Online trading has become a common word in everyone’s conversation. Nowadays, you can see the youngsters doing the trading in between their working hours, and some have made trading their full-time career. All this happened because of the new facilities in the application and advancement of technology, trade and policies.
Trading software is all you need to do the job, and it has become easier than before with the new options available on the platform. Software like MetaTrader 4 in Australia is gaining popularity because of the new features that make trading easy and fast. How? It’s because of various reasons—there is a probability that a few of your friends have also started trading.
The number of people doing intra-trading has doubled in Australia in the last two years—pandemic being the major reason and the need for multiple sources of income is second. It’s no wonder that around 1.4 million people in the country have an online trading account, which was just 750,000 in 2019. These numbers are expected to grow as the millennials get the hang of it, and it is one of the best sources of alternate income.
Though the millennials are the new ones joining the trading market, the majority of the traders fall under the age of 45+ (45%) and between the age of 35 and 44 (25%).
What is trading software?
It is software that helps traders trade and analyse financial products like options, stocks, or currencies. There are various types of online software available in the market, and you can access your account through this software on your mobile, laptop, or any other gadget. You can use an online trading platform like MetaTrader 4 in Australia to do the trading.
What are the types of trading software?
There are several kinds of trading software, and some of the important ones are:
- Placing trades
- Technical analysis
- Fundamental analysis
- Programmatic trading
- Paper trading
What are some main features you can see in online trading software?
Some of the key features are:
Almost all online trading platform offers the feature to place new orders, such as limit orders, market orders, and other order types. You can look up real-time prices, trading statistics, and profit or loss on closed trades. Such features are nowadays common for this software.
You will get different tools such as chart patterns, indicators, and interactive charts, to analyse the shares and make the purchase or sell them. You can also compare the shares and save the statistics for future reference. Some application offers expert advice as a part of their service, but that may cost you some bucks.
Programmatic trading is a feature that lets you execute trades automatically. Initially, you need to feed the information and directions to the application, and then the App will function on its own.
Have you heard about riskless virtual money? That’s paper trading. Paper trading is a feature you can find in the top trading software. This feature lets you test your skills using no-real-money trades before you start the actual trading.
The best way to choose a trading software is to check whether it has the features mentioned above—and the one which has the least brokerage rate. Some online trading software offers free services to an extent. So, select the best trading software and trade well in the future.