The StockBrokers.com review (9th annual) took six months to complete and produced over 30,000 words of research.Next to active traders, there is arguably no customer more valuable to an online broker than an options trader. Options trades offer brokers much higher profit margins than stock trades, and, as a result, competition is fierce in attracting these clients.
This type of market atmosphere is great for investors because with healthy competition comes product innovation and competitive pricing. Best Options Trading PlatformsHere are the best options trading platforms, based on over 100 variables. E.TRADE - Best for options overall. Interactive Brokers - Lowest commissions. TD Ameritrade - Best options tools. TradeStation - Well-rounded offering. Charles Schwab - Unique order types.
Unique order typesFor those seeking access to low costs, excellent research, quality trade tools, and professional planning for the future, Charles Schwab will not disappoint.Best Options Trading ToolsPlatform wise, web-based Power offers all the tools an options trader could want, and displays them in magnificent form. Attention to detail, such as automatic groupings, effortless scanning through strategySEEK, and easy-to-understand risk/reward data through tradeLAB, make Power E.TRADE a truly unique experience.Keeping the spotlight on excellent platforms and tools for options traders, thinkorswim and TradeStation cannot be left out. Strategy Roller from thinkorswim allows clients to create custom rules and roll their existing options positions automatically. The number of settings and depth of customization available is impressive, and something we have come to expect from thinkorswim.Not to be outdone, OptionsStation tool makes analyzing potential trades a breeze, and even goes as far as including 3D P&L charts. Investors note, however: Popcorn and 3D glasses are not required, and while visually appealing, we did not see any distinct advantage over the traditional 2D P&L chart.If unique features and functionality matter to you, offers the “Walk Limit” order type, which will 'walk' your order to try to get the most favorable price within the. The broker also offers Idea Hub, which uses targeted scans to break down options trade ideas visually.
Best Options Trading Tools. Platform wise, web-based Power E.TRADE offers all the tools an options trader could want, and displays them in magnificent form. Attention to detail, such as automatic spread groupings, effortless scanning through strategySEEK, and easy-to-understand risk/reward data through tradeLAB, make Power E.TRADE a truly unique experience.
Looking at cost alone, takes the crown. At Interactive Brokers, there is no base charge, and the per-contract rate is just $.70. Additional savings are also realized through more frequent trading. That said, the broker is built primarily for professional traders and requires a $100,000 minimum deposit for margin accounts. Lastly, its trading platform, Trader Workstation, is the most challenging platform to learn out of all the brokers we tested for our 2019 review.There’s a healthy variety of reputable brokers to choose from in the world of options trading. In 2019, investors should expect their broker to include scanning, P&L analysis, risk analysis, and easy-order management.
Position management functionality and tying the experience together is where platforms such as Power E.TRADE and thinkorswim by TD Ameritrade distinguish themselves. Options Trading FeaturesUltimately, choosing an options brokers comes down to personal preference and weighing priorities, such as cost versus ease of use and tool selection.On a feature by feature basis, all of our top five finishers this year offer the following features to their options trading customers. FeatureDefinitionHas Education - OptionsProvides a minimum of 10 educational pieces (articles, videos, archived webinars, or similar) with the primary subject being options. All content must be easily found within the website's Learning Center. Platform tutorials, FAQs, etc do NOT count.Option Chains - Streaming Real-timeOption chains with streaming real-time data.Option Chains - Greeks ViewableWhen viewing an option chain, the total number of greeks that are available to be viewed as optional columns. Greeks = delta, gamma, theta, vega, rho.Option Chains - Quick AnalysisThe ability to jump straight from the option chain to a P&L chart or probability chart for deeper analysis. Viewing a summary P&L within the chain itself also qualifies.Option Analysis - P&L ChartsWhen analyzing a theoretical option trade, a P&L chart is available.Option Analysis - Probability AnalysisA basic probability calculator.Option Analysis - Probability Analysis AdvA tool to analyze a hypothetical option position.
