In a post-pandemic world, inflation, job loss, and other constraints have made it essential to create avenues of a supplementary source of income. In a not so distant future, saving money alone will not let you go by. You will have to consider investments to secure your future. Thankfully, due to modern technology, investment trading has become an easy and accessible task, achievable by ordinary people who can manage their day jobs and actively participate in share trading. Investing in the stock market no more requires the assistance of a broker. All the professional expertise and guidance of share trading can be found easily at home, with the surge of online trading software services. Having said that, one must know these platforms well enough before diving into the world of the share market.
7 Best Trading Software for Traders that will be relevant in 2021
The ideal trading software will facilitate seamless operation of tasks like screening individual stocks, monitoring relevant charts and more, in addition to online trading. One software cannot perform all the functions with equal excellence as each has its own strength and weakness. That is why the curated list of the 7 best trading software will help you know the basics of online trading and choose the one suitable for you.
1. Trading View
Trading View comprises more than 160 chart types, annotation tools and indicators. On top of that, it has a social community for online traders, who can learn and share ideas with their counterparts from all over the world. The software also enables users to screen stocks on hundreds of available fundamental and technical criteria. Their backtesting engine is run by pine script that allows users to develop their own indicators and back-tested systems, besides generating risk-reward reports in real-time. Moreover, users can place trades directly from the embedded charts, accompanied by detailed profit and loss reports.
2. Stock Rover
This software is the clear winner when it comes to filtering, scanning, and fundamental watchlist scheduling of individual stocks. Users can scan and filter a huge number of fundamentals on this portal. Any idea based on financials will indeed be covered besides 600+ data points and unique stock scoring process. The watchlists offered by Stock Rover have their fundamentals broken into dividends, analyst estimates, valuation, profitability, margin, stock rover rating, and overall score. Users also have the advantage of setting the watchlists and filters to refresh every minute. Their latest Research Report module facilitates users to generate reports on any stock’s present and historical performance, in PDF format.
MetaStock specializes in generating advanced charts of real-time news, forecasts, and backtests related to each stock. The software is of great help for individual traders who want to build up a trading platform of their own. MetaStock has more than 300 technical analysis tools that leverage forex, ETF charts, and stocks. It is designed to be a broker free desktop application. The software is equipped with a database of its own named as ‘’expert advisors’’ which acts as a knowledge base helping out traders with technical analysis patterns and thorough research system.
4. Trade Ideas
Backed with a robust AI, Trade Ideas is a reliable portal for day trading. It has a proven track record of real-time scanning of trade opportunities. It has a live trading room that can be accessed by registered traders. The software also provides detailed information on risk assessment regarding the backtested and recommended trade performances. Moreover, the Point and Click backtesting module within Trade Ideas can be used to backtest multiple trading ideas in real-time.
It is an automated stock analysis software that can recognize trendline patterns and provide relevant system backtesting, within a unified portal. The intuitive technical analysis tools of the program facilitate real-time analysis and identification of potential trading opportunities. The in-built automation leverages algorithms to detect a multitude of trendlines and flags the most significant ones having the highest probability of success. The program replaces the manual guesswork and analysis with its fast, accurate, automated, and machine-driven analytical process.
6. Benzinga Pro
This software offers actionable real-time trade news feed, and unique stock analysis to investors and traders. Designed especially for day traders, Benzinga Pro facilitates users with the speedy delivery of market-moving news to get a head start in trading. Further, it has modules such as squawk box, news desk, original reporting for an added advantage over other trading software. Other than the original news reporting, Benzinga Pro has also partnered with some reputable trading news feeds services comprehensively covering data information for its users. The cherry on the cake is that the solution sends alerts of significant market moves and gives detailed information on how much the stock has moved since the alert.
7. TC 2000
It is an integrated broker portal that provides dynamic charting solutions for individual stocks. The all-in-one software provides real-time fundamentals, stock screeners with technical screening integrated into live watch lists, connected to stock charts. It offers a wide range of 192 fundamentals and technicals to choose from. Further, the system allows users to create their own indicators based on multiple pre-listed fundamentals with a few clicks. Users can overlay the indicators on the charts and open a new table of analysis. Moreover, through the trading and integration module, users can scan and filter a number of strategies and execute them from the charts.
All the above-mentioned trading software are designed to equip traders with critical information and tools to make actionable strategies in the trading market. However, for long-term investment Stock Rover is recommended. TrendSpider will automate trendlines and chart patterns, and Metastock will enable you to test your trading strategies. But if you are looking for a community to grow with, TradingView should be the ideal trading software for you.