Remote Day Trader is Direct Access Trading (DAT) software that’s used by professionals new and seasoned, young and old. They make many claims about their software, the least of which isn’t that they are the best day trading software around. Of course, most companies want to be the best, but the question is does Remote Day Trader have the statistics to back up this claim. In this article we’re going to examine some of the key aspects of Remote Day Trader and attempt to figure out if it lives up to its hype or is it just another fly-by-night software system that will disappear tomorrow (after they’ve cashed your check.)
Remote Day Trader uses Direct Access Trading, meaning their goal is to give the end user the best possible access to stats and maximize their ability to perform. According to their website, the guys (and gals) over at Remote Day Trader put a team of programmers together that have the combined experience of 70 years to help develop Remote Day Trader. To add fuel to this fire, they hired mostly programmers that also have a day trading background, in an effort to give you the most usable software on the market. They collected features from many different types of programs, some the best in the industry, and attempted to combine them all to one extremely powerful software system that can hopefully rule them all.
So what types of features does Remote Day Trader have? Well for one thing, the developers of Remote Day Traders recognized something that only those in the industry can truly appreciate: speed is everything. That’s why they included the ability to send multiple executions to every ECN, even if your prices are different. And you can do this with only one keystroke, so it takes less than a second to do. This is actually a very useful feature. If you’ve been trading very long at all, then you already know just how important it is to be able to execute hundreds of trades a day, and the last thing that you want to worry about is, “Will my system overload?”
It also has a comprehensive ECN list and book combined with level II quotes and late breaking news. This is, of course, built right into the trading screen, so you’re not searching for this stuff on the side.
You can actually look at your trading screen without fearing that you’re going to miss something. Another think I like is that Remote Day Trader is fully customizable. Regardless of the style of trading that you end up using (swing and position, momentum, or scalping) you can set up this software to match your style. Remote Day Trader won’t discriminate.
They also offer black box hosting, which means you’ll get their software developers kit with access to their API. This allows external applications to using the API trading system as a platform to manage order flow. What this means in laymen’s terms is that it very easily to setup and utilize software to send and manage orders with a little bit of integrated C/C++ or even VB. The beauty of all this is that external applications can then control every aspect of the order, including time in and specifying reserve quantities (like daily reports and blotters.) They also offer another useful service as well, hosting service. Their servers are designed to be quickly. And just in case you need it, they have direct connections to the biggest ECNs in the business. To name a few they have Track Data – TRAC, Nextrade, Bloomberg Tradebook, Brass Utilities and Instinet. They also offer access to Super Mortgage.
Another benefit to using Remote Day Trader and their API is the access they offer to their programmers. If you’ve ever tried to find trustworthy programmers then you know how frustrating it can be. That’s why getting access to their team that has over 70 years of experience is so valuable. They’ll give you a black box build with more experience and less cost. That’s worth noting.
Why on earth would a day trader be worried about IT installation? Your goal and only goal should be focusing on building the best and most successful day trading business humanly possible. Remote Day Trader isn’t the only software company using server side access for their software, but they do offer high speed and high capacity connections. Using this software, with your own dual or triple screen computer, you’ll have fewer worries about system crashes, as they have experts looking after their systems. This means you can focus on making money.
Over all Remote Day Trader is a comprehensive software company that offers a variety of very useful service that I think as day traders we can appreciate. Software, like any tool, is only as good as the person using it, so that’s important to keep in mind before investing in Remote Day Trader. That said, they are a truly professional company that seems to be a step ahead of the competition. I’m of the opinion that while they may not be the end all be all of software, they are a good starting place for most day traders. With many useful features for day traders all combined into one program, I believe they offer an opportunity to help grow you business, without spending a fortune.