummy account called paperMoney.

Mobile traders will fall in love with the TD Ameritrade Mobile Trader app, which offers almost the same functionality of its desktop counterpart.

Unfortunately for day traders, this extensive research database and tools come at a price—TD Ameritrade customers will pay $6.95 per trade, which is quite high and can seriously cut into profits. However, the platform has a $0 account minimum and charges no annual or inactivity fees.

2. Interactive Brokers

Best For

• Forex traders
• Professional traders
• Frequent traders with a thirst for different order types (63!)

Interactive Brokers’ platform was created with the active, professional day trader in mind. The platform is not intended for casual or long-term traders.

If you want to open an account with Interactive Brokers, you’ll need to pay a $10 monthly inactivity fee if you do not keep at least $100,000 in your account or you do not accumulate at least $10 in monthly trade commissions.

While $10 may not sound like a lot, consider the fact that other brokers charge between $4 and $7 per trade and Interactive Brokers’ commissions are the lowest in the game.

You can expect to pay $0.005 per share traded with a minimum of $1 and a maximum of 1% of the trade value.

Interactive Brokers even offers additional discounts for the highest-volume traders. The broker’s Trader Workstation is extensive and overwhelmingly large number of intricate features, including volatility measurement tools, customizable alerts and watchlists, and “heat maps” of market segments that experience unusual activity.

With a massive selection of stocks, rock-bottom fees, and high-level trading tools, Interactive Brokers is a powerful tool in the hands of an experienced day trader—but may be overly complicated and expensive for new traders.

3. E-Trade

Best For

• Mobile traders
• Traders looking for research and data
• Investors looking for retirement planning guidance

You might remember E-Trade from the brokerage’s “trading baby” commercials that were popular in the early 2000s—but the platform has expanded its offerings exponentially since that time.

E-Trade now offers three platforms aimed at a specific segment of traders: E-trade Web, OptionsHouse and E-Trade Pro. E-Trade Pro offers the highest number of features and analysis tools, but access is restricted to those who hold an account with at least $250,000 in capital.

The E-Trade mobile app is simple, yet responsive, and allows traders to place orders and track real-time stock quotes with little lag or delay.

E-Trade’s commissions are a bit more expensive than most at $6.95 a trade, but new traders can often get 60 days of free trading when they open an account with at least a $10,000 minimum deposit.

4. Charles Schwab

Best For

• Beginner investors
• Advanced traders
• Investors seeking commission-free etfs

Charles Schwab offers a brokerage suite perfect for traders of all skill levels, capital, and research needs. New day traders will appreciate Charles Schwab’s easy-to-use Trade Source trading platform and 24/7 customer service options while seasoned veterans will love the broker’s customizable StreetSmart Edge platform and extensive research options, live news and earning reports and in-house equity ratings.

The broker’s mobile app also offers above-average functionality, with a fast and responsive interface and simple trading options.

However, it’s important to note that opening an account with Charles Schwab requires an initial minimum deposit of $1,000—though this fee is often waived with promotions and monthly $100 deposits.

5. eOption

Best For

• Active traders who make multiple trades a day or week
• International traders looking for options support
• Users who want an automated trading experience
• Users who are most concerned about commissions and fees cutting into profits

eOption is the broker for day traders who are concerned about costs above all else.

At just $3 commission per trade and a $500 minimum balance, eOption’s costs are hard to beat without moving up to a professional-grade broker like Interactive Brokers.

eOption offers both a desktop and mobile platform, each with full trading functionality, live streams, and up-to-date quotes.

However, the platform compensates for this low commission in other ways—“inactive traders” who make fewer than two trades per year or who have less than $10,000 in capital in their accounts will face a $50 annual fee, and the broker cuts many of the research and analysis tools that characterize more expensive options.

eOption is best for advanced brokers who use outside charting and research tools and only need the trading platform to execute their buys and sells.

Best For

• Advanced and intermediate traders looking for a screening tool for profitable trades
• Beginning traders who want to learn more about options trading
• Traders looking for one-on-one coaching services

6. Tradespoon

Tradespoon is designed for both beginners, advanced and intermediate traders looking to further their growth on the platform.

Tradespoon is dynamic in the sense that it offers traders the educational resources necessary to enhance trading intelligence.

Its user-friendly software entails screenings of the market in its entirety, which is favorable in terms of both optimal and stock trading.

