Futures Trading Software

Whether you elect to trade in commodities, index future, or futures in general, you may well feel that your futures broker is the most important asset you have - s/he isn't!  The most important asset you'll have at your disposal when dealing in futures, without doubt, will be your futures trading software package. 

In no small part, the reason why your futures trading software package is so important is because it'll provide you with detailed information that will allow you to make informed decisions on which futures to invest in. Therefore, getting your futures software right should be number 1 on your list of priorities.

In this regard, at minimum, your futures software package should include:

• a ticker tracker: a ticker is a unique 3 or 4 letter symbol identifying the future. If you're trying to trade in a future, look for the ticker symbol of that future, obtain the futures quote, then decide if you want to trade;
  
  
• a futures quote function: once you've located that ticker of the future you want to invest in, your software should be able to give you up to the minute information on what the futures quote is for that ticker;
  
  
• charting: the software package should have a charting function for all traded futures. If the software package is good, it'll have a complete historical chart of that future.
  
  
• Market averages: if you want to trade in index futures, knowing the index average of the market you've invested in at an instant is going to be imperative. 
  
  
• Market indices: as with market averages, market indices are a vital factor in deciding which index future to trade - make sure your software package has this function;
  
  
• Market alerts: in much the same way as most news organizations can now send you email alerts on specified keyword news items, you need to make sure your software package immediately identifies any movements in your selected futures investments and brings these to your attention. Be warned, it'll not be sufficiently effective for you to do periodic, even if regular, personalized checks (a practice you should adopted even where your futures software gives your market news alerts).
  
  
• News alerts: due to the very specific nature of futures, their price can change rapidly depending on world events. Moreover the futures market is now a global one that never sleeps. As such, if there is a revolution in Colombia and you have a position in coffee futures, you best know about is along time before CNN is broadcasting it to the world! If your futures software package doesn't have a news alert function, at minimum sign-up to all the major news agencies news alert services.
  
  
• Trading screens: finally you need to make sure that your trading software has access to all the major markets trading screens. 

Keep in mind that although most of this information can be obtained from the Internet, but free news on the Internet is always outdated! In a world of knowledge equals profit or loss, you must ensure that you have a software package that is going to give you all the latest and live information.

Last word, you cannot afford to trade in today's future market without having the impartial advice and inside intelligence that a good software provides.