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Making money with day trading is one of the simplest things in the world; however, without good day trading software, even the simplest things can be very difficult.
Day trading software is a suite of programs that automate a lot of the data collection and analytical processes of handling high end stock trading on a day to day basis. It's a tool, nothing more, nothing less. The tools involved can be told to monitor a series of stock prices and their rates of change to help clarify trends for an industrious day trader. In order to make money doing day trading, you need to be able to make informed decisions, and you need to be able to make them quickly, with little overhead and as much information as can be had.
The reason for this is because day trading is a game of playing daily volatility levels. You're going to be making a judgment call on how far a given stock price will move over the course of the day, and whether it will move up (which allows a conventional 'buy and sell' strategy) or down (where you borrow a share of stock, sell it, invest the money, buy the share back and give it to the person you borrowed it from), often using leverage to magnify the size of your trades.
With all the stocks, and all the information about stocks that constantly bombards a day trader, this is not a job for quiet contemplation. This is like playing a game of poker, not chess. Keeping on top of all that information is one of the keys to making day trading work as a money making endeavor, and that's where day trading software pays for itself. It keeps all that information for you, and you can program it to filter the information you see, including boundary conditions that will trigger a buy or sell order, and ancilliary and tertiary information about other stocks in the sector.
Unlike more conventional stock trading, to make money at day trading, you're working entirely on the short term trends. You don't follow the Warren Buffett model of doing a 'buy and hold' strategy, and read the various corporate disclosure forms. You're only sticking with stocks that fit within certain parameters, and you're watching the hourly (or even shorter time frame) trend reports.
While some trading software promises to match market trends to a database of 'known good trades', often compiled by studying the trades of 'top flight investors', the reality is that the stock market is so large, and so chaotic, that any kind of deterministic profiling is iffy at best. Software that makes unsolicited recommendations should be studied carefully. If you don't understand the process by which it decided to make the recommendation, watch the stock for a few days and see if you can figure it out.
Day trading software is no excuse for not actually studying the market you're investing in. It's a tool, not expertise on a DVD.
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