It feels as if it were a lifetime ago that we’d scan through newspapers just to read stock quotes, oh how the times have changed. Nowadays, anyone can go about trading from practically anywhere in the world. Stock traders don’t even need a PC to trade; they can use their smartphones to buy stocks during commute hours and get updates via their smartwatches while working out in the gym.
This technological advancement has certainly made trading easier and more effective, but it’s also managed to make the competition stronger. If you’re thinking of entering such a fierce world, you’ll need to arm up with the latest technological tools so you won’t be left behind or, worse, suffer significant losses. With that in mind, here’s a collection of essential and useful trading tools you can use as a beginner.
Trading Platform or Software
Choosing the right trading platform is the first and most crucial step. Unfortunately, finding a strong and good platform or software is a tricky feat. More often than not, advanced trading platforms will impose higher fees than low-end platforms. Otherwise, you’ll be bound to a minimum account balance or a minimum number of trades per a specified period so you can access the platform in the first place. You can try less advanced platforms, but they’ll fall short on the features and tools provided. You’ll have to dig deeper so you can find a platform that suits your trading skills and needs.
Idea Generation Tools
Once you’ve settled on the platform, you’ll need to come up with winning trade ideas. Fortunately, there are a lot of available tools to help you come up with stock ideas to trade. The most popular way is to look for subscription-based tools that give you updated insights, ranging from live market reports to IPO previews and even upcoming stock growth opportunities and seasonal trends. Otherwise, you can take a more advanced way of diving into technical reports, financial analysis statements, and company news published by professionals. That’s how many veteran traders research a stock and evaluate its profitability.
Tech Analysis Tools
The truth is that veterans use tech analysis tools for more than just coming up with trade ideas. There’s no room for emotions or guesswork in trading; as a beginner, the sooner you learn that, the less your losses, and the better your profit. It’s worthwhile to take a leaf out of the veterans’ books and use tech analysis tools to access buy and sell indicators, upon which you’ll e able to locate better and worthwhile trading opportunities.
There are a lot of tech analysis tools, one of the most popular of which is Stansberry Investment Advisory – but beginners often have no way of knowing whether a system is legit or just a scam. The professionals behind thestockdork.com/stansberry-investment-advisory-review/ point out that the research system’s reputation is, indeed, well-deserved. Once the user subscribes, they can get regular updates about the latest stock market news and opportunities. It certainly works in their favor that these insights are generated by the team of a world-class investor and financial expert.
Stock Screening Software
Once you’ve settled on a stock, you’ll want to define clear criteria to track the stock. Since doing it manually can be almost impossible for a human, it’d do you a great favor to use good stock screening software.
Using this tool, you’ll be able to scan through the search results for a stock based on the criteria you’ve previously specified, such as share price, dividend yield, market capitalization, or industry. You’ll find a stock screening tool in the trading software you’re using, but you may need a more advanced screening tool to access in-depth screening.
You’ll also want a charting tool to keep track of your evaluations. Any trader who uses technical analysis will certainly need charting software to predict future movements by tracking the past ones. You can even use the charting tool to analyze a stock’s history, assess its volatility, and compare a number of securities while benchmarking their performance to specific indexes. Depending on the broker you’re dealing with, you may access different charting capabilities. You can also look for websites and online resources to access free or subscription-based charting services.
There are a lot of things you’ll need to prepare before you can get started with trading. After gaining the needed basic knowledge and understanding the basics of trading, it’s important to get familiar with the most essential tools and services that you can use as a beginner. Taking advantage of the latest technology will help get the insights and guidance you need to start winning.