In this Stream Deck review, we’ll look at how Stream Deck works for day trading, its pros and cons, and what to expect if you purchase it.
The Elgato Stream Deck is a popular tool among gamers and streamers, but did you know it’s also an excellent device for day traders?
The Stream Deck allows traders the ability to execute high-speed trade executions and manage multiple commands while trading.
Elgato Stream Deck Review Introduction
The Elgato Stream Deck is fully customizable with a control pad that has buttons that can be programmed to perform various tasks.
Using the Stream Deck for trading allows you to create custom keys or hotkeys for speedy order execution, rapid position closure or opening, and the simultaneous handling of many trade orders.
Each of these buttons is capable of a specific function, like putting forth a buy position or selling a specific number of shares. This Stream Deck review finds that this also helps reduce trading time, as every second counts in a trade to help increase speed when making decisions, especially for day traders.
Let’s continue with our Stream Deck review.
Day Trading With Stream Deck
When it comes to day trading, speed is everything. You need to act quickly when the market moves. The Stream Deck makes this easier by allowing you to set up macros and hotkeys for various tasks.
For example:
- You can set a button to buy 100 shares of stock instantly.
- Another button might be programmed to sell all your open positions.
- You can even set up a button to cancel any open orders with a single click.
This is especially useful when using platforms like TradeStation or ThinkorSwim, which allow traders to assign hotkeys to their trading actions.
Once your macros and hotkeys are set up, you can assign them to the Stream Deck’s buttons for quick execution. Let’s continue with our Stream Deck review.
5-Second Takeaway
- The Stream Deck allows traders to set up customizable hotkeys for faster trading decisions.
- It’s great for day trading, helping with quick buy/sell orders, trade exits, and managing open orders.
- The device is simple to set up and has software for easy customization.
- While initially designed for streamers, the Stream Deck’s hotkey features are a huge asset for traders.
- Some traders in this Stream Deck review find the price a bit high, but many agree it’s worth the investment for its functionality.
Stream Deck Software
In this Stream Deck review, we find that one of the Stream Deck’s strongest points is its application software. For instance, Elgato has provided an active interface that enables easy customization of every button on the deck.
Whether day traders set the engine, manage the platform’s stock market activities, launch websites, or start programs, it is quite an ingenious design.
Every button on the Stream Deck can be programmed, and you can go as far as creating your own icons. Although some traders will go to Elgato’s website to get an icon creator, other traders enjoy creating their own trading action icons.
Stream Deck Hotkeys
To make the most of the Stream Deck for day trading, you’ll first need to set up hotkeys on your trading platform. Here’s a quick Stream Deck review and breakdown of the process:
- Assign macros to specific trading actions, such as buying or selling shares.
- Assign hotkeys to these macros (e.g., SHIFT+1 for buying 100 shares).
- Program these hotkeys into your Stream Deck’s buttons, making it easy to execute trades with just a tap.
For beginners, it’s a good idea to practice using the Stream Deck with a simulator before going live. This ensures you’re comfortable with your setup and won’t make costly mistakes while trading real money.
Stream Deck Pros
The Stream Deck has become very popular among traders who practice day trading for several reasons, including a Stream Deck review of the pros:
- Speed: When you wish to finish a trade within a day, you would appreciate hours’ worth of work being done within mere seconds. That’s exactly why the Stream Deck is such a game-changer.
- Customizability: Each button on the Stream Deck is designed with user-friendliness in mind. Whether you enjoy orders, exits, or platform open operations, your deck can be set for absolute comfort.
- Ease of Use: Once you’ve set up the Stream Deck, using it is effortless. It’s like getting the cold control panel without fear of choking amongst stacks of buttons.
- Efficiency: Everything is planned and prepared for you at the touch of a button, so attention can be directed towards the trading strategy rather than being uneconomically divided.
Stream Deck Cons
While Stream Deck is a powerful tool, it does have some downsides. Here is a Stream Deck review of the cons:
- Price: For those just getting started, you might find the cost of Stream Deck a bit too much to swallow at more of $200. However, if you like speed and convenience, it just might be worth it.
- Learning Curve: If you’re unfamiliar with setting up macros and hotkeys, there’s a bit of a learning curve. However, with practice, it becomes second nature.
- Accidental Triggering: Be careful—pressing the wrong button can accidentally trigger a trade. To avoid blowing up your account, it’s a good idea to place less-used commands on buttons that are out of reach.
Stream Deck Competitors
Other worthy competitors to the Elgato Stream Deck include the Loupedeck Live and X-Keys Keypad. The Loupedeck Live primarily targets creative users, but traders can also use any such product. It allows the setting up of buy/sell orders and quick commands.
Of all its attributes, the most outstanding is the rotary dials, which traders can use to increase the zoom on a chart or change time frames in a chart. It is a bit more expensive, but you get a better feeling of control than Stream Deck.
The X-Keys Keypad is less expensive and less complex than the rest since it specializes mostly in hotkeys without the sleek design or LCD buttons like the Stream Deck. This does the job straightforwardly for traders in such a way that they need very little. Let’s continue with our Stream Deck review.
Customer Benefits
When you purchase an Elgato Stream Deck, this Stream Deck review finds that you’ll get:
- Depending on your chosen model, it is a fully customizable control pad with 6, 15, or 32 buttons.
- Access the Elgato Stream Deck software to customize buttons and set up hotkeys.
- Pre-designed icons or the ability to create your own.
- Plug-ins for other applications, including trading platforms, streaming services, and more.
Final Thoughts: Stream Deck Review
We hope you enjoyed our Stream Deck review. The Elgato Stream Deck is a device that is already gaining appreciation in the trading field. Whether one is a consistent day trader or has just begun practicing. Being able to configure keyboard hotkeys allows for quick trade execution.
Considering its constructive software, adjustable keys, and real application in day trading, the Stream Deck will allow you to exceed the curve and enhance your application.
However, it might take some time to get used to, and the cost might seem high for beginners.
Remember to practice with a simulator before going live to avoid costly mistakes and invest in a high-quality education provider like Bullish Bears.
We may receive commissions on purchases made from links in this article. Our editors independently researched the information in this Stream Deck review.
Frequently Asked Questions
Can the Stream Deck Be Used for Day Trading?
Yes, per this Stream Deck review, the Elgato Stream Deck is ideal for day trading. Traders can set up hotkeys for quick actions like buying or selling and exiting positions. Without a doubt, hot keys allow quicker and efficient trading execution, especially in fast-moving markets.
What Are the Benefits of Using a Stream Deck for Day Trading?
The main benefit is speed. Like we mentioned above, with one click of a button, your trade is executed. Quick trade execution is the bread and butter for day traders.
Is the Stream Deck Worth It for Day Trading?
Without a doubt, Stream Deck can be worth it. For many traders, the Stream Deck is worth the investment. Its ability to speed up trading actions and its customizability make it a valuable tool. However, if you’re just starting, I suggest you practice in a simulator with hotkeys before you pay for Stream Deck.
What Is the Difference Between the Stream Deck and Other Trading Tools?
In a nutshell, Stream Deck is easy to use. One can easily customize the hot keys without needing complex programming.
Are There Cheaper Alternatives to the Elgato Stream Deck for Trading?
Yes, there are cheaper alternatives. Firstly, you can just set up regular hotkeys on your keyboard. Numpad keys work well if you’ve got them. Louper Deck is also an option.
