In the world of day trading, having access to a powerful and feature-rich trading platform can make all the difference. SpeedTrader PRO, a desktop trading software designed exclusively for day traders, offers a comprehensive suite of tools and features aimed at enhancing the trading experience. In this in-depth review, we’ll delve into the key elements that set SpeedTrader PRO apart from the competition, including its real-time market data, advanced charting capabilities, direct access order routing, and more. SpeedTrader PRO is all about helping traders strategize, analyze, and execute their trades efficiently and effectively.
Advanced Charting
For day traders, advanced charting capabilities are paramount. SpeedTrader PRO excels in this area by offering a diverse range of chart types, including Price and Candlestick charts. These charts are essential for technical analysis, helping traders spot patterns and trends that inform their trading decisions. Furthermore, the inclusion of timing indicators enhances the platform’s analytical power, providing traders with invaluable insights into market movements and potential entry and exit points.
Level 2 Data
Another standout feature of SpeedTrader PRO is its provision of real-time streaming Level 2 data. This data encompasses bid and ask prices and quantities, offering traders a deeper understanding of market liquidity. Additionally, Time & Sales data is available to track individual trades as they unfold. What sets SpeedTrader PRO apart is the ability to customize Level 2 settings and seamlessly link it to charts, streamlining the trading process. With this feature, traders can quickly make informed decisions based on real-time market dynamics.
Account Management
Efficient account management is fundamental for traders looking to maximize their profits while minimizing risks. SpeedTrader PRO simplifies account management by allowing traders to oversee multiple accounts directly within the platform. This means that traders can easily control their positions, monitor their profit and loss (P&L), and execute trades—all from a single, user-friendly interface. This level of integration not only saves traders valuable time but also ensures that they can stay on top of their trading activities across multiple accounts.
Customization Options
One of the strengths of SpeedTrader PRO lies in its extensive customization options, empowering traders to tailor the platform to their precise preferences and trading strategies:
- Saved Layouts: Traders can create, save, and load custom multi-screen layouts, ensuring that their workspace is optimized for their specific needs. This flexibility allows traders to design a workspace that maximizes efficiency and minimizes distractions.
- Custom Watchlists: SpeedTrader PRO provides the capability to build and organize multiple stock watchlists. This feature is invaluable for traders who track numerous stocks and want to stay informed about potential trading opportunities. Whether you’re focused on specific sectors or asset classes, you can set up watchlists to suit your strategy.
- Hot Key Support: SpeedTrader PRO offers over 100 hot key options for rapid order entries. The ability to execute trades quickly and efficiently can be a game-changer for day traders operating in fast-moving markets. These customizable hotkeys give traders a competitive edge by reducing the time it takes to place orders.
- Multi-Account Management: Managing multiple trading accounts can be complex, but SpeedTrader PRO simplifies the process. Traders can seamlessly navigate between their accounts within the same platform, making it easy to monitor positions and P&L for each account. This functionality provides a holistic view of your trading activities, streamlining the account management process.
- Stock Scanners: SpeedTrader PRO allows traders to create and save custom stock scanners. These scanners enable traders to pinpoint ideal trading opportunities that align with their strategies. Whether you’re looking for stocks with specific technical indicators or other criteria, these custom scanners can help you identify potential trades efficiently.
- Direct Access Order Routing: The platform offers access to over 25 routing options, allowing traders to choose the best routing strategy for their trades. This level of flexibility ensures that traders can execute orders according to their preferred methods and market conditions.
- Technical Indicators: SpeedTrader PRO includes a wide array of technical indicators that can be applied to charts. These indicators help traders refine their trading strategies and make more informed decisions. Whether you’re using moving averages, stochastic oscillators, or Bollinger Bands, you’ll find the tools you need to analyze the market effectively.
- Real-Time News and Alerts: Staying informed about breaking news and market events is crucial for day traders. SpeedTrader PRO provides real-time news feeds and customizable alerts to keep traders updated on events that could impact their positions. These features ensure that traders can react quickly to news-driven market movements.
- Paper Trading: For traders who want to test their strategies without risking real capital, SpeedTrader PRO offers a paper trading mode. This simulation feature allows traders to execute trades with virtual funds, providing a risk-free environment for strategy development and testing.
