DirectTrader Trading Software Review
Years ago some time after I first started 'trading' I acquired charting software and as I got used to it, I got to like it more and more.
As time went on there were upgrades which amounted to complete rewrites, there were lots of bugs that took time to sort out, then there was another rewrite which now meant it needed XP to work properly (and more bugs and freezes) and the whole thing became more and more bloated without really achieving any improvements in functionality. It now needed frequent checks online to continually activate it and if you got a new computer there was a whole activation process to follow.
Sounds a bit like a well-known operating system doesn't it?
About this time I discovered DirectTrader and heard good reports about them which made me have a look at and eventually buy it. It was pocket money compared with what I had to pay for the licence and upgrades of the one I had. The company is constantly working to develop and improve it.
One disadvantage with the more advanced programs from DirectTrader is that for those who are somewhat challenged in the computer literacy department they may not be the most user friendly programs there are at first glance. They are actually quite easy to use once configured properly but unfortunately the comprehensive tutorial files that are in the 'Help' section of the programs at times assume more knowledge than many readers actually have. Fortunately they offer entry level programs for beginners and amateurs alike.
* It is a quality program and advertising is by word of mouth - the program sells itself. In this case you don't get what you pay for, you get much more.
* DirectTrader reads data ten times faster than other leading software, enabling charts to open at lightning speed - this is great when clicking your way through a watchlist of charts to do a final scan for trading opportunities. It also means backtesting and scanning is very fast.
* It is possible to code any indicator or trading system for use in charting, scanning or backtesting. There is a great library of code and guides on how to use it. Also a wizard is available for a small charge which enables the user to write code if you know nothing about coding. The wizard function for creating explorations or scans is still under construction.
* For visually checking for past trading opportunities there is a bar replay option where you can go back to a past date and bars are added to the chart at selected intervals of time.
* There is a comprehensive suite of indicators built in and much more is available from which can be added into the program. Some of these are put there by users of the program and some by the developers themselves. The code for each indicator is readily viewed and easily changed if desired. If you are not comfortable with that there is a readily accessible parameters panel to adjust the periods and characteristics of the indicators and other aspects of the chart.
* There is great support available from professional traders themselves.
* The program is continually being improved and for subscribers 'beta' versions are regularly released. In contrast with most software the beta versions are in my experience safe to use with no bugs or problems. If there are bugs on first release they are fixed so quickly that I have never found any. The program itself is very compact and will run in everything from Win 95 to Windows 8. It is extremely stable and very easy to install.
* For the experienced trader the software has almost unlimited possibilities. While it will do what beginners need it will also do serious backtesting.
* For backtesting trading systems there are good tutorials available in the help section of the program.
* The program has a Quick Market Review Section which can scan the entire market, or any list of stocks to see how they have performed for the day or intraday. This list can be sorted by the display column headings such as by percent change in ascending or descending order. This can be very useful in finding stocks that have done well for the day and, for instance, to find stocks which have had a large increase in value together with increase in volume. Once you see a stock that looks interesting it only takes a double-click in the list to bring up the chart.
. The more expensive Professional version will give extra functionality with live data but is not needed for end of day data or for a limited number of live charts.
* A portfolio manager is included and this will handle multiple accounts
There are aspects of this software I have not yet explored so those who have been using it for longer than I have may be able to suggest other advantages. All in all I think it is an excellent package and unbeatable for the price and quality.
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