Day traders need state-of-the-art software that is able to produce analysis and trading information that is updated up to the minute. Even those who know how to day trade professionally are no match for top-notch software. So, it is important to have top software to enhance your day trading abilities. Here are 3 top software picks for day traders.
1. TD Ameritrade
TD Ameritrade is one of the best software for day traders. It comes with a number of helpful tools and platform options that make day trading simple and lucrative.
This software offers a host of learning tools for those who are new to day trading. These tools include educational videos, articles, portfolio planning tools, and a chatbot for questions.
Even those who are experienced day traders will find TD Ameritrade helpful since the software also comes with advanced cheating software, customizable trading indicators, and practice trading features.
TD Ameritrade even comes with a mobile app, TD Ameritrade Mobile Trader app, which will allow you to take your day trading software anywhere.
The main downside of TD Ameritrade is its cost. Its customers will pay $6.95 per trade, which is a high cost.
? World-class trading platforms
? Detailed reports
? Educational tools
? Variety of asset options
? Mobile app
? Expensive margin rates
? Can be more costly than other competitors
2. Interactive Brokers
Interactive Brokers is a platform for active and professional day traders, as opposed to casual or long-term traders.
This software offers a number of features such as discounts for highest-volume traders, a broker’s trader workstation, volatility measurement tools, customizable alerts and watchlists, and monitors for unusual market activity.
Additionally, Interactive Brokers comes with a massive selection of stocks and rock-bottom fees. With the selection, you will be exposed to a number of options to diversify your portfolio and extend your investments.
Similar to TD Ameritrade, Interactive Brokers comes with a fee. When you open an account, you will need to pay a $10 monthly inactivity fee if you do not keep $100,000 in your account or if you do not make $10 monthly in trade commissions.
Though this may not sound like a lot, most brokers charge between $4 and $7, making Interactive Brokers a more expensive option. More so, Interactive Brokers has low commissions in comparison to other Brokers.
Additionally, Interactive Brokers can be very complicated for a new day trader. As a result, this software is recommended for those who already understand the ins and outs of day trading.
? Comprehensive desktop program
? Mobile app
? Access to a number of tradable assets
? Low margin rates
? Difficult for beginners
E-Trade is another great software for day traders that offers a number of features. These features include three platforms aimed at specific segments. The three platforms include E-Trade Web, OptionsHouse, and E-Trade Pro. Of the three, E-Trade Pro offers the most features, but you must hold $250,000 in an E-Trade account in capital to have a Pro account.
Other features include tools, interactive charts, technical pattern recognition, and snapshot analysis. These features are intuitive and easy-to-use, ensuring that even beginners can take advantage of this software.
The main downside of E-Trade is that most trades cost more than $6.95 a trade, which is the normal cost. With that being said, new traders can get 60 days of free trading by opening a new account and depositing a minimum of $10,000 to offset the higher trading costs.
? Intuitive design
? Multiple platform options
? Free 60-day period
? Simple mobile app
? More expensiveSkylar Hammond is a writer for True Trader who specializes in topics such as stock trading, personal finance, and forex. He focuses on helping beginners and experts alike learn more about the market and improve their trading skills.
*** SPECIAL August 30, 2020 UPDATE — ONE of this Year’s Motley Fool Stock Picks Has Already Quadrupled, One has Tripled and Two have Doubled! ****
We have been tracking ALL of the Motley Fool stock picks since January 2016. That’s almost 5 years and over 110 stock picks. As of Friday, August 28th one of their 16 stocks picks from 2020 has already quadrupled (TSLA), SHOP has tripled and another two have doubled (ZM and HUBS). In addition, 4 of their 2019, 8 of their 2018, 7 of their 2016 and 10 of their 2016 picks have also doubled. Best of all, over these 55 months, the average stock pick is up 111%. That beats the SP500 by an average of 87%. And that’s even accounting for all of this COVID mess that has wreaked havoc on some stocks but presented opportunity for other stocks. THAT is how the Fool does so well!
- Shopify (SHOP) – April 2, 2020 pick and it is already up 201%
- Zoom Video (ZM) – March 19, 2020 pick and it is already up 142%
- DexCom (DXCM) picked Feb 20, 2020 right before the market crashed and it is still up 39%
- Tesla (TSLA) picked January 2, 2020 before the crash and it is up 414%
- HubSpot (HUBS) picked December 5, 2019 and it is up 98%
- Netflix (NFLX) picked November 21, 2019 and it is up 68%
- Trade Desk (TTD) picked November 11, 2019 and up 152%
- Zoom Video originally picked Oct 3 and it is up 289%
- SolarEdge (SEDG) picked September 19, 2019 and it is up 44%
Now, no one can guarantee that their next picks will be as strong, but our 5 years of experience has been super-profitable. They also claim that since inception, their average pick is up 529% and now we believe them. You sure don’t want to risk missing out. Many analysts are saying that we have passed the bottom of this COVID crisis and stocks will recover quickly. So make sure you have the best stocks in your portfolio.
Normally the Fool service is priced at $199 per year but they are currently offering it for just $99/year if you click this link.
GET UP TO $1,000 IN FREE STOCK
WHEN YOU OPEN A ROBINHOOD BROKERAGE ACCOUNT
Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.
Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.
Claim your free stock NOW (before it’s too late)