Today, more and more individuals are taking an interest in trading on financial markets. But just like in any other field, preparation and proper tool selection are necessary for achieving success. In this article, we’ll discuss 5 essential tools that can assist you in becoming a successful trader, regardless of your trading style.
There is a lot of information available on the Internet about financial markets and how easy it is to trade. Many bloggers showcase their trades and how they make big money, but they never reveal their secrets. It’s simple: if they reveal all their secrets and give away their tactics, then no one will pay them for trading signals, market analysis, coaching, social media memberships and advice. Today we will show you how to use this information yourself and save you money. All this information is available for free on the Internet, the main thing is to know where to look. In this article, we will discuss where to find it, how to use it, and what benefits it can bring to new traders.
News.
Today it is no secret to anyone that news is one of the levers of pressure on financial markets, both positively and negatively.
To ensure you are always ready for any situation, I’ll give you a couple of websites where you can get information. These are news websites, and the more you read and compare information from different sources, the fewer surprises you will have.
www.bloomberg.com – one of the most visited websites in 2022, where all information related to trading and news that affects financial markets is collected.
www.reuters.com – one of the world’s largest international news and financial information agencies.
www.twitter.com – today, no one is surprised that one small tweet from Elon Musk can either collapse Tesla’s shares by 50% or raise DOGE by 3,000%. During his presidency, Trump tweeted every day, and you can only imagine what happened to the dollar. So this is another resource where you can stay up-to-date with all the news.
www.investing.com – another news website where news is posted every day. You can never have too much news!
Charts.
Charts play an important role in trading, as they help traders analyze and understand price movements in the market. Through charts, traders can see historical price and trading volume data, as well as current prices and real-time market statistics.
Charts allow traders to identify trends, support and resistance levels, entry and exit points. Additionally, charts help traders understand what events or news may affect the price of an asset and how these events will impact the market as a whole.
In general, statistics include market analysis and informed decision making by traders when trading the financial markets.
www.tradingview.com – A technical analysis platform serves as the basis for a social network and web service designed for traders. The project was initiated in September 2011 and offers a free application version, as well as three paid subscription plans with progressively increasing functionalities. This website is also built on a social network where anyone can share their ideas and scenarios on how a particular asset will grow or fall.You can find all of this in the IDEAS section.
Take Profit / Stop loss.
Today there is no Broker that does not use take profit and stop loss tools to manage trading risks and minimize potential losses. By setting target prices for profitable positions and stop loss levels for losing positions, traders can better control their trading results and optimize their strategies.
Take profit – is a price level at which a trader closes a position with a profit. For example, if a trader bought a stock at $50 and set a take profit at $60, when the price reaches $60, their position will automatically close, and they will earn a profit.
Stop loss – is a price level at which a trader closes a position with a loss to protect their capital from significant losses. For example, if a trader bought a stock at $50 and set a stop loss at $45, if the price drops to $45, their position will automatically close, and they will only lose $5 instead of the possible significant losses.
Using take profit and stop loss helps traders control risks and improve their trading results.
Crypto Tools.
Let’s talk about cryptocurrency. Today, many people, companies, and even entire countries invest and hold their money in cryptocurrency. Also, many traders use cryptocurrency as an asset for trading, and due to its high volatility, people earn a lot of money from it. But what if you are a newcomer and you have only heard the word “cryptocurrency” on the radio? Now, I will give you a couple of useful websites that will help you understand it.
www.coinmarketcap.com – This is the most important website for anyone involved in the crypto sphere. Here you will find answers to all your questions. They publish all the cryptocurrencies that exist at the moment, a forum, a top list of the most profitable cryptocurrencies, and a lot of interesting information that you can read, and it will be useful for you.
www.cryptobubbles.net – This is a very simple website where you can track the most profitable coins, how much the coin has grown, and all this on one page. You no longer have to search the internet for which coin has grown by how much, just go and see.
www.blockchain.com – In general, blockchain provides security, transparency, and decentralization, which makes it a useful tool for various areas of activity where data storage and transfer are required. Blockchain is used to record cryptocurrency transactions and confirm their authenticity.
www.trustwallet.com – Sooner or later, everyone wonders where to keep their cryptocurrency and, most importantly, where it will be safe. And here comes Trust Wallet, the simplest and one of the safest crypto wallets that millions of people use. Use it too!
Indicators
I saved this for dessert, Let’s talk about the most important thing – when to buy and when to sell to avoid losing money. This is the main question of any trader. Today, I will recommend a couple of indicators that will help improve your trading by 95%. We will not talk today about how to use them, as you can find that in the training section. Today, we will talk about indicators for beginner traders.
Let’s start by understanding what an indicator is and what types exist?
Trading indicators are mathematical calculations based on price and volume data of financial instruments used to analyze markets and make decisions on buying or selling assets.
They are needed to help traders and investors determine which assets are in trend, where possible entry and exit points are, as well as to assess the likelihood of future price movements. Indicators can be useful in developing trading strategies and forecasting market trends.
There are many different trading indicators, each of which provides specific information about the market. Some of the most popular indicators include moving averages, relative strength, stochastic oscillator, MACD, and others.