- Customer Support and Training: SpeedTrader PRO offers comprehensive customer support and training resources. This includes webinars, tutorials, and a knowledgeable support team that can assist with platform-related inquiries. Having access to reliable support can be essential for traders, especially those new to the platform or day trading in general.
Overall, the extensive customization options in SpeedTrader PRO make it a versatile platform that caters to a wide range of trading styles and preferences. Whether you’re a technical trader who relies heavily on chart analysis or a news-driven trader who requires real-time updates and alerts, SpeedTrader PRO has the tools and features to meet your needs.
Performance and Speed
One of the most critical aspects of any trading platform is its performance and speed. SpeedTrader PRO is designed with a focus on optimal performance, ensuring that traders can execute their orders swiftly and with minimal latency. In the fast-paced world of day trading, every second counts, and SpeedTrader PRO’s performance-oriented design can make a significant difference in a trader’s ability to capitalize on opportunities.
The platform’s robust infrastructure is engineered to handle the demands of high-frequency trading, making it suitable for both active day traders and professional traders. It provides the speed and reliability necessary for executing trades in real-time, even during periods of high market volatility.
Moreover, SpeedTrader PRO offers advanced order routing options, which further enhance order execution speed. Traders can choose from over 25 routing options to optimize their order flow and ensure that orders are executed with precision. This level of control over order routing can be especially advantageous for traders who require specific execution strategies to achieve their trading goals.
Multi-Account Support
For traders who manage multiple accounts simultaneously, the ability to handle all their trading activities within a single platform is invaluable. SpeedTrader PRO recognizes this need and offers seamless multi-account support.
Traders can easily switch between accounts, view their individual positions, and monitor P&L for each account, all without the need to log in and out repeatedly. This streamlined approach to multi-account management simplifies the trading process, making it more efficient and less prone to errors.
Whether you’re managing personal accounts, trading on behalf of clients, or juggling various trading strategies across different accounts, SpeedTrader PRO ensures that you have a clear overview of your trading activities, helping you make informed decisions and allocate resources effectively.
Real-Time Market Data
Access to real-time market data is the lifeblood of day trading, and SpeedTrader PRO delivers on this front. Traders can rely on the platform to provide up-to-the-second market information, ensuring that they are always well-informed about price movements, order book depth, and trading activity.
Real-time data is especially critical for day traders who make quick, intraday trading decisions. With SpeedTrader PRO’s real-time market data, traders can identify emerging trends, spot potential opportunities, and execute orders with precision.
The platform’s market data offerings extend beyond just stock prices and bid-ask spreads. Traders also have access to essential data points such as volume, historical price data, and order flow statistics. These data sets provide valuable insights into market dynamics and can help traders make more informed trading decisions.
Furthermore, the real-time data is seamlessly integrated into the platform’s charting and order entry features. This integration allows traders to visualize market data in real-time charts and execute orders directly from these charts, creating a more efficient and intuitive trading experience.
Direct Access Order Routing
Direct access order routing is a critical feature for day traders who require fast and reliable execution of their orders. SpeedTrader PRO offers access to over 25 routing options, allowing traders to choose the most suitable routing strategy for their trades.
Direct access routing ensures that traders’ orders are sent directly to the market without intermediaries, reducing the risk of execution delays. This is particularly important for traders who engage in high-frequency trading or rely on specific order execution strategies.
Traders can customize their order routing preferences based on factors such as order type, market conditions, and desired execution speed. This level of control empowers traders to fine-tune their order routing to align with their trading goals and strategies.
SpeedTrader PRO also provides advanced order types, including limit orders, market orders, stop orders, and more. This comprehensive suite of order types gives traders the flexibility to implement a wide range of trading strategies, from simple day trading to more complex algorithmic trading approaches.
Moreover, the platform’s order routing options are complemented by real-time order status and execution reports, allowing traders to track the progress of their orders and gain transparency into their execution quality.
Mobile Accessibility
While SpeedTrader PRO is primarily a desktop-based trading platform, it also recognizes the importance of mobile accessibility. The platform offers a mobile trading app that allows traders to stay connected to the markets and manage their trades on the go.
