Day Software Stock Trading - Is Trading Software Right Choice For You?
By Peter Skotnicky
So you have decided to enter the fast and exciting world of day trading. Most probably you spend your mornings practically gobbling up the New York times for breakfast looking for tips for the next big hit, the next profitable share... the hottest stocks.
Then you come across an email regarding the Day trading Robot claiming that it can accurately predict how the market will behave and you can ride the next big tide before it even materializes. And you wonder...
Is it possible? Should I have one of those?
What we know. We know that the logic behind the Day trading software is sound. Traders know that the market behaves in patterns and there are indicators if the price of the stock will continue to rise or suffer a rapid decline.
We also know that big corporate investors employ the same type of software only in large scale in order to ensure future gains. We also know that as with other kinds of predictors, the Day trading software can make mistakes and the predictions may occasionally not materialize into gains. This means there is possibility of losses aside from gains.
We go back to the most important question: Should I buy one for myself?
Assuming that the algorithms in the software are sound and assuming that it has been fed all the data it needs to make an accurate prediction, your Day trading software can predict gains in a regular basis. This is because that is the primary purpose for which they were developed, to identify patterns and predict future gains. Plus, the various software currently in the market today already have a proven track record of realizing gains.
You don’t need to be keen on studying the market. The day trading software does this for you. It monitors the movement of the stocks - hence, it always have to be running. It studies the market for you, identifies patterns and then makes recommendations. You just follow its instructions and watch the value of your stocks rise.
You don’t learn the science of investing. As Robert Kiyosaki said learning how to manage money involves not just winning money but also losing money. You learn which
“calculated risk” to take. However, since the Day trading software pretty much does all the studying and predicting, your tendency is to follow the advice and realize gain, not study how or why the advice was released. There is a way out of this though. Follow up your gain with interest on how the market behaved which led to the gain.
Promoters of the most recent Day trading software claim that their program can learn new patterns in the market
However, as programs go, this claim cannot be verified unless we look at the program codes themselves which, every programmer would hide due to copyright. Hence, when it comes to unfamiliar situations in the stock market, it is still best to study the situation as keenly and as carefully as possible before following the day trading software’s advice. This can be cumbersome errand and one that will be necessary to avoid great losses.
With or without the help of a day trading software, the nature of the stock market stays the same. It is still a place of losses and gains. Hence, it is still wise to invest only the money that you can afford to lose. Plus with or without the help of a day trading software, nothing can take the place of learning how to invest. The human mind is still superior to all computer programs. Although it may need the aid of software to better facilitate its functions, the human brain can still go beyond protocols which a software cannot do.
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