Software for a new trader.

Josey3738

Newbie
8 0
Hello,

I was wanting to know what a good software would be for a very very beginning trader. I would like to start using some software to make better decisions but I am not really sure where to start. I have read some of the reviews and really I have no idea where to start though.

Thanks for everything in advance,
Jw
 

pboyles

Legendary member
8,072 1,302
Don't waste your time buying software, it's all just a scam. Likewise all these clowns selling training courses, they are all just after your money.
 
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Josey3738

Newbie
8 0
I figured the courses were a scam. I also thought that there was a software able to spot trends and things of that nature. If they are a scam as well then what exactly are the softwares for then?
 

pboyles

Legendary member
8,072 1,302
I figured the courses were a scam. I also thought that there was a software able to spot trends and things of that nature. If they are a scam as well then what exactly are the softwares for then?

The software is for making money, I mean for the people selling it, not the people buying it. Just stick with whatever you get for free from your broker. That will include free indicators which aren't much use either but at least you won't waste your money.
 

starship

Newbie
1 0
In my opinion it is not a good idea because you can’t gain things what you want.
 

DionysusToast

Legendary member
5,963 1,501
There's good & bad software out there.

PBoyles is painting with pretty broad strokes when he says that all software is a scam.

It is true that anybody selling software does so for the revenue but that does not mean that there is no value.

For example - if you trade stocks, then eSignals scanner, MadScans and a whole host of other scanning programs will be of use to find out what is in play.

Of course, you must have some idea of your requirements before you go buying software because if you go based on what the sellers say it is worth - you will find that those with the loftiest claims have the lowest value.
 

YouAreNotFree

Experienced member
1,295 225
Pboyles is wrong. All software is not a scam. I use several paid-for software applications and I can assure you they add value, at least for me.

It would be useful to know what you trade OP.
 

0007

Senior member
2,376 662
There's good & bad software out there.

PBoyles is painting with pretty broad strokes when he says that all software is a scam.

It is true that anybody selling software does so for the revenue but that does not mean that there is no value.

For example - if you trade stocks, then eSignals scanner, MadScans and a whole host of other scanning programs will be of use to find out what is in play.

Of course, you must have some idea of your requirements before you go buying software because if you go based on what the sellers say it is worth - you will find that those with the loftiest claims have the lowest value.

DT is right. Before you ever buy any software (not just for trading) you must have a pretty good idea of what you want it to do and then select your software accordingly. If you actually know how to trade, then most brokers' software will adequately meet your basic needs. As your experience and expertise grows you may then find that various bits and pieces of specialist software will be of value to you. I now find that my broker's most basic software (I ignore the advanced stuff because it's just too jazzed up on the screen) and a scanner meet all my needs adequately. I've found in trading that the simplest methods that will achieve your requirements turn out to be the most satisfactory.
 
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NVP

Legendary member
37,711 2,066
Hello,

I was wanting to know what a good software would be for a very very beginning trader. I would like to start using some software to make better decisions but I am not really sure where to start. I have read some of the reviews and really I have no idea where to start though.

Thanks for everything in advance,
Jw

load up metatrader on any free platform / Demo Broker

then spend 6 months learning about trading and the core systems and indicators .....

dont pay anyone a penny till you are more informed ....(y)

N
 

The Leopard

Experienced member
1,877 1,020
Hello,

I was wanting to know what a good software would be for a very very beginning trader. I would like to start using some software to make better decisions but I am not really sure where to start. I have read some of the reviews and really I have no idea where to start though.

Thanks for everything in advance,
Jw

You'll be very lucky to find anything useful, the vast majority will be rubbish sold by con artists, who sell software (and training etc) because they cannot trade successfully).

There might be the odd tool here and there that might be of some value, but as a new trader you will not be in a position to know what you want or to make sensible evaluations.

It sounds like you're looking for a short cut - that is unlikely to be beneficial. Even if (and it's a big if) you can find some software that is helpful, you need to learn some skills first. Steve Vai is not a great guitarist because he plays a very expensive custom Ibanez.

So in a nutshell, you are approaching this backwards.
 
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DionysusToast

Legendary member
5,963 1,501
I agree with TL...

Still, I can provide you with an excellent guide for buying trading software.

1 - Software that tells you when to trade - bunk
2 - Software that makes decisions for you - bunk
3 - Software that automates some of the mechanical aspects of trading (e.g. buy @VWAP engines, scanners) - not bunk
4 - Software that helps you to see what is happening overall (heatmaps etc) - not bunk

I could (and usually do) go on.

The bottom line is that if you are looking to pass the buck to software to make decisions for you - you will be burnt. If you know how to trade and you are looking for tools specific to that, to make life easier, then there are tools out there.

If you are a novice and are thinking that software will do some of the learning for you, then you will be disappointed.
 

Josey3738

Newbie
8 0
No, I think maybe I am not totally clear. I am a novice yes, but I know a little bit about the trading. I am looking more for some software that will help me sort out all the hundreds of stocks that may have a change. Or help me make a decision on what MIGHT be a good trade. I'm not looking for a short cut really, more of a supplement to start to trade more efficiently then just looking a few stocks and deciding from those. But rather software that could sort the thousands of stocks so I could see the over views and rankings based on what I pick.

@DT

Is bunk a software? I'm very new to the software field.
 

pboyles

Legendary member
8,072 1,302
No, I think maybe I am not totally clear. I am a novice yes, but I know a little bit about the trading. I am looking more for some software that will help me sort out all the hundreds of stocks that may have a change. Or help me make a decision on what MIGHT be a good trade. I'm not looking for a short cut really, more of a supplement to start to trade more efficiently then just looking a few stocks and deciding from those. But rather software that could sort the thousands of stocks so I could see the over views and rankings based on what I pick.

@DT

Is bunk a software? I'm very new to the software field.

Look at Sharescope. I don't remember if it's free and you just pay for data, anyhow check it out.
 

DionysusToast

Legendary member
5,963 1,501
OK - well, although it's not software, you should start the day with briefing.com/fly on the wall to see what is in play...

After that - eSignal scanner, Madscans are good once the day starts... It's been a while since I've used any scanners but there's plenty to choose from & they all do free trials.

Has to be said that the scanner in IBs TWS isn't too bad for stocks either considering it's free....
 

Josey3738

Newbie
8 0
So help me out but I think I understand.

Briefing.com is where I would go to do my morning research, or do my nightly research to prepare for the next day.

Esignal is what I would use to scan through out the day to see what is actually moving?

@pb is share scope just for uk? Because I'm in the states.

And another question, thinkorswim or td architect, does anyone know how to use those well or if they are tools that I need to be looking into how to use. I have access to those through my broker for free.
 
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