Day Trading Software For Beginners – What Is A Day Trading Platform?

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Day Trading Software For Beginners – What Is A Day Trading Platform?
To learn more about day trading software

Future Traders!

How are you all doing on this slow, slow, slow Tuesday. If you traded today then you know exactly what I’m talking about when I say slow. But before we get into my daily recap on my trades so far let me first talk a little bit about a common question that I get asked which is , “What day trading software is best?”

Now let’s first define what exactly day trading software means because this can mean different things to different people. When you look at the charts on my screen, these charts are provided courtesy of my day trading platform called NinjaTrader. NinjaTrader can be seen as day trading software but it’s actually just a platform.

A day trading platform is what allows you not only to setup individual charts for all different types of equities but it also allows you to connect to data feeds. Data feeds are the data sent from your broker to your platform and they detail all of the transactions in the market and print those onto your chart in the form of price bars.

A platform also integrates with your broker and allows you to take trades straight from your trading platform. In fact NinjaTrader allows you to place orders in a couple of different formats and this is actually the reason why I prefer to use it over any other trading platform. You have the ability to place it both through what’s called a DOM as well as through a proprietary tool only available on NinjaTrader known as Chart Trader.

If you watch the video above, I show you examples of each of those. My personal favorite to use is Chart Trader. It takes the hassle away from me having to concentrate on all those different numbers flashing on my DOM. I prefer to make things as simple as possible and concentrate almost exclusively on the technical aspects of the market.

Lastly the other great thing that this day trading platform allows you to do is add indicators to your charts. For those of you that don’t know what indicators are I will briefly define those below: indicators are mathematical representations of different sets of data. Take for example something as simple as Keltner bands. These are nothing more than a mathematical representation of the trend in the market. When you go over the outerband it typically means that the market is oversold or overbought.

That’s day trading software in a nutshell and I hope it helped some of you all!