Tradestation is one of the most highly rated and commonly used pieces of trading software out there so I thought it might be good to have a look at some of the benefits.
Like most decent trading software it allows you to trade multiple different market types like equities, futures, options and forex in the same place as well as the ability to do thorough back tests on these markets in order to refine your trading strategy.
A massive amount of data makes these back tests extremely reliable with 4 years of intra-day Forex data available and even more with the other market types. This means that even with a swing trading or longer term strategy you’re able to cover all of the different market conditions in your test.
You have the ability to link accounts so if you do fancy trading other markets besides Forex you can make sure each type is restricted to it’s own account quite easily.
Orders are executed efficiently in my experience and multiple order types are available like OCO (order cancels order) which aren’t always available elsewhere so pretty much everything you could want for your trade execution and management is here. The only thing it might have been nice to see is the ability to trade directly from the charts.
The charts themselves are set-up well and allow a good level of customization. All of the indicators you want are here so there’s no problem in that area and mixed with the back testing facility it means you have great potential for strategy development.
The support centre for tradestation allows you to get fairly quick responses to any problems you might have but just as importantly it allows you to speak to other traders using the software which can be incredibly helpful when testing methods and coding new ideas. A wiki style FAQ has been developed recently which means that the majority of the questions you might have will most likely have already been answered which makes it extremely efficient when you’re getting started and getting used to the software.
One final feature of tradestation that’s worth pointing out is the radar screen which is a market screening tool. Whilst most trading software packages offer this kind of thing, it’s far more advanced here and if you’re able to code your method into the system with precision it can search out through the markets for accurate signals even if they require fairly complex criteria.
Overall tradestation is another solid option to consider when looking for good trading software.