TRADING TOOLS

Regardless of what type of market analysis a trader uses, there is a set of tools needed in order to do the job effectively. Traders cannot do everything themselves and need certain tools to carry out particular functions to get them through the day. Not having them could mean failure. Obvious basic tools are a computer, phone or tablet, additional monitors, internet access, a charting package, technical analysis tools and an execution platform.

Less obvious perhaps are a checklist, a cheat sheet, a trading journal, a stock screener, a calendar, a currency correlation tool, specific reports, a market hours timetable, a news squawk, a handy tool to calculate pivot points or an optimal position size calculator. Whether they are charting tools, or news gathering tools, whether they are high-tech tools or low-tech tools, whether you find them online or offline, serious traders rely on various must-have tools to support them. Selecting the right ones is crucial for smooth and efficient trading.