What are the Software needs of a beginner?

Discussion in 'Trading Software' started by The newb, Oct 13, 2009.

  1. The newb

    The newb


    I am a new to trading with not substantial experience. I am considering trading for living. For the first year I am considering a VERY conservative strategy with minimum risk and light volume. What software do I need? What would be useful to a beginner and what would be an overkill?

    My broker is MBTrader, and I am also thinking of adding NinjaTrader into the mix.
  2. nickdes


    Ummmm, wonder if you two know each other?
  3. rickf


    If you're just learning, may I recommend ThinkorSwim -- data feed and platform are free and you can experiment till your heart's content. Once you see how the market/tape "works" and get a feel for things, then you can fine-tune your setup and decide what will work best for you.

    That's just my .02.

    (Disclosure: I am a ToS trader)
  4. If you are beginner so you may need a simple platform. But it is not my opinion :)))

    I think that if you want to get the results than you have to grow fast. So it woulbe right to look into the future. If you will trade with several broker accounts and use additional data feeds so you will need apropriate trading terminal.

    For today i can suggest for consideration two software solutions:

    1. Ninjatrader (you know about it)

    2. Newly-made PT MultiStation http://profstation.com/

    The last one has a realy wide fuctionality and there are many new interesting tools and features. The only thing that it is new so it needs some time to gain popularity.

    Good Luck!
  5. The newb

    The newb

    Thank you all for your responses. My current platform needs are for equities. My current strategies include swing trading, gap trading, trend trading and news trading. Will it make any difference if I used MBTrader or IB? What is a the best(and cost efficient) charting software for my needs?
  6. Ñant say anything about "cost efficient", but if you will take a good profits you won't care about cost of software, especially if you buy fulltime license.