Online BrokerBest ForMinimum DepositBase FeePer Contract FeeOptions RatingOptions overall$0$6.95$0.755 StarsOptions rates$0$0$0.705 StarsOptions tools$0$6.95$0.754.5 StarsOptionStation Pro$500$5.00$0.504.5 StarsWalk-Limit orders$1,000$4.95$0.654.5 StarsRead Next.MethodologyFor the StockBrokers.com ninth annual review published in February 2019, a total of 4,544 data points were collected over six months and used to score brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than.001% each year, providing site visitors quality data they can trust. Learn more about.Still aren't sure which broker to choose?
Ask us a question! Whether you are a beginner investor learning the ropes or a professional trader, we are here to help. Your online broker specific question and we will respond within one business day. It is our satisfaction guarantee.About the author:As Head of Research at StockBrokers.com, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others. Advertiser Disclosure: StockBrokers.com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money?
Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.g. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.Disclaimer: It is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While StockBrokers.com has all data verified by industry participants, it can vary from time to time.
Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by StockBrokers.com, nor shall it bias our reviews, analysis, and opinions. Please see our General Disclaimers for more information.
Day trading requires precision and focus, which you can only develop with practice.With a day trading simulator, you can hone your day trading skills while preserving your capital. After that, you can switch over to ‘live’ trading with real money. A day trading simulator is especially useful for beginners.For, finding the best day trading simulator is also crucial for testing out new day trading strategies.While there are many ways to simulate day trading, it is not easy to obtain the realistic experience of real-time day trading.The following are the best day trading simulators available. (Not listed in any order.)Proprietary Broker Trading Platforms.Multi-broker Trading Platforms.Dedicated Day Trading Simulators.Best Day Trading Simulators – Proprietary Broker Trading PlatformsThis option is a great day trading simulator option as you get a chance to test drive the platform that you will use for live trading.
Thinkorswim (paperMoney)is a broker specializing in options trading for active traders. Is the paper trading option for its current or prospective clients. It means that you get to use paperMoney for free.Both live trading and paper trading uses the same platform, which is a downloadable software. There is also a browser-based version which has fewer features.It has a powerful charting package that allows you to write your indicators using their thinkscript. It is an intuitive scripting language. Even without any programming knowledge, you can write a couple of simple indicators with ease.There is also an analytics module for options trading, which makes it the best day trading simulator for.
TradeStationis a direct access broker with a full-featured trading platform. Their platform is the winner of multiple accolades from Barron’s and Technical Analysis of Stocks and Commodities.The has more features than what a regular trader needs.
Other than simulated trading function, it has a market scanner, strategy optimisation capabilities, options analytics modules, and advanced charting. Due to its superb strategy testing, systems traders favor it.In fact, the platform is so well-received that they offer it as a separate purchase for their non-brokerage clients. However, the price tag is rather hefty at $249.95 per month for simulated trading only.You can sign up for a brokerage account and fund your account with $5,000 to get the same platform for free. Interactive Brokers(IB) offers the Trader Workstation (TWS) to its clients for free. Its interface allows paper trading with the complete functions of TWS.PaperTrader grants you risk-free and seamless usage of TWS which include chart trading, market depth, price risk analytics and more.If you are using IB, you must check out.
Do not let its dated website distract you from the raving reviews from its users. Buttontrader is a front-end interface adapted for short-term trading.ButtonTrader offers simulation trading in recorded or real-time mode. InIn the recorded mode, you can simulate day trading offline using data files from ButtonTrader’s website. In real-time mode, you can paper trade real-time with a connection to IB.ButtonTrader’s simulated trading function is free for the first six months, which is sufficient for testing out your day trading strategy. Best Day Trading Simulators – Multi-Broker Trading PlatformsIf you do not want to be locked in one broker, then a is your best day trading simulator option.These powerful trading platforms allow you to simulate day trading with the possibility of using multiple brokers.
NinjatraderWith, you can simulate day trades as long as you are using one of its partner brokers. This means that you can hone your skills with one platform, but maintain the option to trade with some reputable brokers.Ninjatrader’s features are comprehensive. It has advanced charting, custom indicators, and chart trading. It records your simulated trades and provides performance review. A Monte Carlo analysis tool is included.Furthermore, it has a market replay option. It is useful for aspiring day traders who have day jobs.
