About Spread Betting Software
Spread betting novices are often concerned about what spread betting software they need. In fact, for most spread bettors, most of the software they need will be provided for them for free by the spread betting company where they have opened their spread betting account. Most spread betting companies provide good charting software with real time data that is more than sufficient for the beginner.
The more advanced spread bettor may decide that he wants more flexibility and functionality as well as the ability to be able to test his ideas and strategies. In these cases the spread bettor would need to purchase some independent software as well as market data to use in the charting software. This can now open up many different options.
How to Choose Your Software
Before purchasing any software, the first thing a trader needs to decide is what type of trader is he? If he is a day trader and wants to sit in front of the screen all day placing multiple bets day in and day out (hint: this is NOT the optimal approach) then he will need to get real time data so that he has live data feeds to populate his charts.
The more advanced and generally much more profitable (and less stressed!) trader will place longer term trades and will generally be a trend trader seeking to catch larger and longer term moves in the markets. For this discerning type of trader, end of day data will be more than sufficient.
As with actual trading, the day trader is hit with higher costs for his real time data than the longer term end of day trader, as real time data is much more expensive and exchange fees also need to be paid to the exchanges in order to be able to access live market prices and live data. End of day data does not have exchange fees and is cheaper, so end of day data is a much better option.
Some Good Examples to Use
There are numerous different types of software than can be used for spread betting as well as numerous different data providers. We particularly like Metastock from Thompson Reuters. Metastock provides excellent charting and data packages that will suit all different types of trader, from real time options through end of day. If you want to find out more about the software that Metastock and Thompson Reuters offers, you can try their products out on a 30 day free trial here.
In addition to charts and data, another form of spread betting software that is extremely useful is a position size calculator. At LS Trader we developed our own custom-built bet size calculator to make position sizing calculations easy. We have added this software to the members area at LS Trader so that all members have free access to it for the duration of their membership.
This powerful and easy to use software enables spread bettors to enter the information relating to the market they want to trade, as well as how much money they have in their account and how much risk they want to take and the software makes the calculations for them. This then shows what the bet size would be, based on the information they enter and their own risk tolerance. This software can be used to calculate the bet size for any market, be it a stock, index or commodity and it can also be set to calculate for long and short bets. It can also be customised depending on the different tick sizes that different markets have and that are offered by different spread betting companies.
Our members have reported to us many times over the years how much our spread betting software has helped them to position size correctly and control risk. Both of these factors are critical to successful spread betting.
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Here's a fraction of what you'll receive...
- An average of 5 trading signals per week.
- A full list of all open positions, plus entry and exit levels for all 41 markets the system trades
- Access to our position sizing software
- Regular updates and alerts, sent by email and posted in the members area
- Instant access to our exclusive members area
- Extensive manual covering all aspects of successful spread betting
- Unlimited support
- 14 day trial for just £7. Cancel anytime
- Plus much, much more...