Best day trading software

Best day trading software

Author
Discussion

torqueofthedevil

Original Poster:

2,068 posts

176 months

Monday 22nd September 2014
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A friend of mine did a course with someone and had to pass an exam. He then paid nearly £2k but now trades with other people's money. At first his losses are limited until he can build a successful reputation.

I'd like to get into it but not the course. Ill trade with my own cash. Just will do a few months on pretend money to get a feel for how it all works.

Lookin for recommendations on good software to use.

torqueofthedevil

Original Poster:

2,068 posts

176 months

Monday 22nd September 2014
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Mate uses TC2000 to trade on

Hoofy

76,253 posts

281 months

Monday 22nd September 2014
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Check out Metatrader. Can trade with Alpari. Give them £100 and see how you get on from there.

Edit: can only trade FX and gold and silver on Alpari. Or last time I checked. wink

Edited by Hoofy on Monday 22 September 22:35

jonamv8

3,145 posts

165 months

Tuesday 23rd September 2014
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when you say day trading software do you mean charting or actual trading? Also are you spread betting or actually investing?

torqueofthedevil

Original Poster:

2,068 posts

176 months

Tuesday 23rd September 2014
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jonamv8 said:
when you say day trading software do you mean charting or actual trading? Also are you spread betting or actually investing?
Well I've got a lot to learn as I don't actually know the answer but basically the typ where you look at trends on a very short term basis and buy shares before there is a peak in price! Not sure if that involves actually buying the share or just spread betting on it.

335d

758 posts

117 months

Tuesday 23rd September 2014
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I think you would be better off using a small amount of real money, after a brief trial to make sure you understand how it works. It is quite possible to be a successful paper (pretend) trader and be completely hopeless at the real thing. You won't know how you react to losing money until it is real.

megaphone

10,696 posts

250 months

Tuesday 23rd September 2014
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OP I suggest you look at the other thread running here and watch the BBC2 programme on Traders. Then decide if you have what it takes.

Hoofy

76,253 posts

281 months

Tuesday 23rd September 2014
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Yep. Trading threads are like buses, as always. biggrin

Watch both episodes. http://www.bbc.co.uk/iplayer/episode/b04j525k/trad...

twinturboz

1,278 posts

177 months

Tuesday 23rd September 2014
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Interactive brokers have a decent paper trading platform, but you'll need to set up and fund an actual account before they let you use it. Not quite sure how your going to get on with it if your completely new, its a very steep learning curve on that platform.

Stand to be corrected but I think most of the other platforms offer paper trading, your issue is finding one that has usable charts.

As others have said not sure paper trading is the way to go, sure it might help but it simply doesn't replicate the real thing.

A few books that you might find useful as a general overview but that aren't overly technical:

Come into My Trading Room: A Complete Guide to Trading
Trading for a Living: Psychology, Trading Tactics, Money Management

Hoofy

76,253 posts

281 months

Tuesday 23rd September 2014
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Those are interesting books. I also found this one interesting: http://amzn.to/XVoH3i

Dunno how things have changed but don't IB have a fee per trade? And quite a high minimum trade for someone testing the waters? Alpari allow 5p per pip although only on FX and gold/silver.

twinturboz

1,278 posts

177 months

Tuesday 23rd September 2014
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To be honest not too familiar with the spread betting side, just plain old fashioned shares for me.

IB charge me $1 each way so cheap as chips commission wise but then they do charge monthly for data, roughly £100 a month for newswires, uk and usa data plus level 2 data.

But if I recall correctly think there is a £10K minimum for opening an account.

Probably not the best option for a newcomer but its similar to the platform his friend was using.

Hoofy

76,253 posts

281 months

Tuesday 23rd September 2014
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Ah right. With you now.