The mobile app provides real-time access to market data, charts, and account information. Traders can monitor their positions, view account balances, and even execute orders from their mobile devices. This flexibility ensures that traders are not tied to their desks and can respond to market developments anytime, anywhere.
The mobile app’s user interface is designed for ease of use, making it intuitive for traders to navigate and execute orders quickly, even on smaller screens. This ensures that traders can maintain their trading activities without compromising on functionality when they are away from their desktops.
Customer Support and Training
Comprehensive customer support and training resources are essential for traders, especially those who are new to a trading platform or day trading in general. SpeedTrader PRO recognizes the importance of providing top-notch support and educational materials to its users.
The platform offers a range of customer support channels, including phone support, email support, and live chat. Traders can reach out to the support team with any platform-related inquiries or technical issues they may encounter. SpeedTrader PRO’s support staff is knowledgeable and responsive, ensuring that traders receive timely assistance.
In addition to direct customer support, SpeedTrader PRO provides a wealth of training resources. These resources include webinars, tutorials, video guides, and written documentation. These materials cover a wide range of topics, from platform navigation and order execution to trading strategies and risk management.
The availability of training resources is especially beneficial for traders who are new to day trading or the SpeedTrader PRO platform. It allows them to quickly get up to speed and build their confidence as they navigate the complexities of day trading.
Real-Time News and Alerts
Staying informed about breaking news and market events is crucial for day traders, as these developments can have a significant impact on market sentiment and price movements. SpeedTrader PRO recognizes the importance of real-time news and alerts in helping traders make informed decisions.
The platform provides real-time news feeds that deliver up-to-the-minute information on market-related events, corporate earnings reports, economic indicators, and more. Traders can customize their news feeds to focus on specific topics or asset classes, ensuring that they receive the most relevant information.
In addition to news feeds, SpeedTrader PRO offers customizable alerts and notifications. Traders can set up alerts based on criteria such as price levels, volume changes, technical indicators, and news events. When a triggering condition is met, the platform sends notifications to the trader, allowing for rapid response to market developments.
These real-time news and alert features help traders stay ahead of the curve and make timely decisions in response to changing market conditions, enhancing their trading efficiency and effectiveness.
Paper Trading
For traders who want to test their trading strategies without risking real capital, SpeedTrader PRO offers a paper trading mode. This simulation feature allows traders to execute trades with virtual funds, providing a risk-free environment for strategy development and testing.
Paper trading is a valuable tool for both new and experienced traders. It allows beginners to familiarize themselves with the platform and practice executing trades without the fear of financial loss. It also enables experienced traders to fine-tune their strategies and test new approaches in a controlled environment.
In the paper trading mode, traders have access to all the platform’s features, including real-time market data, advanced charting, and order execution. This ensures that the trading experience closely mirrors real trading conditions, providing valuable insights and helping traders build confidence in their strategies.
Additionally, paper trading allows traders to track and analyze their simulated trades, helping them identify areas for improvement and refine their trading techniques.
Conclusion
In a fast-paced and competitive market, day traders require a trading platform that offers the right combination of speed, features, and reliability. SpeedTrader PRO excels in providing day traders with the tools they need to succeed in the dynamic world of day trading.
From its advanced charting capabilities and real-time Level 2 data to its seamless multi-account management and extensive customization options, SpeedTrader PRO stands out as a versatile and comprehensive trading platform. It caters to the diverse needs and preferences of day traders, whether they are focused on technical analysis, news-driven trading, or a combination of strategies.
The platform’s commitment to performance and speed ensures that traders can execute their orders swiftly and efficiently, even in volatile markets. The direct access order routing options empower traders to take control of their order execution and implement their preferred trading strategies.
With mobile accessibility, robust customer support, real-time news and alerts, and paper trading capabilities, SpeedTrader PRO equips traders with the resources and tools necessary to stay informed, make informed decisions, and continually improve their trading skills.
Whether you’re a seasoned day trader looking for an edge or a newcomer eager to explore the world of day trading, SpeedTrader PRO is a platform worth considering. Its feature-rich environment, coupled with its commitment to speed and performance, positions it as a valuable ally in the pursuit of day trading success.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
