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Top Tips for Selecting the Right Futures Trading Software

February 5, 2020 by Daniels Trading| Tips & Strategies

Since the days of the ticker tape, traders have had a thirst for fast information and unfettered market access. With the advent of internet connectivity and software trading platforms, the modern marketplace now delivers an abundance of both to participants. Thanks to advanced technology, it’s never been a better time to be a trader.

For anyone pursuing market share via derivatives, selecting the right futures trading software suite is of paramount importance. Let’s take a look at three attributes that most elite platforms have in common.

1. Advanced Capabilities

The very nature of the digital marketplace and futures trading software is innovation. As technology moves forward, the markets evolve. That means that if your platform isn’t able to stay on the cutting edge, it will soon become obsolete. Selecting software that offers advanced features is a good way to ensure that your platform can stay on the industry’s lead lap.

The basic elements of a standard trading platform include charting and various order entry options. Aside from these essential components, here are a few advanced features that greatly enhance a platform’s potential utility:

  • Mobile access: Over the past several years, mobile trading has exploded in popularity. Accordingly, your platform should be available on smartphone, tablet, laptop, and desktop.
  • Third-party add-ons: A good platform is able to be combined with third-party software applications. In doing so, signals, proprietary analytics, and news feeds may be integrated to boost functionality.
  • Customization: To personalize the trading experience, the platform must be fully customizable. Compatibility with external plug-ins and a user-friendly programming language are two areas that enhance customization exponentially.

A powerful futures trading platform should be receptive to third-party software, fully customizable, and available on mobile devices. These capabilities ensure that the technological framework will not become a thing of the past tomorrow.
Our webinar series covers all you need to know about dt Pro, from the basics up to advanced techniques. Sign up to watch them on demand!

2. Direct Market Access

One of the key attractions of futures is speed. Trade in the digital marketplace is conducted in fractions of a second. It’s an obvious point, but any undue latency is an enemy to be feared.

Unless you’re a swing trader or long-term investor, limiting latency is one of your major concerns. Being slow costs money, so making sure that your futures trading software supports direct market access (DMA) is one way of keeping pace with other traders.

DMA is a market connection that provides traders an uninterrupted path to the exchange. Subsequently, data flows to and from the trader free of any outside interference. Trading with DMA optimizes efficiency and reduces such costly issues as slippage.

3. Variety of Markets

Only a few decades ago, traders were limited as to which markets they were able to trade. For instance, if you wanted to trade commodity futures such as crude oil or cattle, then you were going to have to move to Chicago or New York. Now, futures trading software brings the world’s premier markets to the masses.

It is important to make sure that your platform provides access to a variety of exchanges. In some cases, the available markets are limited according to brokerage service or municipality. However, here are a few exchanges that are offered on all decent platforms:

Exchange Featured Products
Chicago Mercantile Exchange (CME)  E-mini S&P 500, Euro FX
Chicago Board Of Trade (CBOT) 10yr T-Note
Chicago Futures Exchange (CFE) CBOE Volatility Index (VIX)
New York Mercantile Exchange (NYMEX) WTI Crude Oil, Natural Gas
The Commodity Exchange (COMEX)  Gold, Copper
The Intercontinental Exchange (ICE) USD Index, Cocoa, Coffee

Does Your Futures Trading Software Make the Grade?

A platform’s adaptability and technological infrastructure are crucial drivers of its longevity. Constantly changing trading software is a pain in the neck―finding a good suite and sticking with it is a key part of establishing consistency in the marketplace.

If you’re looking to boost your trading software game, be sure to check out Daniels Trading’s flagship platform, dt Pro. It’s an all-in-one trading suite, featuring advanced capabilities, DMA, and the ultimate in exchange access. Built with the active trader in mind, dt Pro is a powerful tool for anyone interested in engaging the futures markets on a daily basis.

Demo DT Pro Today

Filed Under: Tips & Strategies

About Daniels Trading

Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

Risk Disclosure

THIS MATERIAL IS CONVEYED AS A SOLICITATION FOR ENTERING INTO A DERIVATIVES TRANSACTION.

THIS MATERIAL HAS BEEN PREPARED BY A DANIELS TRADING BROKER WHO PROVIDES RESEARCH MARKET COMMENTARY AND TRADE RECOMMENDATIONS AS PART OF HIS OR HER SOLICITATION FOR ACCOUNTS AND SOLICITATION FOR TRADES; HOWEVER, DANIELS TRADING DOES NOT MAINTAIN A RESEARCH DEPARTMENT AS DEFINED IN CFTC RULE 1.71. DANIELS TRADING, ITS PRINCIPALS, BROKERS AND EMPLOYEES MAY TRADE IN DERIVATIVES FOR THEIR OWN ACCOUNTS OR FOR THE ACCOUNTS OF OTHERS. DUE TO VARIOUS FACTORS (SUCH AS RISK TOLERANCE, MARGIN REQUIREMENTS, TRADING OBJECTIVES, SHORT TERM VS. LONG TERM STRATEGIES, TECHNICAL VS. FUNDAMENTAL MARKET ANALYSIS, AND OTHER FACTORS) SUCH TRADING MAY RESULT IN THE INITIATION OR LIQUIDATION OF POSITIONS THAT ARE DIFFERENT FROM OR CONTRARY TO THE OPINIONS AND RECOMMENDATIONS CONTAINED THEREIN.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. THE RISK OF LOSS IN TRADING FUTURES CONTRACTS OR COMMODITY OPTIONS CAN BE SUBSTANTIAL, AND THEREFORE INVESTORS SHOULD UNDERSTAND THE RISKS INVOLVED IN TAKING LEVERAGED POSITIONS AND MUST ASSUME RESPONSIBILITY FOR THE RISKS ASSOCIATED WITH SUCH INVESTMENTS AND FOR THEIR RESULTS.

