Trading Software

[Gmet]

Morning all,
Being inexperienced newbie, I would like input from everyone on Trading Software.
Is a software system totally needed
Do most software have the same qualities.
Does all software come with on going fees
Can the software be purchased by itself.
Pro's and Cons of Expensive vs Cheaper software
Software recommendations Please

Cheers Gmet

 

[CanOz]

It depends on what market you're trading....what time frame you're trading, what your budget is.

 

[Gmet]

Morning
No day Trading more medium to long term
Share trading of Aussie companies.
My funds are moderate at the moment

 

[CanOz]

In allot of cases your broker platform is adequate to visualize the market. Amibroker is the arguably the best value advanced charting platform. Data is several hundred per year but we'll worth it.

 

[Gmet]

Thanks Canoz, I will investigate Amibroker
Cheers

 

[rb250660]

A lot of us are going to say Amibroker + a Norgate PremiumData subscription. It's worked very well for me for a long time.

 

[Mirus3000]

You just need a free version of tradingview.

 

[Portfoliobuilder]

Is a software system totally needed
What do you plan on doing? Are you going to develop and test trading system?
Are you planning on just looking at charts and making discretionary trading/investing decisions?

If the former, then yes you need a "software system" as you put it.
If the latter, then no, there are plenty of free charting sites on the internet for you to look at.

Do most software have the same qualities.
More or less yes. Some offer specialized capabilities, some are intended for primarily charting, but most can be used to develop and test trading systems.

Does all software come with on going fees
Some do, many do not have on-going fees. But if you are serious about using the software to manage your investment portfolio then you will benefit from a data service that is professional in quality. That requires on-going fees.

Can the software be purchased by itself.
Most yes, some require an account at a specific brokerage firm.

Pro's and Cons of Expensive vs Cheaper software
Amibroker is less expensive and much better than most software. Some professional programming languages are entirely freely available. So IMHO the more expensive software is a waste of money. I speak from first hand experience having wasted plenty of my own money on such products.

Training and teaching materials, technical support, user groups etc should also factor in your decision since you are a self described "newbie". So it is worth looking into all of that as well as your initial questions. Once again Amibroker (but several others as well) satisfy this criteria.

Good luck.

 

[DwayneBuzzell]

Morning all,
Being inexperienced newbie, I would like input from everyone on Trading Software.
Is a software system totally needed
Do most software have the same qualities.
Does all software come with on going fees
Can the software be purchased by itself.
Pro's and Cons of Expensive vs Cheaper software
Software recommendations Please

Cheers Gmet

My years of experience suggest that the trading software has very little to do with your trade output in the market.You need to develop a solid basic before you start making money in the online trading world.