Over the last thirty years I have seen the invention of more and more powerful versions of stock trading software, but when it comes to selecting the best software for your personal needs, I think the adage that should apply is "Simplest is best." This is not to berate the power of many stock market software packages, but the simple fact that as I get older I want my stock trading methods to simplify, and I do not want to be overwhelmed with too many options. As a result, I tend to prefer very simple trading systems and techniques.

Tips for Choosing the Best Stock Trading Software

At one time I used a system of index cards and post it notes to keep track of my trades. I have tried EXCEL spreadsheets and other forms of computer automation, but frankly, these simple manual methods seem best because you can pick up your log and take it with you to lunch or anyplace else for analysis. However, nothing beats a watch list in stock trading software that can tag certain companies for potential signals. You want to look for this in any system you buy.

Another thing you want to look for is a wide variety of entry and exit methods you can apply to your stock lists. This might include moving average crossovers to relative strength indicators, valuation models, trend line breakouts, new high or low breakouts, Elliott wave corrections, and more. If I did not have any trend following indicator to confirm my hunches about buying or selling a stock, I would not use software at all. Once again, forget about fancy systems. Pick good stocks and use simple methods to get in and out of trades. Ben Graham himself used a simple 50% profit rule or two year holding period to get out of value stocks he purchased, whichever cam first.

However, if we are talking about stock analysis or stock market charting software packages, that is a different story. In this case it is all about analysis to find shares of interest, and it is up to you to do with it what you like. Stock analysis software only shows you indicators, but a human has to be pull the trigger. For this it helps to have a visual look at the stock of interest.

Now if you do not feel comfortable with a stock trading software package, skip it once again unless they give you a free trial. Most large cities have an investment expo where various packages are shown in real time, and if something looks too complicated to master, move on to something else. You can also search YouTube for terms like "stock trading software," "stock trading robot," "automatic buying selling stock," or "stock automation" to find demonstrations of what is available. You should also search for reviews and ratings of the stock trading software available. The magazine Technical Analysis for Stocks and Commodities always has an issue with the results of polls about the best software and data feeds available.

If you are ready to purchase software and it is expensive, but the company is small, that is another indication that you have to pause and think for a bit. If it is small and you are paying $2000 for a package, will they be there for upgrades and technical support in a year's time? Will they be around for a money back guarantee to kick in. I recently had to make this decision for a package that cost nearly $10K, and my partner and I said "no" because the risks were too high. If there is any doubt in your mind, consider waiting unless it is a monthly membership type plan that gives you access to the service.

Lastly, make sure your software has a charting feature that lets you see the target market, for that will make it easier for you to trade with confidence. Having traded hundreds of black box systems over the years, I cannot tell you how much advantage there is to having a great stock charting feature in your software, because since no system is 100% fool proof, a stock chart helps me eliminate bad trades manually.

After so many packages and methods over the years, I've boiled everything down to simple but powerful seasonal trading techniques using a free stock trading software package that also serves as stock charting software that makes predictions.
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