Features Of Online Trading Software
We all know trading online is the best, most relaxed and comfortable way to execute a trade than doing it physically. Online trading, in short, refers to the trading of securities/financial instruments with the help of internet and trading software. Investors must be cautious while choosing the trading software as there may be chances of misinterpretation of data by the trading software resulting in a considerable loss. Also, do check the quality and speed of the trading software before getting started to trade.
Let us get into the general features that trading software would provide.
1) Sign Up:
Once, you have chosen your trading software; fill in the registration form with the particulars to sign up. Trading software like Bitcoin Trader offers registration for free while other trading software charges a minimal amount as registration fee.
Once registered, you will be directed to the trading platform web. A login ID and password must protect your trading platform. Ensure, you change your password frequently for security reasons. In addition, you can also lock the trading software to one particular system/computer thereby creating an additional security procedure.
2) Market Screen:
The Market screen is the window where the trades get executed. The screen might look like an unknown language for beginners as they are displayed with numbers and signs. It will take a day for beginners to understand the market screen.
The window depicts a tabular representation of the current market position of selected securities. There is a row of data for each share/securities that contains the name, the price last traded quantity, bid and ask rate, etc. The screen can be customized according to the investor’s preference. An Investor can decide the details of information to be displayed in the rows and columns. There are also separators for better understanding. Changes done in the window gets updated within no time. An Investor can trade securities by clicking on the specific share on the market screen.
The market window must display the indices at a location easily accessible. At the same time, trading software must display popular indices like Sensex, etc. Tracking indices are fundamental as it would give an overall picture of the market fluctuations.
Records refer to the Trade book, Margin, Share Holdings, Net Positions, Order book, Exercise book and other relevant documents related to trade. All trading platforms will have transaction records, and this is updated automatically. Appropriate buttons will be enabled/disabled depending on the action undertaken.
- Market Analyzer:
This feature would provide the list of shares that are top traded, gained and lost during the trading. Market analyzer helps the investor to examine the market conditions and movement of the securities.
There are other features in trading software such as the chart that displays a price projection of securities, market trend analysis, historical data of securities etc. It is up to the investor to optimize the functions and features of the trading software.