Day Trading Software

[pixel]

A quick question on Paritech Pulse, what data provider provides the best compatability with this? Cheers.

Why would you want a "compatible" data provider? Paritech deliver the data into PULSE. I'm more interested in reliable, consistent data delivery than in a combination of two disparate system components. To my way of thinking, the subscription cost is a necessary business expense. Others may not trade as frequently or extensively as I do, and may disagree.

In reply to your latest question:
I trade on several time lines, depending on a stock's long-term appeal or short-term volatility.
For the former, I could indeed get by with eod data and simply place my buy/ sell orders at the end of each day.
The latter, however, I trade off minute charts or even trade-based ticks. For those, I have a number of special "templates" that suggest when to enter and exit. The templates are heuristic in nature, and they work for me. As I know the Market Analyser (from MDS) better than any other program, I even interlace components of both, MA and Pulse, on the same set of monitors for that kind of trades.

 

[Jetson]

Hi tech/a,

Thankyou for your reply.

Sorry to trouble you but hopefully you can help me with another question.

There is a lot of talk about different styles of trading based on what technical analysis and indicators you are using.

In order to determine what trading style sits best with me I would like to trial as many as possible and I am looking for software that can operate in a "demo" (for lack of a better word) mode so that my orders are not actually actioned. I want to be able to use the setup I would if I was actually trading but without the financial risk. I know I can paper trade but I dont think this would be the same.

My question is - Do i need to purchase software for this or is there a free option available?

Thanks.

Good question
It's not the software that makes a difference.
Software is only a tool.
If your mechanically trading ( systems) you need something which is best suited for data analysis--- there are many.

If your a discretionary trader you can use anything.
I like traeguider as it has some features I like.
But I could use any R/T software.

If I had the time I'd trade very short term index futures in this sort of market.
If markets trend I'd prefer longer term position trading.

 

[pixel]

There is a lot of talk about different styles of trading based on what technical analysis and indicators you are using.

In order to determine what trading style sits best with me I would like to trial as many as possible and I am looking for software that can operate in a "demo" (for lack of a better word) mode so that my orders are not actually actioned.
My question is - Do i need to purchase software for this or is there a free option available?

G'Day Jetson;
while I'm not tech/a, I am also a Technical Analyst, who has been day-trading for over 10 years, mainly on MDSFinancial's Market Analyser platform.
The Market Analyser offers a "TrainingMode", which lets you start at a particular date in the past, then step forward one day at a time.
You can do that on any chart "template", meaning all the indicators you have put into that template will update with each step.
If you then find a configuration that would tell you to buy, you know exactly what price you would have been able to get filled. Likewise selling when your target is hit or the chart suggests you get out.

The software is free for only 2 weeks trial; after that, you either subscribe or discontinue.

 

[Jetson]

Thanks pixel

 

[tech/a]

Hi tech/a,

Thankyou for your reply.

Sorry to trouble you but hopefully you can help me with another question.

There is a lot of talk about different styles of trading based on what technical analysis and indicators you are using.

In order to determine what trading style sits best with me I would like to trial as many as possible and I am looking for software that can operate in a "demo" (for lack of a better word) mode so that my orders are not actually actioned. I want to be able to use the setup I would if I was actually trading but without the financial risk. I know I can paper trade but I dont think this would be the same.

My question is - Do i need to purchase software for this or is there a free option available?

Thanks.

Just to add to pixels comments.
If someone told me that learning how to read price action and how to manage risk and position sizing early enough--- I wouldn't have invested in 80 % of the software I own today.
Mind you I had to travel the journey to get to the destination.

 

[brianpipps]

I agree with Jetson, I've been studying up on my old ESL strategy and to have these tools or trading software that allow for demo or virtual trading adds a great deal of value to the learning curve. I am watching intently the replies from tech/a and pixel as there is some gold in their wisdom they are sharing.

"If someone told me that learning how to read price action and how to manage risk and position sizing early enough--- I wouldn't have invested in 80 % of the software I own today."

I know what I'm going to be focussing on with my skill set for the next short while!! It's been an interesting exercise looking back through the old ESL (Electronic Stockmarket Learning) that I used to subscribe to in the US. Is there perhaps an equivalent crash course on fundamentals operating here in Australia?

 

[joea]

Just to add to pixels comments.
If someone told me that learning how to read price action and how to manage risk and position sizing early enough--- I wouldn't have invested in 80 % of the software I own today.
Mind you I had to travel the journey to get to the destination.

You are not the only one Tech/a.
So there is the title of your book "To Travel the Journey of a Sharetrader".

joea

 

[brianpipps]

You are not the only one Tech/a.
So there is the title of your book "To Travel the Journey of a Sharetrader".

joea

I'm most interested to read the first half of the book!!!

 

[gerrylynes]

I agree with Jetson, I've been studying up on my old ESL strategy and to have these tools or trading software that allow for demo or virtual trading adds a great deal of value to the learning curve. I am watching intently the replies from tech/a and pixel as there is some gold in their wisdom they are sharing.

"If someone told me that learning how to read price action and how to manage risk and position sizing early enough--- I wouldn't have invested in 80 % of the software I own today."

I know what I'm going to be focussing on with my skill set for the next short while!! It's been an interesting exercise looking back through the old ESL (Electronic Stockmarket Learning) that I used to subscribe to in the US. Is there perhaps an equivalent crash course on fundamentals operating here in Australia?

I'd have to go back to what the others were saying regarding the 'journey of a sharetrader'. As you can see by what the experienced traders say there is no crash course that can teach you the art of trading. Any learning institute probably offers an ESL trading style course whereby you can learn the fundamentals of technical analysis and so forth, but to really be successful I think the biggest lesson is from experience.

 

[pixel]

I'd have to go back to what the others were saying regarding the 'journey of a sharetrader'. As you can see by what the experienced traders say there is no crash course that can teach you the art of trading. Any learning institute probably offers an ESL trading style course whereby you can learn the fundamentals of technical analysis and so forth, but to really be successful I think the biggest lesson is from experience.

Agree, Gerry;
and that's also the way I read tech/a's comment: Only once you've picked up lots of experience on your journey, can you discard 80% of the books and websites and program aids that contributed to that sum of experience. However, while you are travelling the highways and byways, you can't know which lessons belong into the big 80% bag, and which ones you should hang on to because they work for you.

Or, as another one of my mates puts it: "You don't know what you don't know."

 

[joea]

Or, as another one of my mates puts it: "You don't know what you don't know."

Hi.
With the trading journey, "the one thing you do know is, that's there is always more to know."

joea