Last Updated on February 17, 2025
Succeeding as a funded trader is an equation with a series of variables – from nailing technical and fundamental analysis skills and mastering the art of self-discipline to equipping yourself with the best technical tools to maximize your trading efficiency. While we have covered the first two in various blog articles, this guide will explore the essential tech stack that funded traders should have at their disposal. Based on our curated list of technologies, you will get a step closer to peak performance, seamless analysis, and strict compliance with funded account rules.
1. The Trading Platform: The Cockpit of Funded Traders
Understandably, we start with the HQ of your operations – the trading platform. Think of it as your cockpit from where you plan and do everything. The trading platform is basically the interface through which you interact with the market. In that sense, a robust platform is non-negotiable for executing trades, analyzing markets, and managing risk.
Today, you can choose from dozens of trading platforms, which can create choice overload, especially for people who don’t know what to look for. To help you out, here are some key features to look for in a trading platform:
- Speed and Reliability: Latency is the enemy in fast-moving markets, so opt for a platform that can ensure high-speed operation and continuous stability.
- Advanced Charting Tools: Platforms that support a big range of trading indicators, as well as customizable setups, multiple chart layouts, and advanced analytics, are your best bet.
- Good User Interface (UI) and User Experience (UX): A cluttered interface can lead to errors under pressure, while an intuitive design ensures quick navigation and seamless execution.
- Compatibility with APIs: While this isn’t as relevant for beginners, it is essential to keep in mind that traders can often choose a platform and stick to it for the long term. That’s why, if you plan to trade algorithmically or take advantage of more professional tools in the future, go with a platform that supports third-party integrations through API access.
It is also important to always test a platform with a demo account before trading with real capital. This helps identify potential compatibility issues with your trading style.
At Earn2Trade, we have ensured that both of our programs, the Trader Career Path® and The Gauntlet Mini™, support an extensive list of trading platforms, including some of the most popular ones, to accommodate your preferred choices. Some of them include:
- NinjaTrader® – Recommended (free during the Trader Career Path®/ Gauntlet Mini™)
- Finamark (free during the Trader Career Path®/ Gauntlet Mini™, includes a 90 day live trading license)
- R | Trader & R | Trader Pro (free)
- Overcharts (60 days free for new users)
Check the complete list of supported platforms here.
2. Data Feeds: Your Market Radar
Data feeds are your “GPS” in the world of trading – without it, you might get where you want to be way too slowly or get lost altogether. However, having a data feed alone isn’t enough since not all data feeds are created equal.
Two things distinguish a high-quality data feed – its accuracy and speed. High-quality data feeds provide real-time (low-latency) insights into price movements, market depth, and order flows. Accurate data feeds also help traders avoid missteps caused by outdated information. For instance, a futures trader relying on a real-time data feed can react to market shifts within seconds, adhering to the risk management rules of their funded account and timely capturing profit opportunities.
In addition, advanced data feeds often include sentiment analysis and news integration. These features enable traders to understand the underlying market mood and anticipate potential movements, giving them an edge.
However, bear in mind that high-quality data feeds can be expensive, which is why we suggest you take the time to research and find the best option for your needs. Our only advice would be to go with a data feed provider known for its low-latency, real-time market data tailored explicitly for active traders, which can guarantee a wealth of market intelligence and rich historical data for backtesting purposes.
But don’t hurry – you can take the opportunity to dive your toes into the world of data feeds through Rithmic’s solution, which you will gain access to during the E2T evaluation stages. Once our trading prop firm partners fund you, however, you will be able to use your own data feed as long as it’s a professional one.
3. Risk Management Software: Let’s Talk About Your Safety Net
It is safe to say that risk management is probably the most covered topic in our blog, so we won’t be going over how important it is once again. We will just say that risk management tools are crucial not only for protecting your capital but also to keep you from violating your account’s rules.
When it comes to risk management tools, the more functionalities they support, the better. So our advice would be to look for a solution catered to professionals – in the end, it is better to have features and not use them than the other way around, right?
So, to give you some pointers, we suggest you look for essential functionalities such as automated stop-loss settings, rich portfolio risk analysis features, and daily loss monitoring alerts.
A very helpful thing to do is automate as much of the risk management process as possible. For example, through the automated stop-loss, you will have a safety net to protect you from significant losses. You can also track open positions in real time and set alerts for approaching drawdown limits to avoid any potential compliance breaches, as they can lead to immediate disqualification.
4. Tech Tools For Charting
Choosing a highly functional charting software is crucial for planning your trading setups, visualizing patterns, and developing actionable strategies. Ensure that the solution you opt for supports not only asset-level charting but also deeper market insights based on heat maps, volume profile tools, and more. This would give you a deeper understanding of the market’s state, including crucial factors like liquidity, key price levels, etc.
Other things to prioritize include ease of use, availability of community-shared indicators, multi-timeframe analysis, and support for a wide variety of trading instruments.