TRADE RECOMMENDATIONS AND PROFIT/LOSS CALCULATIONS MAY NOT INCLUDE COMMISSIONS AND FEES. PLEASE CONSULT YOUR BROKER FOR DETAILS BASED ON YOUR TRADING ARRANGEMENT AND COMMISSION SETUP.

YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU SHOULD READ THE "RISK DISCLOSURE" WEBPAGE ACCESSED AT WWW.DANIELSTRADING.COM AT THE BOTTOM OF THE HOMEPAGE. DANIELS TRADING IS NOT AFFILIATED WITH NOR DOES IT ENDORSE ANY TRADING SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE. DANIELS TRADING DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR SERVICE.

GLOBAL ASSET ADVISORS, LLC (“GAA”) (DBA: DANIELS TRADING, TOP THIRD AG MARKETING AND FUTURES ONLINE) IS AN INTRODUCING BROKER TO GAIN CAPITAL GROUP, LLC (GCG) A FUTURES COMMISSION MERCHANT AND RETAIL FOREIGN EXCHANGE DEALER. GAA AND GCG ARE WHOLLY OWNED SUBSIDIARIES OF STONEX GROUP INC. (NASDAQ:SNEX) THE ULTIMATE PARENT COMPANY.

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Risk Disclosure

THIS MATERIAL IS CONVEYED AS A SOLICITATION FOR ENTERING INTO A DERIVATIVES TRANSACTION.

THIS MATERIAL HAS BEEN PREPARED BY A DANIELS TRADING BROKER WHO PROVIDES RESEARCH MARKET COMMENTARY AND TRADE RECOMMENDATIONS AS PART OF HIS OR HER SOLICITATION FOR ACCOUNTS AND SOLICITATION FOR TRADES; HOWEVER, DANIELS TRADING DOES NOT MAINTAIN A RESEARCH DEPARTMENT AS DEFINED IN CFTC RULE 1.71. DANIELS TRADING, ITS PRINCIPALS, BROKERS AND EMPLOYEES MAY TRADE IN DERIVATIVES FOR THEIR OWN ACCOUNTS OR FOR THE ACCOUNTS OF OTHERS. DUE TO VARIOUS FACTORS (SUCH AS RISK TOLERANCE, MARGIN REQUIREMENTS, TRADING OBJECTIVES, SHORT TERM VS. LONG TERM STRATEGIES, TECHNICAL VS. FUNDAMENTAL MARKET ANALYSIS, AND OTHER FACTORS) SUCH TRADING MAY RESULT IN THE INITIATION OR LIQUIDATION OF POSITIONS THAT ARE DIFFERENT FROM OR CONTRARY TO THE OPINIONS AND RECOMMENDATIONS CONTAINED THEREIN.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. THE RISK OF LOSS IN TRADING FUTURES CONTRACTS OR COMMODITY OPTIONS CAN BE SUBSTANTIAL, AND THEREFORE INVESTORS SHOULD UNDERSTAND THE RISKS INVOLVED IN TAKING LEVERAGED POSITIONS AND MUST ASSUME RESPONSIBILITY FOR THE RISKS ASSOCIATED WITH SUCH INVESTMENTS AND FOR THEIR RESULTS.

TRADE RECOMMENDATIONS AND PROFIT/LOSS CALCULATIONS MAY NOT INCLUDE COMMISSIONS AND FEES. PLEASE CONSULT YOUR BROKER FOR DETAILS BASED ON YOUR TRADING ARRANGEMENT AND COMMISSION SETUP.

YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU SHOULD READ THE "RISK DISCLOSURE" WEBPAGE ACCESSED AT WWW.DANIELSTRADING.COM AT THE BOTTOM OF THE HOMEPAGE. DANIELS TRADING IS NOT AFFILIATED WITH NOR DOES IT ENDORSE ANY TRADING SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE. DANIELS TRADING DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR SERVICE.

GLOBAL ASSET ADVISORS, LLC (“GAA”) (DBA: DANIELS TRADING, TOP THIRD AG MARKETING AND FUTURES ONLINE) IS AN INTRODUCING BROKER TO GAIN CAPITAL GROUP, LLC (GCG) A FUTURES COMMISSION MERCHANT AND RETAIL FOREIGN EXCHANGE DEALER. GAA AND GCG ARE WHOLLY OWNED SUBSIDIARIES OF STONEX GROUP INC. (NASDAQ:SNEX) THE ULTIMATE PARENT COMPANY.

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