Everyone has to start somewhere. And if you have been looking into trading or you have recently started, then you might be looking for tools to help you realize your goals. There are some tools that you can use before you start trading to help you learn the ropes.
You are going to use a range of things in order to make trade effectively. Luckily you will have access to everything you need. Modern-day trading is electronic – which means it is incredibly fast too.
Real-World Tools
You will need a computer, the internet, and a telephone. You’ll need a computer or laptop with enough memory to run your programs and keep up with what is going on. Long load times will have a significant impact on your ability to trade.
A telephone line that is only used when you need to contact your brokerage, or they need to contact you is another good idea. Most software and brokers have 24/7 support. Input all of the numbers into your phone so that if your internet cuts out and you can’t search for the number, they are already there.
If you can’t open more than two internet pages at a time, that is an indicator that your internet isn’t fast enough to be able to keep up with the trading software. Make sure that you have the highest speed available.
Day Trading Software
When you choose a broker, they will often recommend a range of software for you to use. But it depends on your style of trading as to what will be best for you. Typically Day Traders will need to use software that allows them to access price charts. Different software is designed with specific traders in mind.
One of the first things you really want to do is look at a trading simulator. This will help you get used to how everything works, to define your trading goals and plans, and get used to the world of trading. A simulator won’t be able to replicate the true emotions of wins and losses; it will let you test your strategies and knowledge.
Websites
We are going to group these into one tool type.
StockCharts.com has a lot of free resources, and they have a range of high-quality trading articles too. It shows what is in bull and what is in the bear market too. Hand when you are collating information.
TradingView.com can give you real-time stock prices. It has Forex, ETF, and provides a (delayed) data stream on future markets and CFD.
It also has a handy community chat feature so you can discuss your trading.
Finviz.com has a range of stock suggestions for day trading candidates. You can see what the top gainers and losers, the most volatile and the break out stocks for that day.
All of these tool types will come together to give you the best entry into trading. Using a trading simulator will give you the knowledge to make trades as well as test your hardware’s ability to keep up. By checking the websites daily, you will get into the habit of gathering meaningful information too.