Purpose

Day traders open and close a position quickly. A typical day trade may last only seconds or up to a few hours. For particularly quick trades, software is essential to execute orders on the fly in real time. Typical brokerage firms or online Web-based brokers do not provide the speed and interface to make such active trades. Day-trading software is required for success in the field. Some day-trading platforms go beyond the normal tools of day-trading to provide additional features tailored to beginners or those who feel they need more training.

Forex Simulators

Foreign currency exchange, or Forex, is a particularly popular market for day-trading. Unlike the stock market, which is bound by strict federal regulations that require accounts to have a minimum balance of $25,000, there are no balance requirements in Forex. Additionally, the market is open 24 hours, which is ideal for beginning day traders who still work a day job. Unlike most stock-based brokerage firms, Forex brokers provide demos of their trading software to prospective clients. There is no need to become formally associated with the broker to gain access to their trading platform for two to four weeks. All Forex demos are funded with fake capital and function as simulators. It is thus possible for the beginning day trader to practice in the field for months before committing real money, as there are dozens of Forex brokers providing this service.

Forex Signals

Day-trading in any financial market is extraordinarily risky, and most successful traders have spent years developing their own effective strategies. Beginning day traders do not have this experience, so some software programs offer trading signals directly. These programs analyze Forex markets in real time and then alert the day trader to potential trading opportunities. No signal system is foolproof, but many provide decent results. A beginner can at least see how the system found the potential trading opportunity.

Warning

References

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