February 15, 2019
As an online day trader in today’s industry, you need to equip yourself with all the right tools and gadgets if you want to stand a chance to ever make a profit. This is true, regardless of your previous experience and goals, whether you’re a hobby trading or a day trader.
The only issue is the extensive selection of tools to pick from, which can make it an overwhelming task.
But don’t worry.
First and foremost, you don’t need a lot of tools, you just need to find the best ones. Secondly, we can point you in the right direction and offer tips on the most important tools.
What is Day Trading? Well, the real question is what is CFD Trading? The short answer is short term trading, buy in the morning, sell in the evening, for example. But of course, there is much more to it than that.
1. A Cross-Device Trading Platform
The most important tool for any online trader is access to an excellent trading platform. The easiest way to find a broker that you feel comfortable with and that has put in the effort to develop a state of the art platform.
Naturally, you’ll want the platform to be available across all the devices you’re planning to use, i.e PC/Mac and Android or iOS smartphones and tablets.
In our opinion, the best way to find an excellent broker is to check out what other trading professionals are recommending. Today, there is a range of websites run by day trading and CFD trading pros that share broker recommendations as well as other tips to help you maximize your ROI.
One of the most common recommendations seem to be Markets.com.
2. A Practice Platform or a Trading Simulator
Needless to say, if you want to succeed at anything in life you need to practice and trading is definitely not an exception.
The benefit of trading today is that you have access to a tool that traders back in the day could only dream off. You see, less than 2 decades ago the only way a trader could practice was by risking their own hard-earned money.
Today, all you have to do is get a trading simulator or access to a risk-free platform. Better yet, many of these tools are completely free meaning you can fine-tune your strategies and skills without spending a dime.
There are several trading simulators on the market which you could check out. However, we do recommend that you sign up with a forex or CFD broker that offers a demo account which you can use to trade under real market conditions, using virtual money and no risk.
3. An Investment Tracker
Chances are that you will not only day trade but also place long-term investments. Depending on which market you want to invest in, you might have to use a few different stockbrokers and exchanges to get the best deals. The only issue with this is that it can be difficult to keep track of all your investments at once.
Therefore we advise you to use an investment tracker – preferably on your mobile device – where you can keep an eye on all your investments whether they be cryptocurrencies, commodities or stocks.
Besides the above-mentioned tools, there are other gadgets that can help you optimize your strategies. For example, access to a reliable news outlet to use for fundamental analysing instruments, as well as a third party graph tool, is recommended.
Just remember that it’s up to you to pick the tools you want to use, and while it’s good to listen to others advice, you have to be sure that you feel comfortable with your arsenal.
Edward Roesch is CEO at Edchained.