As a trader, at a core level, you’re a craftsman. You use tools to help solve problems, gain an edge, achieve the results trading results you seek.
For many, their primary trading tool is software.
Software used for research, calculations, analysis, determining risks and rewards, visual representations of market activity, tracking and recording performance, and execution to name a few.
Some applications are free or simple while others require an investment of time, energy, effort, and money.
Today’s focus is on one tool, Market Profile software and three points to think about as a potential user or current user of Market Profile software
First, the return on your investment in the trading software you use is primarily determined by its ability to . . .
- adapt to your trading methodology or system.
- support and enhance your unique trading style, and
- be personalized and used it to achieve your goals.
Second, your software’s purpose to help you achieve your goals and a key element of that purpose is the support behind the software and how it helps you . . .
- Make an informed decision as to its potential fit for you,
- Begin using it in ways that complement your way of trading,
- Gain proficiency in capitalizing on market opportunities, and
- Continually adjust to changing market conditions.
Third, periodic audits to make sure your software is effectively supporting you in your trading and in making better trading decisions. To that end, we created the Market Profile Software Checklist.
Finally, we believe the user, not the provider, that ultimately determines the value of a trading software application based on the tangible and intangible benefits they gain from it. So, no matter what brand or type of software you use, we strongly suggest you treat it as a tool you’re investing in and, as such, continually strive to increase your ROI on your investments of time, energy, effort, and money.
Take care and trade well. The WindoTrader Team
