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Commodity Software

Commodity software enables investors to trade online. Read on.

There are multiple commodity trading platforms, such as eMidas and MTrade, available to investors. [©Jupiter Images, 2009]
©Jupiter Images, 2009
There are multiple commodity trading platforms, such as eMidas and MTrade, available to investors.

Commodity software is used within a variety of different industries. Financial services sales agents use it on a daily basis. According to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2008-09 Edition, hundreds of billions of dollars change hands on the major United States securities exchanges each day. For investors, a vital part of this exchange and its potential success or failure lies in being able to follow the market and the trends developing over days, weeks or years. Commodity software allows an investor to handle their own online trading and can provide tools that allow the investor to analyze and study their investments.

What is commodity software?

Commodity software is perhaps better described as a commodity trading platform. This refers to an Internet-based system for trading futures, commodities, and currency. There are multiple platforms available to investors; different platforms will offer different services and options to the investor, who must choose what works best for their individual or corporate needs. Examples of platforms include MTrade, eMidas, Transact AT, PFG Best, Open E-Cry, and COG Trader, but there are many more as well.

How does it work?

The trading platform allows the investor to communicate with a broker (the person or company that actually buys the commodity or security for an investor), letting each provide information to the other. The broker uses the platform to give each user vital financial information such as performance charts and quotes. The platform then allows the investor to instruct the broker as to how to invest his or her money.

Some platforms are geared towards different types of investors, such as day traders. Platforms can be either web-based applications or downloadable software a user can install on their own computer. Many platforms charge a fee for use or purchase. Users must again determine what best suits their needs, and may want to consult with a financial adviser as to what might best fit their requirements. Many platforms provide a free demonstration version, or demo, of their product. As a potential user, individuals should be sure to try out platforms they are interested in using prior to purchasing or paying for their use.

Who should buy or use commodity software?

Commodity software may be purchased by a number of different individuals and companies. On a broad scale, commodity software may be used by the investment industry, among others. It may be designated for home use, or for use on personal computers.

The U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2008-09 Edition, states that more information on securities industry employment can be obtained by contacting the
American Academy of Financial Management and the Securities Industry and Financial Markets Association.

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