Australian (ASX) Stock Market Forum

Broker's Platform or Trading Software Package?

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Can anyone tell me if there is any real advantage to using a trading software package like Metastock, EzyProfessional, or BullCharts as opposed to using the trading software platform offered by your on-line broker eg. WebIRESS, MarketMaker etc,
As a beginner to share/CFD trading. trading software packages are fairly expensive plus there is the added the cost of data supply.
Interactive Brokers seem to have a Traders Work Station which would seem to cover all my needs as as someone performing 2 or 3 trades a week, or have I missed something.
KitKat.
 

CanOz

Home runs feel good, but base hits pay bills!
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Re: Brokers Platform or Trading Software Package

Depending on time frames but for end of day (sounds like your time frame), IB is fine for charting if you have someone already picking out the trades for you. Otherwise you need a way to either scan the markets for patterns, if you trade discretionary, or a package to develop algorithmic systems to trade, mechanical systems.

I have AmiBroker and Tradeguider and currently use neither as i no longer have time to do anything other than enter in orders and adjust stops. I use two services for identifying those opportunities for me. One for Australia, and one for the U.S.

It depends on what your needs (what time frame etc.) are but charts are all about finding trading opportunities, and to do that you can eyeball 100s of stocks, or scan for setups.

Cheers,


CanOz
 
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Re: Brokers Platform or Trading Software Package

Thanks Canoz for your reply. Makes sense when I think about it.:)
 
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Broker charting software vs. pro software (Amibroker, BullCharts, Metastock etc.)

i'm getting closer to getting a broker or buying charting software . there certainly are a heep of options out there :banghead:

i can see that brokers offer their own charting software e.g. IB's trader work station (TWS) or cmc's charting software. then you have other expensive stuff like metastock, bullcharts, amibroker etc. why is the other expensive software better? quite a few people here prefer that than just the broker's charting software

i'm thinking of trying cmc since it doesn't require a big deposit (IB does), but you never know, perhaps IB is much better - their website advertises loads of good stuff on it including charting software. if anyone thinks the IB's charting software/scanner is much better than CMC's software let me know why.


thanks everyone. getting closer . . .
 
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