There is a full list of Reviews at the bottom.
Benefits of Trading Software
Finding the best trading software that is fit for your trading strategy isn't easy.
We are not talking about Brokers or trading platforms here. Though most brokers do have their own tools and analysis suites built in they are not as powerful as some of the software provided here.
When you get into the realm of intensive stock charting and scanning programs it is time to look into upgrading your old computer.
Fundamental vs Technical
The software you choose will depend on whether your strategy uses mostly technical or fundamental indicators.
A setup like EquityFeed with its level II data and real-time news feeds would be best for a day trader, whereas software that gives access to trends with weekly and monthly indicators, like INO: marketclub would be best for a swing trader.
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EquityFeed provides day traders a great platform to trade off of news, level II information, and ... Read Review
|$135||Rated 4.5 stars|
All in all, PowersScan-Pro is a great way to filter stocks that fit one’s strategy. This is great ... Read Review
|$250||Rated 4 stars|
After using the MarketClub for the trial period (extendable 13 days for $8.95), we’ve noticed ... Read Review
|$59||Rated 4 stars|
Stock Rover is a great subscription program for investors that utilize both fundamental and ... Read Review
|$250||Rated 4 stars|
Investools is a great website for traders that operate on a 6-12 month timeframe. It does not have ... Read Review
|$2000||Rated 4 stars|
TradeMiner is different from many other trading platforms because it only provides historical ... Read Review
|$97||Rated 3.5 stars|
VectorVest is a subscriber only stock platform that packs a punch. This standalone platform uses ... Read Review
|$59||Rated 3.5 stars|
This product is no longer available and I would not recommend it if it comes back.... Read Review
|$||Rated 1 stars|
Features Of The Best Stock Picking Software
With literally thousands of software programs on the market, beginning investors raise questions about what separates the best software programs from the mediocre programs and scams.
Most successful investors agree that the best approach to earning money in the stock market is by doing thorough research of a company’s financial data, having a solid understanding of technical indicators and trends, and developing a disciplined approach to their personal investing strategies.
Investors can use stock picking software as a tool to help them sort and analyze data, but it’s not a substitute for making appropriate judgement calls for the best time to make trades. Successful traders, like Warren Buffet, have a strong enough sense of the financial markets that they don’t need to rely on stock picking software to help them analyze economic trends and data. Most everyone else can use a little help from stock picking software to help them make consistent gains in the marketplace.
What Is Stock Picking Software?
Stock picking software helps investors analyze large amounts of data to help them pick the best stocks that match their investing strategy. The best stock picking software programs let investors sort and select stocks using data like market price, volume, moving averages, trends, reversals, and other metrics. Software should not be seen as a tool that helps investors make fast money. Using trading software requires having some basic knowledge of stock trading and the information the user receives is only as good as the information they input.
That is not to say that stock picking software is without value. Stock investors that know what information they need will learn how to use the software efficiently to quickly make decisions about when to make a move on the stock market to increase their net worth.
In an article by USA Today, financial reporter, Matt Kranz, cautions investors to be wary of stock picking software that guarantees a return.
Does Stock Picking Software Work?
If you are the kind of investor that expects stock picking software to do all of the work for you, you’re likely to be disappointed. The programs simply aren’t smart enough to increase your wealth on your own. They work when you use them as a tool to make prudent trades.
Wise investors use stock picking software programs as more of a stock screening tool. Software systems can perform certain operations faster and easier than humans. Computer programs make quick work of transforming scripts and algorithms into useful data that investors can use structure a strategy for analyzing the data and selecting the most profitable stocks.
The best way to use stock picking software is to identify the type of information that you need and to know what parameters to input into the system to get it. Software narrows down the thousands of stocks to a manageable list of options for a technical and detailed review.
Software can be helpful as a precursor to your in-depth stock list.
Real Time Stock Ticker
Making money in the stock market is all about timing. The best stock picking software programs monitor stocks using accurate, real time stock tickers. Look for a program that has tickers that are directly linked to major stock indexes.
The best software programs will also be able to pull up previous data on stock values so that investors can evaluate trends.
Savvy investors know how to use multiple charts to see how stock changes in different ways. Users can ask the software to pull up intraday charts, long-term charts, charts that show high and low values, and other parameters that give them pertinent information on stock activity. Some charts use color coding to show multiple sets of
Stock Search and Sort Options
The best stock picking software programs allow investors to input data that performs search and sort options for taking a look at earnings’ trends, trends in revenue, average price targets, and other valuable criteria. Getting a closer look at the data helps investors learn the probability that a stock will go up or down, but should not be used as a guarantee of positive gain.
Stock search features can help investors find stocks of different values, which is a valuable benefit for investors that have monetary limits on what they can invest. This feature lets investors with limited investment funds watch certain funds over time to evaluate the best time to enter the market.
Financial Analyst Summary Reports
Investors find a lot of value in learning from the experts on Wall Street. The best stock picking software gives a daily consensus of all of the financial analysts on Wall Street. Most investors find it helpful to start their day with a succinct summary and overview of the latest happenings.
The best stock picking software programs will include a feature that lets investors set up a portfolio of their own investments. This feature should also be able to help investors keep track of other information that they need on a regular basis to help them stay current with the financial markets.
Matching the Software to Your Purpose
The key to selecting the best stock picking software is to understand what you want it to do for you. Individual software programs are designed with the purpose of outlining the fundamentals of a value-based strategy. These are suitable for beginning investors that desire a good working knowledge of the financial industry. Programs that offer real-time charts and other features are the best software programs for active traders and watchers.
As with any other consumer product—buyer beware. There are many legitimate programs on the market, but there are many schemes and scams as well.
All investors should steer clear of software programs that make boastful claims about making it big in the stock market.
l will do my best to separate the wheat from the chaff in the reviews I provide.