Trading futures -- Do I really need software?

Hello,

I am trading index futures. Right now I'm using just teh broker's software. Please tell what advantgage I would have by signing up for esignal or another such tool. What can I do/see/use from the additional product that I really need?

Everytime I try a new broker, it takes me time to figure out how to use their platform, so if I spend the time to learn something new, I'd like it to be worthwhile.

Thanks,
Mom

 

All you really need is price action and the ability to draw horizontal/vertical lines. Any package should do the trick.

I would recommend.

Ninja Trader (Free until you go live) or Ensign (Very cheap)

 

No. Fancy software wont make you any money. Anybody that tells you otherwise has a vested interest in that product.


You must have a basic chart...bid,ask,last,volume and open interest.

 

Software or charts will not make you money. There are many traders that do not use charts. Used to be a lot more before the move to electronics, but bottomline, the usage of charts or other software will not make you money. No different than expecting google to produce pertinent search results if you don't use accurate search terms.

Osorico

 

alot of broker software isnt suitable for technical analysis, because they are bare-bones. then you can try out paid package. but what people here say is right, sometimes barebones is a good thing. it depends on what tools your analysis requires.

 

Are you a good mom, or just very muscular?

 

I appreciate the answers. The more I do this, the more I feel like I'm making my way through all the possible add ons and starting to see how keeping it uncomplicated is helpful.

To RR -- Both. Good analysis of the name.

Mom

 

I bet she is hot

 

Hey Osorico,

You said there are many traders that don't use charts. Can you elaborate? What methods do they use? I'd love to here some real details as I've asked this question before, but only received perfunctory answers.

I have noticed that, sometimes, when I turn off the charts and watch the price and the sales, I can do pretty well. But, like many others, I was brought up on charts!

 

I am certainly not qualified to lead a discussion on trading Order Flow or pure tape reading (aka Time and Sales). I use charting software along with a thimbleful of proprietary bells and whistles.

In any case, floor traders (a dying breed with the advent, proliferation, and user-acceptance of e-Trading) in particular grew up on trading based on order flow, no charts whatsoever! Just the insight of knowing how many at what price. Very similar to tape reading, with a notable exception of order flow being pre-trade, where time and sales is post-trade.

Perhaps a mod, or someone more qualified on the subject can post links to existing threads or continue the discussion.

Osorico