What Are the Most Effective Tools for Day Trading?

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When it comes to day trading, there are many tools available to help you manage your risk and become a more efficient trader. Choosing the right tools is an extremely important part of starting your trading journey, with each having different facets that make them useful. In today’s modern world, you can trade away like the pros from the comfort of your home office, sofa, or even while jogging around your local park (via your smartphone), so which services and applications are worth taking a look at? Firstly, you need to start by getting yourself an online broker.

Day trading apps

Online brokers are numerous these days. With so many companies competing for your attention, you would be forgiven for feeling a little confused about where to turn when deciding which platform to trade on. While each has its particular forte, easyMarkets sticks out more than most due to a feature that is both unique to the platform, and extremely useful for those who are a little nervous about entering the world of online day trading: dealCancellation.

In the simplest terms, dealCancellation from easyMarkets allows traders to undo losing trades for a small fee within 1, 3 or 6 hours, subject to terms and conditions. It must be activated before a trade is made, but once initiated, it can users protect their investments, which is extremely useful for those of us who are new to day trading, or perhaps just not sure about a particular trade. Select dealCancellation before investing, choose your time limit and you are good to go. Keep an eye on that trade, and if it moves in a way you aren’t happy with, simply recoup your investment.

Market Scanners

Once you are up and running in the trading world, you may wish to take the seriousness of your investments up a notch. Many of us use our trading apps to dabble in currency, commodities, or crypto trading, but never take the plunge when it comes to getting serious about making money.

If you do want to turn your trading side-line into something a little more substantial, it can be a good idea to download some in-depth day trading software. Software such as Trade Ideas can be invaluable for traders who are looking to take the next step, delivering high levels of data that is provided to you in easy to understand charts and graphs. It also scans the markets 24/7, giving you a list of interesting looking trades that you might be tempted to invest in every morning.

While this sort of program is not for the novices out there, it can really help those who are looking to use the markets to make some serious income, and if the adage is to be believed (and it should be), “knowledge is power”, and as such the vast amount of knowledge a program like this can supply should be looked into.

Financial News Websites

Along with your day trading app and your market scanner, there is one other tool that can make all the difference for the budding investor. This is a financial news website or app that garners the most up to date and useful information in the world of investments. A news source you can trust makes all the difference when it comes to keeping on top of long-term trends, alerting you to upcoming factors that raw data from graphs may not be able to show. Sites like the Financial Times or MarketWatch.com are examples of websites that you should get used to perusing often, with short-form news, and long-form opinion pieces that could give you the edge when deciding whether a stock, or even an investment sector is right for you at this particular moment in time.

Once you have your trading app, market scanning software, and financial news feed sorted, you have all the tools you would need to take your investing to the next level. You have your ability to make trades at any time, along with knowledge of current, and upcoming trends (using the software scanner and news feeds respectively). The only thing left to do then, is to get investing!

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