Having worked on several trading software platforms, including giving lessons to fellow traders on how to use their software packages better, I have noticed that many could use a "refresher course" on how to use their day trading software! Many day traders fall into the trap of blaming some other party (the ECN routing mechanism, the specialist, their internet connection, etc.) for their losses; yet when these same day traders were asked if they used the "XYZ" function on their software packages they sheepishly replied that they did not even know they had such capabilities at their fingertips!
Here is a quick day trading stock tip lesson, focusing on what you can do to learn more about your day trading software package's functions:
- Either visit your day trading software company's website, or call your online day trading broker and ask your representative for the URL, to download the latest user's manual. Yes, I know that these manuals can be cumbersome - and some are not updated regularly - but it is the best place to start when learning about your day trading software package.
- From the same website, or by calling your broker, and for the latest official "Release Notes." The day trading software firms usually will release Release Notes; and in these notes you will find the latest new functionality. Some firms even include their "Bug Fixes" which means that they officially corrected a particular error in the software.
From the day trading software's website, or by calling your online day trading broker, ask if the software has video training or a pre-recorded training "webinar". Watch these videos to learn about new features or to give yourself a "refresher course" and learn how to better use the tools you already use every day.
Once you have read the manual, Release Notes, and watched any videos, ask if your broker can assign you a temporary "Demo" password. Tell them that you want to try a new function of the day trading software, but you do not want to risk live money as you learn the appropriate keystrokes and mouse clicks.
Use these four suggestions to learn how to better use your day trading software. If you want more suggestions on this topic, or any software-related day trading stock tip lesson, let me know.