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Day Trading Software For Beginners - What Is A Day Trading Platform?
To learn more about day trading software http://daytradervideo.com Future Traders!
How are you all doing on this slow, slow, slow Tuesday. If you traded today then you
know exactly what I'm talking about when I say slow. But before we get into my daily
recap on my trades so far let me first talk a little bit about a common question that
I get asked which is , "What day trading software is best?"
Now let's first define what exactly day trading software means because this can mean
different things to different people. When you look at the charts on my screen, these
charts are provided courtesy of my day trading platform called NinjaTrader.
NinjaTrader can be seen as day trading software but it's actually just a platform.
A day trading platform is what allows you not only to setup individual charts for all
different types of equities but it also allows you to connect to data feeds. Data
feeds are the data sent from your broker to your platform and they detail all of the
transactions in the market and print those onto your chart in the form of price bars.
A platform also integrates with your broker and allows you to take trades straight
from your trading platform. In fact NinjaTrader allows you to place orders in a
couple of different formats and this is actually the reason why I prefer to use it
over any other trading platform. You have the ability to place it both through what's
called a DOM as well as through a proprietary tool only available on NinjaTrader known
as Chart Trader.
If you watch the video above, I show you examples of each of those. My personal
favorite to use is Chart Trader. It takes the hassle away from me having to
concentrate on all those different numbers flashing on my DOM. I prefer to make
things as simple as possible and concentrate almost exclusively on the technical
aspects of the market. Lastly the other great thing that this day
trading platform allows you to do is add
indicators to your charts. For those of you that don't know what indicators are I
will briefly define those below: indicators are mathematical representations of
different sets of data. Take for example something as simple as Keltner bands. These
are nothing more than a mathematical representation of the trend in the market. When
you go over the outerband it typically means that the market is oversold or
overbought. That's day trading software in a nutshell
and I hope it helped some of you all!