The 10 Best Trading Softwares

Solid guest post from a trading challenge student:

The next top 10 post will be focusing on trading software. Again, this is a list that I was able to find on Investimonials, which is a fantastic resource if you ever want to get some reviews on financial related products before purchasing. It’s sort of like Yelp is to restaurants.

Anyways, the number one software according to this site is called Townsend Real Tick. This is known as a fast and relaiable sources of market data. It gives online traders, broker dealers and financial institutions worldwide access to groundbreaking market access and liquidity solutions. It has been around for more than 25 years and continues to grow. Here is one review, “I started using Realtick in 1997 and I don’t know if it’s just because that is what I started with and what I am comfortable with but whenever I try another platform, I consistently wonder why it isn’t set up like Realtick. Very simple and easy to use. Plus, the charts are tons better than sterling or lightspeed (whose charts are terrible). I also went out to the Townsend offices in Chicago and met the team and was very impressed. I would definitely recommend Realtick.”

Next up we have ProfiDing, a services provided on Tim’s website Profitly. This is a real time trading alert application as well as access to the chatrooms you are qualified for. Users will receive these trade alerts when they have signed up for any of the guru’s newsletters on the Profitly site. One user wrote, “Good software , comes in handy if you run a chatroom or alert service since you are alerted with a sound and you can track previous trades on the other tab as well as comments on the trade. However this is not the best software out there. i Found BOWS chatroom software better since here you have to click on the trade tabs to see alerts whereas with other platforms you have a chat windows and can track trades and alerts on a sidepanel so that is better.”

Third we have Eye in the Sky Trade Planning. This is a software package that allows users to find, research and plan their trades with ease. The filtering capabilities enable the user to combine hundreds of technical and fundamental criteria, with information right at your fingertips. A user wrote, “It won’t win any UI awards for the best interface or even being user-friendly, but it does have some good features and worthy uses. You are able to screen Technical Chart Patterns, which, like many other Pattern screeners, is more of a hit or miss. You’re also able to screen from a bunch of (10) CandleStick Patterns. Again, not the best or worst results. But the results are pseudo-fast. It’s not real-time but I believe it’s data feed to be 15-20 min delayed. Will have to test.”

Fourth on the list we have a powerful research platform called Stock Rover. This equity research tool brings institutional-grade analytics to the everyday user. It provides a comprehensive research station that can perform fundamental and technical analysis on investible securities. One user wrote in February of 2013, “Even though it has some Technical criteria like SMA, EMA, RSI, Bollinger, it’s mainly a Fundamental screener. It has A LOT of criteria values and it auto updates on each criteria added (like others) and it’s pretty fast. What I really like are the sorting tabs after the Screen results. You’re able to sort via: dividends, Portfolio Performance and Returns vs SP500, etc.”

Half way through our list we have Jigsaw Trading, a source of what they call “decision support tools.” The software is used by both professionals and those who trade less frequently. It gives “depth and Sales” which is sort of like Level II quotes, which are very helpful. The Jigsaw DOM is the only DOM that gives a clear picture of resting orders vs actual trades as well as the pulling/stacking occurring real-time. This allows you to spot iceberg and spoof orders without having to remember the volume of resting orders that WAS at the level minutes earlier. One user wrote, “I have been trading for a few years now, using useless indicators and software. I only turned the corner after I started getting a grasp on Orderflow. These tools just make the job considerably easier. They are not magic indicators they are tools. But if you just be patient and take the time to study them you will get it. I don’t even use charts any more, it is all there. I can’t picture myself trading without them. I thank Jigsaw for their support and making my trading journey a lot easier. These are the last trading tools you will ever purchase.”

Sixth we have Turbo Tax Prep. The majority of people that are reading this will have at least heard of Turbo Tax due to the commercials that air on your television (especially in the first few months of the year).  It’s basically meant to make sure that you are keeping most of your money rather than paying extra taxes. A review on Investimonials said, “I’ve never filed my taxes any other way since I was 16 so I don’t have much to compare it to. However, I have always been pleased with it’s effectiveness. In an area so complicated as taxes, TurboTax really knows how to dumb it down for pretty much anyone to use at a very affordable price. It walks you step by step collecting information from you and then automatically files your forms for you. Whether it be your income or capital gains taxes, TurboTax will surely help you out. When filing income taxes, a feature that makes things really helpful is the fact that they can literally pull all your w2 information from most companies with just a few clicks without you having to manually type it all in which saves tons of time.”

Stock Vision-Power Scan is seventh on our list. This is a real time stock screener that has a free trial available for you to test it out. It is meant to help you through hundreds of stocks to find the ones that meet the criteria you are looking for. One user wrote, “Great stock screening software, good forum, educational resources are good too. Best of all, the cost is affordable!!! Also, a good e-book they sell for newbies.”

Eighth up is Worden Telecharts. This is exactly what it sounds like, a charting software. If you have followed Tim or the other guru’s at all, you know just how important charting is. One very trusted user wrote, “Good scanning software. I’m not an experienced trader so I did not use several different scanning softwares, worden telecharts is the only one I used and I liked it. I scanned stocks before the market opened. I scanned with my own three formulars and at the end I always had my 10 – 30 stocks which I watched for the day… worden is not that great for intraday scanns because it is too slow and the charts do not update always and it is 20 min. delayed. So I would really recommend it for pre market scans.”

Ninth we come to Ninja Trader, which gives active traders, automated trading, third party developers and brokers industry leading solutions. A user wrote, “Versatile charting options. I use the simulated version of NT that is free and am very pleased with the functionality and charting settings. For future version of the platform I wished there was less clutter by combining all windows in one concise workspace.”

Last but not least we have QuoteTracker, a windows program that integrates with various datafeeds, brokers and financial sites to provide you with streaming real-time quotes, Live intraday charts with Technical Indicators, Level II quotes, Time and Sales, alerts, news. Wow, what a mouthful! One user recently wrote, “I remember using this a long time ago, around the early 2000’s. It was good then and it’s STILL good now. It’s very friendly to TDAmeritrade users but I like that that it integrates with a lot of brokers and data feeds and that you are able to trade directly within the app. Their Support is pretty good as well.”

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17 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. OmarJH

    So what do you reccomend we use tim? What is the platform you use in your youtube vids? Been doing some research and watchin loads of your vids, i want to get rolling! Being from the UK can i trade the US penny stocks? Sorry total begginer!!!

  2. Alex Trodder

    I really need to start learning more about investing and trading so I can put my money to work for me. I’m still young and don’t have a lot of discretionary income, so I’m looking for inexpensive options to get started. Thanks for reviewing free trading software options. I like how you differentiate between trading software and decision support tools. Having the right information to make decisions is essential for knowing when to buy or sell. I’ll bookmark your article and do some more research before I make a decision.

  3. King Bradley jr

    Tim, I’ve been researching day trading for months now. Researching you for weeks and I’m excited to becoming a student and can’t wait to start trading. Would love to know what resources I need first to get started. I will become a millionaire trader . Brad

  4. Slobodan

    Hello Tim,
    I am a total newbie in trading, and have no idea how to trade. Which software could you recommend me?
    Thank you in advance,
    Slobodan

  5. JeanLuke

    I am Really new heck I am still trying to figure out how to start meaning what website should I use? Etrade or another? I an here to learn and want to get on the right track from the start.

  6. Trading Software

    Hi there, just became alert to your blog through Google, and found that it’s
    truly informative. I am gonna look out for brussels.

    I’ll be grateful in the event you continue this in future.
    Numerous individuals will be taken advantage of your
    writing. Cheers!

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