When you start off trading it is difficult to get your head around all the quotes, symbols and terminology used in everyday stock market trading. Many people prefer to avail of software to help with their picks. The so called “real traders” will tell you that software couldn’t possibly compete with highly advanced analytical mind of a day trader, but, lets face it, stock market traders are full of it.
When trading stock you need to have a system to work by. That is exactly what stock market software does. In most cases where traders use stock market software the following steps are used presuming that you already have an online stock broker account set up:
- Receive stock picks from stock picking software
- Take the picks and check quotes, news reports, volume information and research
- Narrow the picks down to a stock you are interested in trading
- Place an order with your online stock broker
- Wait for a sell signal from the stock picking software and sell for a profit
The above list might seem over simplified but that is exactly how its done.
Choosing the Right Software
This is where it gets tricky. There are so many stock picking providers out there offering their services that its difficult to choose one with reasonable subscription fees. Some charge a hefty sum for their service and others require a once off payment.
Here are three providers of stock picking services with relatively low sign up costs:
Stock Assault 2.0
Stock Assault 2.0 is software developed with the short term trader in mind. The software is left to run for about an hour each day and provides a list of stock picks the night before or early in the morning before markets open. When it comes time to sell the stock you have bought, the software indicates your exit point. Sell orders from the software are designed to be placed before the markets open.
Price $57
One off payment
No subscription
Optional Diamond edition for frequent traders
Doubling Stocks
Doubling Stocks is software designed to provide the user with penny stock picks. Results show that this system is accurate and reliable. The only drawback, if any, is that you don’t actually own the software. The stock picks are sent to you via e-mail before markets open and you place the order with your broker.
Price $47
One off payment
Dream Tai
This is another piece of software that you simply download to your computer and leave to process stock charts and symbols. Dream Tai will then indicate when and what to buy and sell the stock.
Price $19.99
One off payment
No subscription
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