The Differences Between Futures Trading Software
Choosing the right futures trading software is vital because it can play a huge part in how successful you are as a trader. All the futures trading software on offer provide different benefits and this is because each piece of software is designed to be used for different trading purposes. Depending on the type of trader and the type of trading you wish to do will affect which software you choose to use.
Some futures trading software is ideal for day traders who hope to do mostly short term trades within the course of one day. Other pieces of software are better for commodities traders while some are more suitable for technical analysis. Each piece of software has its strengths and weaknesses but the most important thing is that it suits your particular style of trading. By using futures trading software that synchronizes with what you want to achieve as a trader you are more likely to succeed and make a profit because you will have the tools you require at your disposal. With this in mind it is important to consider the differences between the software available in order to be able to find your perfect match.
Transact AT is a particularly popular piece of software which is primarily geared towards more experienced day traders. The software is constantly improved upon by the developers and it is great for scalpers, position traders and inter-market spreaders. Transact AT is perfect for day traders because it allows them to monitor trades in real-time and quickly modify any trades or cancel them. In fact the cancel all feature allows traders to cancel all trades with one click and this is perfect in case of a sudden jump in the market, which can and do occur when day trading.
Another piece of futures trading software is PFG Best Direct. PFG Best Direct is a very simple program and this makes it a great entry point for less experiences traders as it is easy to follow and understand. It is also best suited to day traders and it has useful functions such as trailing stops and profit targets. Trailing stops are especially helpful when trying to gain the most amount of profit out of a trade that is moving quickly.
If you are a commodities trader, it might be worth considering the MF Global ManXPress. This futures trading software is suited for beginners and experts alike and can be used for many forms of trading such as spreads and options.
Strategy Runner is yet another piece of future trading software but this particular program offers different benefits to those discussed already. Strategy Runner comes with 100 different trading strategies available for any trader to use. Traders can sift through the trading strategies on offer and choose to use any number of them. This enables traders to expand their goals and thus this particular futures trading software is ideal for experienced traders who are familiar with different trading strategies already.