I was wondering what traders think the best daytrading software is for Stocks? I am really wondering what experienced traders (10+ years are using these days). I already know the ones geared towards beginners.
Would you like a demo of Lightspeed Trader? https://www.lightspeed.com/trading-platforms/lightspeed-trader/platform-features/ We also offer Realtick , Sterling Trader Pro and Silexx. For equity DT, I would use Lightspeed Trader. Bob
Lightspeed uses JP Morgan for access to Nasdaq and Arca executions. Using lightspeed means you are restricted by JP Morgan's risk parameters. They are too restrictive for experienced traders/market makers. They are fine for beginners (and intermediate traders) who are prone to input errors. Thanks anyway.
Realtick, you just have to remove the laughable default background colour gradient of their charts and windows, i mean, what are these guys thinking? Jesus.
To me it comes down to risk management. When you lose on trade it needs to be small and fast— breakout or bailout— It seems to me the less work we have to do with managing risk then we can concentrate on just finding the best set-ups and then concentrate on manually scaling in and out of positions to maximize profits knowing that the risk management part is covered. What are the best trading platforms currently that offer automation of risk management on stop losses? For example what software currently has the ability to program to place an order with a single click of a hot button or hot key whereby You are Buying X amount of shares to go long at a limit price of X or better - if that order to buy is filled then a stop loss is automatically triggered for the full position size at _____ cents below the average fill price on the shares purchased Since it is not a bracket order because their is no take profit order that is part of the original order Then either the stock goes against me and the stop loss is hit for the minor loss or the stock breaks out and moves in my favor and I can just concentrate on scaling out of my position and maximizing profits as it moves up. Ideally since this is not a bracket order with a take profit to begin with the stop loss order should automatically adjust for remaining position size as you sell and scale out of the original long position so you are not caught in a situation where you are taking profits your remaining share size of the position is reduced so the stop loss needs to auto adjust to the new remaining position size that is left so if it is hit you are not short the stock on the overage
This is a simple conditional order that Realtick can do with one order. Sterling Trader Pro would require two order and so would Lightspeed. Really not a big deal on Lightspeed to buy the stock first, then use a hot key to enter the stop. Having the target price when executed cancel the stop is why the bracket order is needed.