Advice on tools to use?

Discussion in 'Trading Software' started by richwaters, Apr 28, 2010.

  1. I would like some advice on which tools to consider using as I move into more short-term swing trading and intraday trading.

    I am currently using Power ETRADE Pro and StockCharts. I have a subscription to EquityFeed, but I haven't looked at it much for a while now, but I haven't wanted to let it go just yet as I had planned to see if I could learn how to use it better. I will probably cancel EquityFeed at the beginning of next week before my next billing cycle.

    Oddly enough, I have spent a lot of time studying trading but have not spent much time studying the tools of the trade. Now, I want to see if I can improve the tools that I use as I endeavor to become a better trader.

    In the last few weeks, I have subscribed to IQFeed so that I could try various software programs that would allow me to practice trading with simulated trading abilities. This led me to a trial of NeoTicker and I began to see that other software may have features that could make the trading experience significantly better. I am now quite interested in automated trading, as well.

    I like NeoTicker's flexibility, but they severely limit the number of windows you can have open in demo mode so I don't think that I am getting a really good feel for the software as a whole.

    I have started looking at NinjaTrader, but I trade a lot of penny stocks and their charts do not work well for anything with bars ending at values with 3 or 4 decimal places. Their SuperDOM looks quite interesting with its advanced integrated ordering features.

    I am currently looking at ProphetX. It has many nice features.

    I read about SierraCharts having the ability to set alerts tied to chart studies, etc. That sounds very interesting.

    I have been reading a ton of reviews of these and other products and see many positive and negative posts about nearly all products.

    Power ETRADE Pro seems to be a very robust product with good trade execution. There are features missing that I think I would really like to have, but it is free for me as long as ETRADE is my broker and I do so many trades with them on a regular basis.

    I do not have anything to compare ETRADE against as I have never used another broker or software platform for real trading. I can't compare execution speeds or reliability, for example.

    For short-term swing trading and day trading, am I handicapping myself by not using something else? Should I be using other tools? I would love to hear what successful day traders and swing traders consider as "must have" tools and what are "icing on the cake."

    I would prefer to hear from people who are familiar with ETRADE's present software and performance, if possible.