TradeStation is a stock software that specializes in rule-based trading. The TradeStation package provides the user with the capability of creating customized trading systems and strategies. Traders have the ability to backtest their trading strategies as well as test them out in a simulated live trading environment.
TradeStation charting is displayed in real-time and the package provides the trader with a wide range of chart types to select such as candlestick, bar, dot on close, point and figure as well as percent change charts. One unique feature that TradeStation offers that others do not is no limitation on the number of bars you can have on a chart.
TradeStation provides a very effective stock portfolio tool with its TradeManager feature. The user can generate flexible trade analysis reports that include the ability to select and view one or more accounts, select the date range for the report as well as be able to control the stock symbols that are included in the portfolio report. The software offers over 100 performance fields in which to evaluate stock portfolios and it allows the user to identify trends as well as strengths and weaknesses in their trading decisions.
TradeStation is certainly competitive with other stock software analysis packages especially when it comes to providing built-in indicators. It offers all the standard ones like moving averages, Bollinger bands, stochastic and others.
The TradeStation Scanner offers a variety of searching capabilities. The program allows the user to scan the stock universe to help locate trading opportunities. The Scanner allows the user to choose from a variety of built-in price and fundamental data fields. In addition, the user can create their own custom criteria using historical indicators. It also provides a scanning wizard, which guides the user through the process of creating and executing scans. The user also has the ability insert their scan results into TradeStation’s Radar Screen which serves like a stock watchlist for the user.
One of the software’s most impressive features is certainly its system testing capabilities. The system testing functions are led by its Strategy Performance report and it’s Test Simulator. The Strategy Performance report uses a wide array of performance fields to facilitate the user’s ability to evaluate trading strategies based on historical data. Within the report the user is provided with information like the average profitable trade, average losing trade, number of consecutive and losing trades as well average time spent in trades. In addition, the user can view how their strategy performed using a list of established risk to reward profiles.
The Test Simulator allows the investor/trader to test their trading ideas in real time. The user can garner a tremendous amount of hands-on trading experience as they are testing out their various strategies and approaches.
Support for this stock analysis software package is really good. The developer provides a wealth of seminars as well as books and tutorials on just how to get the most out of the tool. They also have numerous support and discussion groups that comprise a strong community forum. Add to this an extensive online help facility and phone support and you have a strong help and support offering.
Cloudswave Score for TradeStation
Rating based on 8 Critic Reviews
Blain Reinkensmeyer, on Stock Brokers
With more than 30 years of experience under its belt, TradeStation is a leader and innovator in its offering of a full-feature trade platform and high-power trade tools. Its appeal to active traders and professional investors is rivaled by only a select few.
While not a broker for everyone, especially new investors, its place in the realm of online brokers is not going anywhere.
Kevin Mercadante, on Investor Junkie
What TradeStation does, it does extremely well. In fact, the platform offers the level of trading technology typically available only to brokers and professional investors. The platform provides the ability to have both traditional broker accounts as well as individual retirement accounts (IRAs), and allows for trading of stocks, mutual funds, ETFs, bonds, foreign securities, options, futures and forex trades.
From Brokerage Review
TradeStation is known for one of the best trading platforms among online brokers with powerful strategy creation, useful testing tools, and custom-built analytics. The firm is targeting very active investors (daytraders), and it is most popular among futures traders because of low futures commissions. We recommend TradeStation only for futures traders. For stocks, options, mutual funds and exchange traded funds (ETFs) we suggest researching Top Online Brokerages, which offer lower commissions and no trading platform fees.
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