Types of Trading Software
Trading software comes in three main types: Trading Platforms; Signals Software & Decision-Making Tools; and Charting Applications.
- With Trading Platforms software, there are two main divisions: Client-based and web-based, although you can also find a few mobile-based applications.
- Client-based trading software - Client-based trading software is installed on an individual computer, and therefore its use is limited to the client being able to access that one computer. You would also have to make certain that your computer is fully secured against malicious attacks, such as viruses and key-loggers, because you will be dealing with sensitive financial information.
- Web-based trading software - Trading software that is web-based allows trading activity to be carried out from any computer with an internet connection, by logging into a software application via a web browser such as Internet Explorer or Firefox. Security should be more than adequate in this case, but you may be subject to ongoing fees for future software updates.
- Software in the category of Signals Software & Decision-Making Tools is concerned with buy and sell alerts, market predictions, systems that can be individualised over time, human expert advice-based systems, and trading simulators for beginners.
- As the name suggests, Charting Applications provide the trader with software that charts in real-time how the market is performing, and may allow the user to add their own indicators for a more personalised approach.