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They say change is inevitable, and this is a quote that applies to stock trading. This process has, over the years, experienced gradual changes that have come to be the norm.
No longer do we see guys in suits yelling at the top of their voices at exchanges and over the phone.
The game has shifted to stock screeners and other similar analysis tools which now offer the basis of making profits out of the trade.
Nowadays, you can be a solo trader without relying on anyone else to call the shots for you. We could attribute this to technological improvements such as software developments and improved internet speeds.
One such platform is the Das Trader, and our review should explain the software’s merits and demerits in relation to day trading.
- A Brief Overview of DAS Trader
- The Brokers
- Key Features
- What do you trade on the DAS Trader?
- Who Is The DAS Trader Best Suited For?
- Final Thoughts
A Brief Overview of DAS Trader
DAS (Direct Access Trading) company is a firm based in the USA that specializes in offering various financial services. Behind this company is a great software program also known as DAS Direct Access Software.
One thing we love about this service is that it provides a wide range of tools to individual traders, clearing firms, brokers and even institutional trading desks.
What’s more, whether you’re a rookie or pro, this platform provides you with an easy-to-use yet helpful platform.
Besides providing you with great freedom to customize your charts, indicators and so forth, this software directly links you to some of the world’s leading brokers. These are as follows:
1. Interactive Brokers
With no minimum deposit required, this group has to be the most attractive to new traders on the platform.
But that is not all; the commission rates are some of the best in the industry while you also get access to 135 market centers across 33 countries.
2. Cobra Trading
Some traders prefer dealing with direct access brokers rather than the traditional ones. And that is precisely what Cobra Trading offers.
The minimum deposit is $30000, and you get to enjoy an excellent customer service as well as competitive margin rates.
Another thing is that Cobra Trading gives you access to multiple trading platforms to boost your chances of making more profits.
3. Speed Trader
This is a direct access broker that is characterized by excellent customer support, decent software charges, and it also has 25 order routes.
It has several similarities with Cobra Trading, including the $30000 minimum deposit. However, there are significant differences in the margin rates and the commissions structure.
4. Centrepoint Securities
It has some similarities to the Speed Trader and Cobra Trading while the differences arise in the shorts access and margin rates.
Let us now look at some of the features that enable you to navigate and get the best out of this platform.
1. The Charts
By default, the DAS charts appear in small windows and, therefore, they might not look good for everyone. Fortunately, the option to view them in full-screen exists.
On top of that, the charts come with not one but ten drawing tools. So, you get all the flexibility you need to analyze the markets like a pro.
The DAS charts are some of the best ones we’ve come across so far as they are clean, feature-rich, and easy to use.
You also get the relevant market news so that you can know of any significant events that may affect the stocks for that day.
The news comes in the form of articles appearing in a discrete window with the main source of information being BusinessWire.
3. Technical Indicators & Studies
There are more than 40 technical indicators that you could make use of. They include moving averages and pivot points, just to mention a few.
The indicators would come in handy when you need to keep tabs on the market movements and easily identify appropriate entry and exit positions. And just like that, you’d be perfectly placed to make informed long or short moves.
To make things easier for the trader, the platform has a search tool through which you can easily find the ideal stocks to trade in.
It is also possible to set up an alert in this platform. Once you upload the audio file, you can set such that it notifies you whenever a specific threshold is met.
You also have a default audio alert option to go for.
6. Order Entry
The bid and ask prices in the level II window are color-coded for easy viewing by the trader. Just below these numbers is where you find the order entry ticket and you there is a drop-down menu to enable you to choose a market maker.
Further, there is another menu where you are offered several durations to choose from.
7. Watch Lists
This feature contains tabs with information such as open/close, bid/ask/last price, and high/low volume.
8. Options Trading
This platform also provides traders with an opportunity to trade in derivatives. Simply go to the top menu where you find ‘Quotes’ and then select ‘Option Chains’.
The only downside is that there are no advanced strategies, but this is compensated by the vast selection of venues available coupled with several contracts.
It is also possible to change colors on the charts and set it to your preference. Right-click on the chart and then click on ‘Configure’.
The platform also gives you an option to save a layout whereby at each logout, a popup asks you if you wish to save the current format.
The cost varies from one brokerage firm to another. Let’s break them down for you to get a clearer understanding.
*Interactive Brokers – Here, the charges range between $100-$200 per month, depending on the client’s preferred data package. The broker charges range between $0.0035-$0.0005 per share while the fees are not affected by the volume of trade.
*Speed Trader – The Speed Trader monthly charges lie between $25-$104, with the $104 version containing level II data. On the other hand, the $25 version is web-only, and if you want optional market data feeds, you pay additional monthly charges.
An important thing to note is that if the client generates more than $499 in commissions, the monthly software fees are waived.
*Cobra Trading – For this brokerage firm, the DAS Trader charges $125 per month, and if the trader trades at least 250000 shares monthly, this fee is waived.
The brokerage fees range between $.004-$.002 per share, and it depends on the number of shares traded each month.
*Centrepoint Securities – Last but not least, Centrepoint securities charge $120 per month. Note that this charge does not include optional market data feeds.
The trader’s monthly software fees are waivered if he trades more than 200000 per month.
As for the brokerage fees, they range between $.004 -$.002 per share or $5.95-$2.95 per trade.
What do you trade on the DAS Trader?
On this platform, there is a lot you could go for. They include stock options, Futures Trading, Forex Trading, and Penny Stocks.
You could also trade in mutual funds and bonds provided you have the necessary licensing for these products.
Who Is The DAS Trader Best Suited For?
If you are an equity trader that needs direct access to the markets, this platform is just for you. Even better is that the system also gives you access to level II data. So, it’s a great place to be whether you’re just getting started or you simply want to take your prowess to a whole new level.
There are several advantages to using the DAS trader over other platforms. A few of those include:
- Offers a Wide Selection of Market Venues – This platform offers close to 20 market venues, and you can find them in the direct-access routing menu.
- Customization Options – It is possible to set the layout of the platform according to your preference. You can move windows around, or even add and delete others.
- YouTube Icon – This icon is located at the top of the platform, and it gives you a direct link to a page with useful videos, which guide you on how to use the software.
- The Mobile App – A significant advantage of the DAS trader is that it has a mobile app that offers real-time level 2 data. With this application, you could use trade signals and even locate shorts.
- Compatibility with Mac Devices – Although the this platform is meant for use on windows devices, you may also use it on a Mac device. The catch here is that you need to use Bootcamp.
There are some cons to using this product, and we shall touch on them briefly.
- Unattractive Interface – The interface is a bit off, and this may put off some traders.
- Few Technical Studies – There could always be more than 40 such studies available.
- Pricey Subscriptions – In general, the monthly subscriptions are simply too high.
If you meet any day trader out there, they are likely to recommend the DAS Trader as the go-to platform. This is probably due to the versatility that it provides.
You get an all in one platform that provides you with a variety of helpful tools. Above all, this software can be used by beginners and experienced traders alike.
So, try it out and see whether it meets your expectations of the stock market or not.