Professional Day Trading: Brokers, Platforms & Software Comparison

Unlocking the mystery behind day trading and making it a profession that will allow us to be our own bosses and play in with the Wall St. league, where dreams shatter and rise on a minute basis, is quite a challenge.

The views about day trading are different, some financial managers will swear by it while others will take their risk management skills somewhere else. One thing cannot be argued – day trading is a desirable profession and lifestyle. But why are the views about the matter differ? What are the tools you need to approach it?

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Let’s try to understand what day trading is

Most people will know the general description of being a professional day trader of working in the profession of buying/trading your stocks, forex securities etc. within one single day. The idea of day trading is based on a short term strategy, and requires understanding and knowledge of the financial asset you are dealing with. Financial asset such as an option, stock, derivative and more. Some will deal with tens or hundreds of stocks or options in a day of work and some only a few, the range of behaviour in this field vary.

Let’s go deeper into day trading

So who is day trading and why it is such a big deal? There are a few lines of work for day traders – let’s inspect the daily routine of a day trader that works independently compared to a day trader that works within a company.

What we call Retail day traders is the work of a trader that works mostly on his own, some traders work as a group of traders. The quick nature of the business makes it more inviting to “Solo” work. If you have access to finance information, capital and a Wi-Fi connection, you can start practising being a day trader. Some retail day traders will invest money from investors that would like to participate in the stock world but do not have the means or the knowledge. Some work in some sort of partnership with others that involves percentages and fees. Many day traders will trade with their own financial resources though. In some countries it is a legal manner for day traders to offer services as a financial consultant, not in the United States though, where it is forbidden.

Computers changed the game. When personal computers were introduced to the world it opened channels of communication and trading that never existed before and made retail day trading a valid option for all.

Institutional day traders – Those traders work for the institution that “got their back”! Bigger sums of money that helps create leverage and open wider options for heavy deals and larger flow of capital. Also, they enjoy versatile equipment that helps with communication, information and data bases. A back-up from accompany will open doors for large-scale trading where lots of money is involved.  Yes, supposedly traders that works within an institution will have an easier route approaching those trades, but the technology and the knowledge that is flooding the web and the communication methods on-line, made on-line retail traders into a regular thing.

Your weapons of day trading

  • Knowledge is power: To be a day trader you need information. Data, data, data is the name of the game. Being up to date with current event, world news and financial shifts and analytics in the market is a must for every successful day trader.
  • Managing your financial resources: you will have to have enough money “on the side” that will prevent you from risky situations and potentially losing money that you cannot afford to lose. That’s why you have to step into this trade with enough capital to fall back on, money you can afford to risk and possibly lose in this ever-changing financial ring.
  • A plan is a must: strategizing you move will make you a successful day trader. Trading news and swing trades are terms you will have to understand for example, terms that will help you navigate through the complex but not difficult world of trading.
  • Teach yourself: if you are not a financial school graduate and simply believe you are a natural to this trade – you still need to learn and educate yourself, take a course, take an on-line course, teach yourself through books or the web to fully understand the field you are entering.
  • Choose your weapons: If you heard about trading desks, it is a term that is referring to the “front of the house” or the “front office”, traders that work for a company and provides instant options for selling and ordering so they can control the shifts in the market faster than other traders, independent day traders do not have a trading desk, they use different software to elevate their trade.


Software: Day Trading software is your key factor for success in the field

It is a necessary step on the way to success, let’s list a few interesting ones:

  • A veteran in the field is Townsend Real Teak, also known as RealTeak. The company has been around for decades and is still considered one of the best in tern of analytics and accessible platform with an amazing outlet and guide to market information.
  • Eye in the sky trade: a software that will allow you to navigate through hundreds of trades easily and comfortably, packed with charts and data that will visualize information and help you plan your trades ahead with a sense of inside understanding.
  • A free software that is used and loved by many is Stock VisionPower Scan. A platform that provides a free trial and scans hundreds and options for you to explore from. The forums on the website is popular and the criteria sorting is friendly.
  • E-signal is also a successful software that won many times as fan favorite. The software provides powerful analysing options and awesome chart view as well as a great mobile platform to work with on the go.


Day Trade with Plus500. Your capital is at risk >>>

Day Trade with eToro the Social Trading Network. >>>

Day Trade with AvaTrade. Fast, easy & secured >>>

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