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There are so many different stock trading software packages
on the market that you could try a different one, every
day of the year, and never run the same one twice.
Many trading professionals use some type of stock trading
software to keep their emotions in check and to enable
them to focus on their stock trading strategy while avoiding
the effects of fear and greed.
Depending upon the program that you choose, stock trading
software can help you in the following areas:
Identify Channel Breakouts
Generate high probability mechanical buy/sell signals
Control your dollar risk
Forecast new tops and bottoms with great accuracy
Reveal trading trends for any time frame
Timing Bands to forecast the dates/times for the next
cycle high, and cycle low.
Curb your tendencies toward Fear and Greed
The nice thing about using stock trading software is
that is has no emotions. It doesn't love or hate the stock
that you own and it doesn't want to get rich. It simply
crunches numbers and tells you what it "thinks"
about when to buy, sell, or hold. And while it is not
flawless, it's a lot smarter than most of us are.
Stock trading software is not really a necessity if you
are investing in stocks and will be holding them for long
periods of time. If, however, you are day, swing, or position
trading, then it is an absolute requirement for you to
be able to watch every up and down ticks, monitor your
short positions, and stay on top of your stop loss settings.
This is where stock trading software excels.
Before selecting a stock trading software package, download
and try it out first. If the program that you are considering
doesn't have a free trial, or a 100% money-back guarantee,
then pass and look for another. Software that doesn't
meet your requirements isn't going to do you a bit of
good.
Although there are software packages that specialize
in one particular function, such as providing real-time
stock quotes, for example, you would be better off to
select an all-in-one package that provides everything
you need to make informed decisions. As a minimum, your
stock trading software should provide the following:
The opening price of the day in each market to determine
price direction.
Telltale signs in the market that signal a breakout
to the upside (or downside if trading short) is coming
and allow you to position yourself to profit with the
move.
Moving average monitoring that shows you the average
price of a security over a specified time period (the
most common being 20, 30, 50, 100 and 200 days), used
in order to spot pricing trends by flattening out large
fluctuations.
Trigger monitor that will alert you to preset events
such as reaching a specified price target or some other
event that alerts you to take prescribed action.
Pattern Identification so you can identify patterns
in any market and use them to your advantage. This gives
you a greater chance of selling at the top and buying
at the bottom of the markets.
Stock trading software is a must have for all serious
investors. You cannot afford to trade in today's markets
without having the impartial advice and inside intelligence
that a good software trading system provides.
Article by Stock-Trading-advice.com,
where you can find solid information and articles that
you can use to increase your personal wealth by making
the right investment and trading decisions.
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