If you’re trading online, regardless of how experienced you are, you’re going to need some tools. And, while there are tons of options out there, one of the worst mistakes you can make is assembling and using the wrong ones. But, fear not, as we have the lowdown on the powerful tools you should use when trading online.
If you’re a trader, you’re naturally going to need access to charts, as they will allow you to judge when the time is right to enter. And, of course, when it’s time to leave. TradingView is arguably the best charting tool in the business, as it covers everything from USD forex trading to indices and stocks.
With over thirty million users active across the month, and top ratings, it’s easy to see why so many suggest TradingView is the crème de la crème. You can also put custom scripts to work, which allow for a more targeted approach when checking for opportunities via charts.
You’ll often ask yourself questions such as what stocks are out there with an excellent net profit margin? Or, which companies have seen their stock grow in the last twelve months? When you’re asking these questions, you’re trying to find stocks that fit your requirements. And, you can hit the market and search for them.
But, you could also use a powerful tool such as Finviz, which is a stock scanner. You can make a stock scanner like Finviz do all the work for you, saving loads of time and effort. And, their technical filters are outstanding for targeted scanning too.
Now, we were considering throwing another name into the hat to provide something different, but heatmaps will help to detail to a user who the current movers and shakers are. And it’s Finviz that comes up trumps once again. All other heatmap tools, in our opinion, don’t pack the same punch and aren’t as useful.
As well as being able to judge things across weekly, monthly and yearly periods, Finviz also offers coverage from an unrivalled number of markets. They include the US, Canada, China, Japan, Hong Kong and many more.
If you’re trading online, you need to know the latest in terms of financial news. As a trader, the more helpful information you have to hand the better because knowledge is power and all that. There are some fantastic options in the financial news arena, and most are more well known than Newsmap, but stick with us.
Newsmap is very much the future. They do things a bit differently to your Bloombergs and Reuters of the world, and we think people will benefit from this in the long run. So what you’re getting with Newsmap is the world’s financial news, in your browser, in style.
We will finish our piece by suggesting that while a trading journal may be overlooked or not seen as that important, in our opinion, it is. It’s one of the most powerful tools out there because this is where you can see everything in terms of your trading stats and performance. And from there you can highlight areas which need work.
Our pick right now is FxBlue, and the reason we opt with this over others is that there are filters you can utilise to take a closer look at your performance in relation to trading setups. Improvement is always the goal, and this journal will help you along the way.