Canon printer drivers for windows 7. Tradespoon also offers one-on-one mentoring, so you’re never left in the dark. With one-on-one assistance, you’ll be able to ease into the profitable opportunities of the market.

7. Yewno Edge

Yewno Edge is a research platform that leverages Yewno‘s proprietary AI and Knowledge Graph Technology to enhance traditional technical and fundamental stock research with alternative data.

Its modular and component-based approach allows you to build and customize a workspace that has all the important> Best For Commissions Account Minimum Choose your platform

TD Ameritrade

• Beginner investors
• Advanced traders
• Investors who want portfolio-building advice.

1 Minute Review

This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.

Pros

• Superior technology
• No account minimum balance
• Excellent customer support
• Premier data and news partnerships

Day Trading Software Reviews

Cons

• Slightly higher commissions
• Can be for more advanced users

Current Promotion

Trade commission–free for 90 days & get up to $2500

Interactive Brokers

• Forex traders
• Professional traders
• Frequent traders with a thirst for different order types (63!)

1 Minute Review

If you consider yourself a sure-footed professional trader, Interactive Brokers might be a major possibility for you, particularly if you’re adept at navigating tricky trading platforms (can you say 124 option indicators?) or have done more than just dipped your toe a “coupla times” into the complex world of international markets.

Pros

• If you’re into trading on margin, you’re in luck. Interactive Brokers offers the lowest rates in the industry.
• Low pay-per-share commissions on stock trades (up to 1,000 shares) and on options trades (up to 20 contracts)
• Vast order types options for professional traders

Cons

• Interactive Brokers charges account fees (including annual, transfer, closing an inactivity fees) and offers an extremely complex trading platform

Current Promotion

Lower minimum activity requirements ($3/month) and opening account minimum requirement ($3,000) for clients 25 and younger.

eTrade

• Mobile traders
• Traders looking for research and data
• Investors looking for retirement planning guidance

1 Minute Review

E-Trade is best known for its user-friendly browser, desktop and mobile trading platforms and its extensive research and educational information. E-Trade may not have the lowest commissions compared to discount online brokers, but customers certainly get their money’s worth from E-Trade’s comprehensive offerings.

Pros

• Extensive resources
• Full banking services
• Easy-to-use platforms

Cons

• Limited access to ETrade Pro
• Higher commissions than discount brokers

Current Promotion

60 days of commission-free trades with deposit of $10,000 or more

Charles Schwab

• Beginner investors
• Advanced traders
• Investors seeking commission-free etfs

1 Minute Review

Charles Schwab is known for high quality competitive trading platforms, a large selection of commission-free exchange traded funds and no-transaction-fee mutual funds. Consistently winning awards with J.D Power, Fortune, and Inventors Business Daily, Charles Schwab is praised for its heritage of innovation, modern wealth management capabilities and customer service.

Pros

• $4.95 standard trade commissions
• Powerful research tools
• Low cost index funds (no minimums)
• Excellent customer service

Current Promotion

$100 referral award for first-time clients

eOption

• Active traders who make multiple trades a day or week
• International traders looking for options support
• Users who want an automated trading experience
• Users who are most concerned about commissions and fees cutting into profits

1 Minute Review

Day Trading Software Australia

eOption is a relatively straightforward trading platform that focuses on easy trades, low fees and automated trading options. For the frequent trader, eOption heavily markets its hands-off approach and lower-than-average commissions. eOption also offers a comprehensive mobile platform. In exchange for low commissions, eOption cuts many of the bells and whistles that are usually standard for competing brokers. If you’re an experienced trader who consistently maintains high-level account balances and already has a reliable source for market research, you may prefer eOption’s no-nonsense platform.

Pros

• Easy-to-use platform
• Comprehensive app
• Low fees and commissions
• Automated newsletter trading

Cons

• Lackluster research and education tools
• Limited support for long-term investors

Final thoughts

The nearly unlimited earning potential of day trading is a quality that attracts a large number of investors—but great volatility also comes with great risk.

Day Trading Software

If you’ve considered embarking on a day trading path, ensure that your retirement funds aresecured in a top-rated index funds first to protect yourself and your family against excessive loss.

Want to learn more? Check out Benzinga’s picks for the best brokers for day traders, the best day trading books and the best day trading courses.