Customized software are applications that can cover a wide range of uses and functionalities, and are intended for a very specific subject or group, having numerous advantages. Many times we have heard about personalized software without being able to glimpse its great advantages and its interesting points in favor. On more than one occasion we have heard this term used both on the street and in places with a decent cultural development regarding computing. Especially for transactions that involve more considerations or personal strategies such as stock and forex trading, the existence of custom trading software development that accommodates certain strategies is deemed necessary.
The distinction between custom and standard software
It is very common in the real world to confuse a standard with a custom one; Hence, we will try, briefly, to see what they are based on and what they differ from.
– Custom, also known as custom software or proprietary.
– Off-the-shelf, also known as off-the-shelf software.
To begin with, standard or “ready-to-use” trading software refers to applications of various uses designed by prestigious companies that are aimed at a much broader public and with very general use. In short, this kind of trading fulfills a specific mission, no more, no less, and there is always a very strong link between the application and the company that owns it.
On the other hand, we have trading custom one. These are applications that can cover a wide range of uses and functionalities, and the best thing is that they are aimed at a very specific subject or group. In other words, the trading software itself is designed exclusively for a recipient, it is unique and unbeatable for the trading mission for which it was created.
Advantages of trading custom
Among the advantages provided by custom trading software we can find:
1. Very smart investment
As expected, custom trading software has many advantages over standard trading one and, even though many think that its development is very expensive, if we look at the long term, in truth, it is not as expensive as it seems; Well, buying trading software developed solely and exclusively for a single recipient is, without a doubt, a very smart investment.
2. Software with high security
Another very important advantage lies in the security provided by said trading software compared to those in common use. With this information I am not trying to compromise the security provided by standard trading one; however, since they are so exposed to the public due to their undeniable popularity and the high number of users who use them, it is easy to understand that they receive many more threats than any private trading software.
3. Increased Flexibility and Control
Building your own trading software can give you increased flexibility and control over your trading experience. By using a custom-built platform, you can tailor it to meet your specific needs. This can include adjusting settings such as charting, timeframes, and signals. Additionally, you can customize the user interface to make it easier for you to navigate. This means that you have more control over how you trade and what information is displayed on the screen. Building your own trading software also allows you to track your performance more accurately. This is because custom-built platforms typically offer more detailed data analysis than commercially available platforms. By tracking your performance in this way, you can fine-tune your strategy accordingly.
4. Greater Profitability
Building your own trading software can often lead to greater profitability, as there is no need to pay high fees for an external service. Additionally, you have complete control over the platform and can tailor it to your specific needs. This can lead to increased accuracy and productivity, which in turn leads to more profitable trades.
5. Improved Execution Speed
If you’re like most traders, you probably use a trading platform or software provided by your broker. But if you’re looking for improved execution speed and more control over your own trades, you might want to consider building your own trading software.
When it comes to trade execution, there are two main factors to consider: the speed of the order entry process and the speed of the order processing pipeline. With today’s high-frequency trading (HFT) strategies, even milliseconds can make a big difference in whether a buy or sell order is filled.
So how can you improve your execution speed? One way is to use an automated order management system (OMS). An OMS automates all the mundane tasks involved in placing and managing orders, such as creating ticketing systems and configuring market data feeds. This saves you time and allows you to focus on more strategic activities such as analyzing market conditions and making informed trade decisions. Another approach is to use an advanced order routing algorithm.
This technology routes orders through multiple baskets or “channels” in order to optimize their execution potential. By using multiple channels, your orders are less likely to be subject to network latency or other Bottlenecks that can delay trades.There are also third-party tools available that help improve your overall trade execution performance. For example, TradeKing’s TradeRush provides real-time analysis of your individual stock positions so that you can identify opportunities earlier and take advantage of superior price
The rise of custom software
There are more and more companies, startups, and businesses that take the commendable step of changing from standard to custom software. This is due, to a large extent, to the incredible advantages it provides, and to the multiple facilities that, in the medium and long term, will be greatly appreciated. The fact of using software designed alone and for a single recipient allows you to carry out this mission in a truly enviable way, saving time, money, and worries.
For example, personalized software for a single person could solve the famous inconvenience of asking the secretary every two or three times if there are appointments or events available in the coming weeks, days, or hours. Hence, personalized one could be developed that would allow events and appointments to be sorted by date, and order of importance, and even, thanks to the database provided, it would be capable of giving indications and warnings to make this important business and administrative matter an undeniable success.
