• Skip to primary navigation
  • Skip to content
  • Skip to footer
StoneX®

Trade Futures, Spreads and Options with Confidence.

Top Navigation

  • Open a Futures Account
  • Sign Up
  • Log in
  • 1.800.800.3840

Primary Navigation Menu

  • About
    • Who We Are
    • Services
    • Risk Disclosure
    • COVID-19
  • Trade
    • Broker-Assisted
    • Self-Directed / Online
    • Request Pricing
  • Hedge
    • Ag Marketing Plan
    • WASDE Analysis
    • Grain Resources
    • Livestock / Dairy Resources
    • Request Pricing
  • Invest
    • Automated Strategies
    • Managed Futures
    • Request Pricing
  • Advisories
    • GENERAL / FUNDAMENTAL
      • DT Newsletter
      • Insider Market Advisory
      • Turner’s Take Newsletter & Podcast
    • TECHNICAL ANALYSIS
      • The Cullen Outlook
      • Data Feed Trade
      • Jarboe Trading Journal
      • Trade Spotlight
    • AG MARKETING
      • Cattleman’s Advisory
      • Technical Ag Knowledge
      • Turner’s Take Ag Marketing
    • THIRD-PARTY RESOURCES
      • CFRN
      • Moore Research Center, Inc. (MRCI)
      • OptionWorks®
      • TASMarketProfile.com
  • Education
    • CME Group Resource Center
    • CME Group Offers
    • Small Exchange Resources
    • Guides
    • Frequently Asked Questions
    • Order Entry Handbook
  • Blog
    • Futures 101
    • Ag Marketing
    • Tips & Strategies
    • Trading Advisories
  • Resources
    • Trading Software
    • Quotes and Charts
    • Futures Calendars
    • Contract Specifications
    • Margin Requirements
    • Futures Calculator
  • Accounts
    • Apply
    • Access My Account
    • Funding
  • Contact
 

How to Find the Best Day Trading Platform

November 2, 2021 by Daniels Trading| Futures 101

At its core, successful online trading is the application of a winning strategy within a robust technological infrastructure. Let’s take a closer look at how selecting the best day trading platform for the job can help you trade futures from a position of strength.

Online Trading Is Not One-Size-Fits-All

When it comes to the trading platform, traders can choose among many readily available alternatives. Simply put, there’s no shortage of options—but they’re not all equal.

The first step in finding the best day trading platform for your situation is to conduct a thorough self-inventory. By answering a few basic questions, you can identify your platform requirements:

Am I a technical or a fundamental trader?
The answer to this question will largely determine which day trading platform is the best for you. If you’re a technically inclined trader, charting and indicators are must-haves. For market fundamentalists, a software suite that includes a live news feed and intuitive order-entry options is ideal. Although user needs vary, your best day trading platform will depend on whether you are a practitioner of technical or fundamental analysis.

Learn how our powerful software can empower your trades.

How do I place orders on the market?
The execution of basic market and limit orders is very different from stop market and stop limit orders. Also, certain strategies may require more complex order types, such as brackets, OCOs, and trailing stops. It’s critical to understand which order types you’re going to rely on and make sure that your software supports them.

How many trades per day do I execute?
The discussion of which day trading platform is the best typically involves price. As a general rule, heavier volumes are given pricing discounts. So knowing your strategy’s projected volume ahead of time is a great way to find a platform that can save you money.

Which products will I be trading?
When comparing platforms, it’s important to factor in the behavior of markets you will be trading. Rapidly moving contracts—such as the Euro FX, gold, or crude oil—are best traded using low-latency platforms.

After answering these questions, you’ll have a good idea of which platform is best suited for your needs. Then, you can easily whittle down the array of online alternatives to a few strong candidates.

What to Look for in a Day Trading Platform

In contrast to other forms of capital investment, day trading is an active method of engaging the financial markets. With day trading strategies, timelines are compressed, open positions are managed aggressively, and confident decision-making is at a premium.

To day trade successfully, it helps to have the best day trading platform possible at your disposal. Here are three areas where elite futures trading software suites excel:

  • Customizable: Strategies, markets, and traders evolve over time. Being able to update the platform to better address the ever-changing trading environment is a must.
  • Latency: Day trading is a short-term discipline, where speed is a valuable commodity. Streaming live market data in a timely fashion and having orders filled promptly are vital to long-term success. Accordingly, the best day trading platform eliminates any undue latency.
  • Advanced technicals: When it comes to day trading, technical analysis is king! A solid platform needs to be armed with an extensive collection of technical indicators and analytical tools.

In addition to these attributes, affordability also plays a role in deciding which day trading platform is the best for you. The costs of trading software can be a significant part of your overhead—be sure that they are in line with your account size and profitability matrix.

Selecting the Best Day Trading Platform

The last step in selecting the best day trading platform is to physically try out the software. Most platforms offer a free trial or demo period to give traders an idea of the supported features and functionality. Taking advantage of a free trial is a great way to explore the capabilities of each platform under live market conditions, risk-free.

*This blog was originally published September 11th, 2018 and has been updated for accuracy and comprehensiveness.

Ready to think like a technical trader? Download our free guide to learn how to identify chart formations and take action when the time is right.

Filed Under: Futures 101

About Daniels Trading

Daniels Trading is division of StoneX Financial Inc. located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading was built on a culture of trust committed to a mission of Independence, Objectivity and Reliability.

Risk Disclosure

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

© 2023 StoneX Group Inc. All Rights Reserved

Subscribe To The Blog

Footer

Site Navigation

  • Frequently Asked Questions
  • About Us
  • Customer Reviews
  • Contact Us
  • Futures Blog
  • Open a Futures Trading Account
  • Media Resources
  • Fund Your Account
  • Legal Notices

Contact Us

StoneX Financial Inc.
Daniels Trading Division
230 South LaSalle Suite 10-500
Chicago, IL 60604
+1.312.706.7600 Local / Int'l
+1.800.800.3840 Toll-Free
+1.312.706.7605 Fax

Connect with Us

Trustpilot
Risk Disclosure

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

© 2023 StoneX Group Inc. All Rights Reserved

  • Risk Disclosure
  • Privacy Policy
  • California Residents Privacy Notice
  • Terms of Use
  • Back to top