Software and the Devil

[Originally posted: Thursday, October 05, 2006 11:30 AM]

If you're a trader then you have a plethora of software to choose from. Which packages do you select? Which is right for you?

There is no single or right answer. Each person is individual and what works and suits one person will not be good for his/her neighbor. Try them all out. Most of them have free or heavily discounted trial periods which allow you to try a whole bunch without spending much/any money. I encourage you to do this.

Not only will you end up exposing yourself to a ton of software that could be useful in your trading you will also be educating yourself in the trading process. You will see how other traders' ideas have been built into the software and be able to work out why they trade in this way and this style and this might be right for you.

Do not become fixated with features! Find a good trader who trades the same style, time frame and instruments that you trade. Find out what he/she uses. You'll probably be surprised that they use a simple set of indicators.

Bottom line: You don't need a whole bunch of complicated software to be successful in trader. In fact, it's probably the opposite: The fewer tools you have the more successful you'll be.