Think about Amazon, Tesla, Gamestop, and Netflix and you’ll realize they all have one thing in common – and that is that their stocks grew from nothing to make new highs. In other words, those who managed to spot these stocks in time had their investments doubled or even quadrupled over time.
In a nutshell, before you invest in specific stocks, you need to have an intel system in place. Such a system normally comes in the form of the best stock trading software; one that is capable of spotting opportunities early on and alerting you on the same.
So, today we’d like to have a discussion about some of the best software programs available for equity traders and how you stand to benefit from them.
Top Software For Stock Trading in 2024
1. Trade Ideas
If accuracy and automation are your cravings, Trade Ideas has got you covered. Not only has their AI system been outperforming the S&P 500 since 2016 but it has also remained consistent in reeling in wins over time. The engineers behind their Holly robot spend long hours making sure the system remains one step ahead of the game.
Indeed, this stock analysis software comes packed with powerful features. And yet, it costs less than $3 per day despite the fact that it gives you access to a real-time market data feed.
One thing you need to know about Trade Ideas is that it’s not your average research tool. Rather, it is an all-in-one software meant to give you that much-needed competitive edge in the world of trading.
It, for instance, provides you with seamless connectivity to some of the leading brokerage platforms out there e.g., Interactive Brokers. And that way, you can fully merge the tool’s industry-leading API with your broker’s functionalities to make room for automated trading.
To this end, Trade Ideas remains one of the most comprehensive solutions out there and boasts a super-fast stock screener. Its charting abilities remain largely unrivaled and its artificial intelligence is awe-inspiring. And that's not all. The software solution also comes fully loaded with educational resources all of which are geared toward making you a fully independent trader.
Lastly, the software provides you with a fantastic back-testing system allowing you to safely test your strategies and eliminate flaws if any.
2. Seeking Alpha
If you’re like most investors, chances are that you already know that Seeking Alpha is a reliable source of stock market news. But did you also know that the system comes with a quant-rating system that assesses market conditions and ranks stocks based on their profitability potential?
The Quant-Rating system by Seeking Alpha enables you to make independent choices based on a series of metrics without having to spend long hours manually sifting through market data.
What this system simply does is categorize stocks using words like Sell, Neutral, Strong Sell, Strong Buy, etc. So, it's super simple. A "Strong Sell" signal identifies the best shorting opportunities possible while a neutral position suggests uncertain market conditions.
In all the years that the Quant-Rating has been in place, it has managed to beat the S&P. Just to give you an example, those who invested $10,000 as per Seeking Alpha’s suggestions in 2010 have seen their money grow to over x16 years later. Yet, those who placed their bets on the S&P 500 have only managed to experience x3 growth at best.
And to top it all up, Seeking Alpha continues to stand out as a really powerful portfolio analysis tool. Beginning 2020, the system was updated in such a manner that it enabled users to connect their accounts in one place for informed decision-making.
This is one of the world’s most sought-after stock research tools and for good reasons. For starters, TradingView has probably the best charting functionalities in the industry. The superior charts come complete with all the features you need to excel namely drawing tools, custom time intervals, and fast-loading speeds.
In fact, so popular is this platform that more than 9,000 people search for the domain name “tradingview.com” on Google every month.
What makes TradingView so unique and so valuable? Well, their stock screener tool is quite well made and that is why people turn to it. The screener tracks stocks, forex, and even crypto. With each stock screener comes dozens of filters that you can customize based on factors like market capitalization and volume.
And the icing on the cake as far as this system is concerned comes in the form of server-side alerts. With TradingView you get the flexibility to create alerts and be updated whenever good opportunities show up.
TC2000 is an easy-to-download analysis tool that can also be as a mobile app and on browsers like Microsoft Edge, Firefox, and Chrome. Part of the Worden Brothers company and established in 1998, this system stands out thanks to its user-friendliness and a wealth of features.
To begin with, TC2000 has some really good charts that include Line Charts, Candlesticks, OHLC bars, HLC bars, and even Heiken-Ashi ones.
Just like TradingView, TC2000 enables you to edit the charts' plots, set them to different colors, and even adjust the platform's scaling.
Plus, you won’t need to invest in a separate journaling software because this one already comes with this capability built-in.
But perhaps the most powerful tool in the TC2000 stock trading software is the EasyScan stock screener. This is a fully-fledged stock scanner that boasts pre-configured settings among them “Bounce after pullback” and “Gap up with momentum.”
And the best part is that TC2000 allows you to customize and set alerts so you can receive them via text messages, emails, or even pop-ups. The main benefit of this is that you never have to miss out on a trading opportunity even when you're away from your trading computer.
If you are a hands-on trader who prefers to do a bit of digging and big picture thinking Scanz is for you. This popular stock trading software by a Canadian company going by the same name is famous for its data feed that comprises level II data and an active newsfeed.
The company has been around since 2001 and has within that time managed to code one of the most reliable real-time scanners of our time. For now, the scanner has a wide variety of filters that you can use among them percentage change, bid/ask price, last price, and OHLC among other values.
And the best part is that while this stock trading software gives you the freedom to customize your experience it also comes with over 100 pre-configured scans. These are beginner-friendly ones that are meant to get you up and running in no time.
We absolutely like the fact that Scanz provides coverage to a wide variety of securities including regular stocks, foreign stocks, and even ETFs.
And just like Trade Ideas, this stock trading software does provide you with brokerage integration to TD Ameritrade and Interactive Brokers.
A unique aspect of Scanz is that whatever the data you create with it can be downloaded in the form of a CSV file.
Benefits of Stock Trading Software
They come in all shapes and sizes and range from stock prediction software to research tools, analysis apps, and even news apps. The good news is that all these tools exist to make life a tad easier for investors. Remember, the programs keep advancing and improving from time to time and some of them are even capable of combining technical analysis and fundamental analysis.
A few of them even make it possible to fully automate trading so you can free up your time and spend more hours doing other things instead of merely staring at the charts and forums.
Without further ado (forgive the cliché), it’s time to look at specific examples of what we happen to think are among some of the best-made stock trading programs out there currently.
Stock trading can be a lot easier if you happen to use the best software available. These tools can remove emotional trading from the equation and help one discover new opportunities with ease. Above all, some of them can even alert you when new opportunities arise or even open/close trades on your behalf.
But even then, it’s important to appreciate that even the best-made system can have its fair share of flaws (no matter how minor). So, always exercise discretion before settling for any securities trading software in particular.
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