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The Revolution of Trading Software

Bitcoin Evolution - Commissions and Spreads Like You’ve Never Seen

Published days ago on July 31, 2020
By Anton Kovačić

Look closely, for there’s a revolution in trading software, which promises more access for the retail trader and better tools to profit from. These software packages are complicated if you haven’t mastered them before. You need to start with a complete education regarding what software is and what it can do.

Commissions and Spreads Like You’ve Never Seen

Let’s start off with the basics; modern brokers offer a great service but with a premium involved. This “fee” is applied to all of the live positions you take within the financial markets. If you want to sell a few currencies, your broker charges you the difference between its ask and bid prices. If you put in an order for stocks, your broker adds in a standard fee of $4 to $7 no matter how many shares you exchange.

The software that now exists can streamline every transaction and speed up orders in the market. For these reasons, expect your general costs to be lower. There are no longer costs for phone calls. You’re also more likely to get your price honored, for there are no middlemen on the floor to delay your transaction. If you’ve no knowhow with software, know that your first benefit is a lower premium.

The Modern Softwares of Our Financial Brokers

The bargain fees and lower commissions of modern brokers are possible through what is known as self-directed investments. Sure, your broker gives you an agency to send your orders through, but setting the price levels, confirming your entry or even exiting your positions is done by you. Well, these are the options you have if you decide to invest through modern software. Software packages are available to you through accessing a URL or through downloading an application.

Applications, which would be something like MetaTrader, is applicable through a mobile device or your desktop computer. Using the trading options of a URL requires that you visit a website, enter your login data and then track live prices on a broker’s secure, encrypted website. Software is no longer a strange option in the market. In fact, the top agencies on Wall Street are also using this technology.

Essentially, the age of data we live in improves the pace that we receive info at—as well as the ways in which we send in order confirmations.

Here’s a quick overview of the types of assets traded through software accounts:

STOCKS

As long as you know the stock’s name, you can search for it in a financial broker’s database. You won’t need to directly contact your broker for this. Simply enter your software or URL package; then, find the search tool. Once the stock profile uploads, you’ll be presented with its historic values, any pivotal news stories and, of course, the current price at which you can buy or sell at.

OPTIONS

Your options trading can be executed from a single software account. You can activate contracts based on any timeframe that hasn’t already expired. This includes orders for calls and puts, whether you’re already in a live position to buy or sell at a future price. Just take into account that using software means that you’re also involved in self-directed trading. You have to wait or hold your position indefinitely if no buyers or sellers take an options order from you.

FUTURES

Since you’re required to make a real buy or sell with futures, which is unlike your options contracts, brokers provide a wide range of data to track your trades with. Through futures software packages, you might find it helpful to contact your broker for technical issues only. Otherwise, you’re presented with all of the tools, controls and decision items that you require. Just continually be reminded that you must accept your buy or sell when your futures expire.

CURRENCIES

The software package of currencies allow you to choose between 40 and 70 different currencies, though, in reality, roughly 180 pairs exist. You won’t need to access that many different currencies in any year. The country fiats that you can buy and sell, however, are based on the broker you work with. Like all self-directed investments, you won’t need a broker’s help as you enter and exit positions. Still, you do need to understand how to masterfully use software.

Placing Live Trades and Executing Your Orders

Entering the market inherently comes with a few risks to be aware of. The advances of wireless technology haven’t exactly put the odds in your favor. Your costs per entry and exit is lower, but relying on your own experience or lack thereof can be costly. In the traditional, institutional-trading offices, individuals are often held accountable by coworkers and investment managers. These entities offer guidance and advice.

Among the core skills these professionals develop as a team is the ability to gauge, monitor and control their emotions. The support system that institutions provide their members is absent when you invest as a sole individual. Success calls for a new type of understanding as you enter and exit your positions. Your analysis has to be double checked as if someone else were there to disprove your ideas.

Wireless technology revolutionized trading while creating some challenges. Here’s an overview of how the major differences give you advantages with obstacles to overcome. Your objective is to remain emotionally conservative with these options:

Real-Time Market Prices:

Prior to wireless updates, a financial broker had to be relied on to present the retail investor with prices. This would work for or against you depending on the broker. You no longer have to rely on the delay that human factors play in presenting accurate prices. As long as your broker is regulated, which you can check via licensing, then you can have confidence in their listed prices.

Trade and Order Types:

Digital technology, through its ability to replace the manual work of your broker, presents us with different order types that you can enter the market through.

Your most common option is a market order, which enters you into a trade at whatever current price is listed.

Your limit order activates your trade based on a price you specify.

Setting a stop loss order ensures that your position is exited should things work against you.

The trading stop loss is an order that adjusts your stop loss based on the market gains you receive.

Mobile Trading and Wireless Investments

The yearly advances that digital technology makes becomes the promises of mobile trading. Location was overcome through wireless signals and internet connections. The devices we use to access this type of technology also plays a role in how we enter and exit a position. Whether you’re accessing a market account through a tablet or cellphone, the basic technology is the same as that of your desktop.

With mobile, however, you can enter your positions while on a train. You can study and research while you’re in a plane or confirm your exits while you’re tucking the kids in for the night. Mobile trading allows people who’ve never had access to trading to enter the market; it enables investors to act with greater insight. The concepts behind trading software are now centered around mobility.

Platform Specs with Fundamental and Technical Analysis

Another addition to competitive trading software are the research tools. The theme of no longer relying on your broker for everything continues in this regard. Technical and fundamental analysis must occur whether you’re a fan of charts or balance sheets. Finding this information is the challenge. In order to remain competitive with the emerging software, top brokers offer research tools.

Fundamental: This form of data looks at the real-world events of a company or economy. These events take into account the fiscal and quarterly results a business presents to the public. This data is considered fundamental in that no matter what happens regarding price changes, the true value of a company is not the performance of its stock. It’s in the performance of the actual business.

Technical: This approach solely focuses on charts and price history. Technical analysts have a belief that the markets are true and therefore can’t be misinterpreted through prices. The history that any price movement presents creates a trail of data that analysts rely on. Through this string of historic prices, patterns develop and offer investors strategies to enter the market with.

The above research tools are pivotal for any investor to have. You can expect them to be available no matter what styles or strategies you prefer. There’s a spectrum of data provided through common trading software, and you should use them all.

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Anton Kovačić

Anton is a finance graduate and crypto enthusiast.
He specializes in market strategies and technical analysis, and has been interested in Bitcoin and actively involved in the crypto markets since 2013.
Apart from writing, Anton’s hobbies and interests include sports and movies.

The Revolution of Trading Software