More often than not day trading is viewed as a side hustle, or a mere "hobby". With the advent of auto and robo-investing technologies, it feels like the most average of joes can have their "piece of the pie" - and we say this entirely without spite or condemnation.
Indeed, technology has made the markets more accessible. And though poets and philosophers alike have long decried "the mental disintegration and spiritual emptiness" that characterize "the soul-state of our civilization" (Ted Hughes), we must make certain allowances for instances of tech which clearly better and empower us - improving our lives rather than damaging them.
Auto and robo-advisors put the individual on the fast-track to success, eliminating the middle-man and all the pressures of attaching oneself to a brokerage.
What's more, with the aptitude and training, day trading in stocks can become a legitimate business. Not only has technology made investing more accessible, but it has also disseminated knowledge that was before kept close to the chest of professional investors and firms.
Platforms like Benzinga Pro and TradingView have put a wealth of information and market news at the fingertips of the average individual.
Modest Money's review of Benzinga Pro is glowing. Bob Haegele likens it a "powerful tool" which helps modest investors figure out what's really going on in the market today. This gives "any trader an edge over the average retail investor".
Likewise, TradingView is an innovative platform which "offers everything you would expect from a premium level charting suite". With the portability to operate on mobile devices, TradingView brings the stock floor to any location around the globe.
What these two software share a like ethos: the democratization of trading. No longer are we day traders left to make picks in the dark, or base them on some kind of vague hunch; technology has leveled the playing field, and in doing so, gives us the power to trade smarter.
No doubt market can be turbulent. But with perseverance and the help of these technologies, it is not altogether impossible to make trading your day job.
Let's take a closer look at exactly what these comparable platforms offer.
Key Features of Benzinga Pro
Work Spaces: "workspaces" are fully customizable windows into the investing world. One can decide exactly what kind of content they present, which notifications and alerts are active, and the general character of the news stream. There are also preconfigured options available which pander to a variety of investor archetypes. What's more, there are options for managing multiple "workspaces", giving you even more control over content.
News Feed: perhaps the bread and butter of Benzinga's platform, this newsfeed looks like any other generic broadcasting channel, but it's really not. While services like MarketWatch, Yahoo! Finance, and Moneycontrol sometimes rely on less than enthusiastic reporters, Benzinga's team is driven to supply the market news which matters. We've found that Benzinga's articles and stories often directly help with our investments, rather than serving as mere curios or gossip.
Stock Screener: it's pretty simple and straightforward as far as stock screeners go. Demanding users may find it too simple, but it's a useful tool to pair with breaking news stories, and helps you keep track of daily winners and losers.
Squawk Box: this may be Benzinga's most useful tool. As the name suggests, this feature literally squawks alerts out via your device's audio. It's great for the day trader that fancies themselves a serious multi-tasker; whatever may be going on, you are surely to notice these demanding alerts.
Key Features of TradingView
HTML5 charts: this software allows you to create HTML5 charts for tracking particular stocks. These are the gold standard of investing optics: responsive, reliable, and pretty, TradingView also gives you the option of drawing and making notes directly on your charts.
Stock alerts: similar to Benzinga's Squawk Box, stock alerts provides the user with real-time alerts, of which there are twelve different criteria.
Community: never stressed enough, an active community is essential for success in day trading. TradingView's community is active and thriving, a place to ask questions, share results, exchange anecdotes, and learn. The folks that use TradingView genuinely seem to want to help one another and "spread the wealth".
Customized Analyses: for demanding, advanced users, TradingView has its own programming language which can be manipulated. Known as Pine script, it allows for the creation of custom charts and indicators.
Technology - Empowering the People
What these two software platforms share is the clear goal to bring the fruits of the market within reach of the common person, whoever and wherever they may be.
Besides that, financial technologies like these are designed to bring your stock trading game to the next level: don't think of trading as just another high-powered hobby, but a potential font of legitimate monthly income.
Exercise autonomy and become a day trader: you never know where it may take you.
Join the Conversation