Solutions like TradingView and Sierra Chart have proven themselves as integral to funded traders’ toolboxes. While there are many other solutions on the market, we advise you to opt for a cloud-based charting software (instead of a desktop version). This would ensure that you will be able to access your setups from multiple devices and on the go.
Also, bear in mind that charting software solutions with big and engaged communities also allow you to create customized indicators and charting setups and sell them to other traders.
5. Communication and Collaboration Tools to Help Funded Traders Stay Connected
Trading can often feel like a lone journey. However, it shouldn’t be. In fact, the more involved you are with like-minded individuals, the higher the chance to progress. The reason is that you can easily exchange ideas and learn what works and what doesn’t the smart way – by capitalizing on the experience of others.
These platforms also serve as platforms where you can support each other in handling emotional stress or simply chat. Last but not least, this is a great and proven way to keep yourself accountable.
The participants in our programs, for example, are part of an engaged and enthusiastic community united behind the common goal of becoming a funded trader.
So, if you want to become more collaborative and get in touch with peers and mentors, we suggest you consider joining groups or community channels on popular platforms like Discord, Slack, Telegram, and more.
Also, make sure to engage in trading forums and webinars. These environments often provide real-world insights and strategies from experienced traders.
6. Journaling and Analytics Tools to Ensure Funded Traders Will Learn From Every Trade
We’ve said it time and time again, but one more won’t do any harm – a trading journal is like a rearview mirror – essential for reflecting and understanding past performance and improving future decisions.
There are two crucial factors to make the most out of your journaling.
The first is finding the right tool for the purpose. To ease you on that front, we have compiled a list of the top 5 free and paid journaling tools you should consider. Furthermore, enrolling in Earn2Trade’s trading programs grants you free access to Journalytix – one of the best and most advanced journaling solutions available. Some of the features the program offers include but aren’t limited to:
- Automated real-time collection and journaling of trade information
- Intelligent analytics and stats based on your trading data
- A real-time trading assistant to help you organize each trading day
Second, and even more important – be consistent and turn journaling into a habit. Make sure to take notes after every trade or at the end of every trading session. Document not just the what but the why of every trade. For example, note whether a decision was based on technical analysis, news, or intuition and how it made you feel. Next, spare some time to go over your notes, analyze and identify areas of improvement. We suggest you do that once per day or weekly, based on your trading activity. Doing so will guarantee that you will be better prepared for the next trading session. This is especially important for funded traders so that they can catch errors early and stay compliant with the program’s rules.
Lastly, if you want to take your journaling experience and efficiency to the next level, consider combining it with visualization dashboards to get an even clearer overview of crucial performance metrics.
7. News Aggregators: Stay Ahead of the Curve
Markets nowadays are driven mainly by news, and the behavior of investors and traders can change significantly based on the latest developments. Take, for example, the announcement effect – the impact that any type of news or public announcement – especially when issued by government or monetary authorities – has on financial markets.
According to researchers, bad news has a more profound impact on markets than good news. Furthermore, good news can’t usually lift the market as much as bad news depresses it. Besides, bad news during a bear market has a more significant negative impact than bad news during a bull market, and negative surprises often have a greater impact than positive surprises.
In that sense, it is crucial to stay abreast of the latest news to capture market-moving events as soon as they unfold. The pros do that by using high-end platforms and trading terminals like Reuters or Bloomberg. However, beginners or traders seeking funded opportunities are often priced out of these solutions.
So, we suggest you opt for live news stream providers (there are many built-in options for the different trading platforms) and follow top business media live feeds. It is also crucial to keep track of Federal Reserve announcements, as well as periodical issues with forecasts by industry organizations (e.g., when trading commodities). A good way to do that is by setting up keyword alerts on news platforms or subscribing to the sources’ newsletters to get notified when a crucial issue comes out.
8. Your Funded Trader Program’s Dashboard
It is integral to also make use of the funded trader program’s dashboard to stay up-to-date with your real-time performance and any account-related stuff. That way, you will be able to remain within the boundaries of the funded trading program (e.g., daily loss limits, PnL, etc.) and be alerted if you are nearing any thresholds that can trigger breaches.
Through your funded trader program’s dashboard, you will also be able to easily manage your subscription and track your evaluation progress.
To Wrap Up
From high-speed trading platforms and live-feed news streams to journaling, charting, and risk management tools – the tech arsenal to help you refine your craft contains many crucial components. The sooner you get used to tools like those outlined here, the better equipped you will be to navigate your funded trader journey. However, remember that the tools are there to assist you, but the discipline and decision-making still rest in your hands. Pair your tech arsenal with a commitment to growth, self-improvement, and adaptability, and you’ll set strong foundations for a successful trading career. Earn2Trade’s programs provide the best training ground to master your skills and kickstart a funded trader journey.
A final tip: Use only certified and genuine software solutions provided by their original developers or providers.