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It replays the charts so that you can hone your day trading skills outside trading hours.The best part is that it is entirely free for simulation trading. However, you will need to subscribe to a data feed or keep a brokerage account funded to access real-time market data. XTRADERis the flagship product of Trading Technologies, a leader in electronic derivatives trading solutions.Its simulator has an orders-matching engine tweaked to provide the most realistic prices derived from real-time feeds.Its charting module, XSTUDY, is user-friendly and sufficient for day traders.
However, XSTUDY lacks custom indicators and pales in comparison to the charting provided by TradeStation and Ninjatrader.Many futures brokers offer XTRADER. You can request for a two-week demo from most of them.
Beyond that, you will need to fund an active trading account., and are some brokers that offer XTRADER demo. MetaTrader4With the sheer number of forex brokers out there, we must mention (MT4).
Although MT4 is free, it has great charting and strategy development features. It is no wonder that MT4 is one of the most popular used by spot forex traders.Despite its popularity, MT4 does not have a native simulation function. Fortunately, you can still use it as a day trading simulator with a demo/practice account given by your forex broker.Simply search for “MT4 demo” and be overwhelmed by the number of brokers offering you an MT4 demo. Best Day Trading Simulators – Dedicated Day Trading SimulatorsThe options above are excellent. But they come with some hassles, like keeping your account funded, purchasing a market data plan, or haggling with your broker to extend your demo account.If you want to avoid these issues, your best day trading simulator could be a well-designed and professional day trading simulator.Forex TesterIf you trade forex, the is probably your top choice. It allows you to replay historical price charts from 16 different currencies to train your trading skills.As a practice and review tool, its suite of features is excellent.
Adjust playback speed to practice more with less time. Similar interface with MT4. 16 currency pairs with historical data from 2001 (You can even customise the data to include your broker’s spread.).
Supports multiple time-frame trading strategies. Saves your testing sessions with performance metrics like win rate etcTradingSimTradingSim – Day Trading Simulatoris a web-based day trading simulator for US stocks. It has over nine months of historical data and allows you to fast forward the market movements at three speeds.You get to play around with familiar technical indicators and order types.There is a 5-day trial available. It is not a lengthy trial, so make sure you are free to make the most out of it. After the trial, it costs $199.00 for lifetime access.The lack of simulation with real-time prices is a drawback.
However, at $199.00, it is an affordable way to kickstart your learning journey as a day trader. RapidSP Trading Simulatoris a trading simulation software for US markets including futures and ETFs. You will need to download the data from RapidSP’s website and load it into the software.The trading time frame is between 1 minute and 4 hours. According to this, it has more technical indicators than TradingSim.
There is a available.This simulator costs $99.99. Ensign Softwareis a charting software that has a simulation function. It accepts live data from many sources including major brokers.It trumps the other options by doing what it does best: charting. You will be impressed by its range of technical studies ranging from Gartley patterns to Moon Phases.While Ensign is primarily a charting software and not a dedicated day trading simulator, its simulation function is decent. It has a playback function for you to practice with past sessions. The simulation include advanced options like stop and reverse, auto scalp, and auto stop.There is a 7-day trial. It costs $49.95 per month to subscribe to the Ensign software which comes with live forex data. For other products, you may need to pay to get real-time data.
Practise with the Best Day Trading SimulatorIt is challenging to find the best day trading simulator.Consider your needs like the products you trade, how you trade, when you trade, and how much you are willing to spend on a day trading simulator. An has different needs from a discretionary trader.Then, choose the best day trading simulator for you.Bear in mind that the best day trading simulator is the one that best suits your needs, and not necessarily the one with a five-star review.Finally, commit yourself to consistent practice. The key to successful day trading simulation is to treat it seriously.Practice does not make perfect. Perfect practice makes perfect.-Vince LombardiTrade well, be it virtual or real.Having a tough time searching for the platform with your favorite indicator? It doesn’t matter anymore.Image credits: All images belong to the respective brands and products. (Unless otherwise stated.).
Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style.
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Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.The website contents are only for educational purposes. All trades are random examples selected to present the trading setups and are not real trades. All trademarks belong to their respective owners.
We are not registered with any regulating body that allows us to give financial and investment advice.Trading Setups Review © 2012–2019.
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