Day trading refers to the buying and selling of financial assets with the aim of making a profit. It differs from investing because day traders usually buy assets and hold them for a short period.
On the flip side, it’s not uncommon for investors like Warren Buffett to buy their positions and hold them for more than 20 years.
Despite some commonalities, there are two very different approaches that also need different tools to perform at their best. In this article we will look at Some of the most powerful day trading tools This will help give you an edge in the market.
Why do traders need trading tools?
Trading is a high frequency and intense industry Seconds matter. As such, traders are always working to find their strategies for Help them feature development against other merchants.
This explains why many large investors are willing to pay $2,000 a month for the Bloomberg terminal and $22,000 a year for the Refinitiv Eikon.
Trading tools can help traders make decisions in the market. For example, a trading tool like TradingView Gives retailers Advanced planning tools They can use it to analyze the market in an effective way.
Likewise, trading tools like Bloomberg Terminal provide it all advanced data That traders need to analyze all financial assets.
Online brokers provide a tool that allows traders to develop an edge. They do this because of how competitive the trading industry is.
If they don’t offer advanced charting tools, the result will be that many people will switch over to competitors. So, here are the best trading tools that will help you develop an edge.
PPro8 is The premier platform for charting and trade execution for Day Trade the World (DTTW). It is a powerful trading platform with a lot of features that many major companies do not have.
First, unlike a product like Robinhood, PPro8 It has direct market access (DMA) on most assets. Direct Market Access (DMA) gives traders access to real market data. They are allowed to do so Determine the market maker directly that they want to use.
In contrast, Robinhood and Other brokers choose the market maker for you. By choosing the market maker yourself, you can often get the best price. Also, at times, the company can compensate you for routing deals through their platform,
In addition, PPro8 provides Layer 2 data by default. Mostly layer 2 data Not available to most traders. It provides more data on how traders place orders on different assets.
More importantly, PPro8 also saves time and sales, which Shows time, price and volume flows from an asset. It also provides distributed order flow.
Combined, all of this information It can lead to big profits for the day trader. Moreover, the tool provides advanced charting tools, with all the most important technical indicators.
You can take a look at PPRo8 in action at TraderTV, one of The fastest growing YouTube channels in circulation.
TradingView is a major charting tool used by traders all over the world. that it Simple yet very powerful A tool that makes it easy for traders to do just that Analyze almost all assets in the world, including stocks, cryptocurrencies, forex, and commodities.
TradingView also has other features that will help you in your day trading. For example, it has a tool that makes it possible for anyone Create and test different trading signals.
Moreover, it has widgets that show breaking news, trending assets, top movers, and in-depth data. In addition, it has hundreds of traditional pointers and those created by members of the community.
TradingView also has other features, including a calendar, alerts, chats, idea flow, strategy testing, and more.
News scraping tools
Wall Street Beats (WSB) has become a sensation during the COVID-19 pandemic. It is a Reddit channel where people discuss stocks and other assets. In 2021, he’s been credited with making some names like GameStop, ContextLogic, and AMC sensational.
As such, existence Good access to data on the WSB It can help you become a better trader. It can help you get an edge in the financial market. So, SwaggyStocks It is one of the best tools that can be used to find these trading ideas.
It’s a tool It takes a look at social sentiment for stocks, cryptocurrencies, and NFTs. By looking at the data, you will be in a good position to predict the next most important factors in the stock and cryptocurrency market.
I will too Save your time by simplistic the analysis process. Another alternative to SwaggyStocks is TweetDeckwhich updates the Twitter feed regularly.
Related “ The importance of knowing your trading ideas through social media
Traders have it fixed The need for market momentum. trade idea It is a powerful tool that provides traders with a range Scanner feature Help them find hidden opportunities in the market.
It provides entry and exit signals, market breadth information, news, real-time alerts, performance tracking, and live trading among others.
However, unlike the other tools mentioned here, It is an outstanding tool That starts at $84 per month with advanced features at $167. As such, it will not be ideal for anyone with a small trading account.
There are other tools that will help you to be a better trader. Some of the most popular Investing.com and Barchart.
Barchart provides most of the market information you need. We especially like it for Unusual data options common in the market. You can use this data to Anticipate the next major thing In the market. On the other hand, it is an ideal investment for the wide calendars it offers.
Useful external sources
- What are your favorite tools as a stock trader? – reddit