Time is money, as the saying goes. This is especially true for traders, which is why day traders require the right set of day trading tools and services to trade successfully. Below, we have put together a short checklist of the best trading tools for day traders, which might be useful for both beginners and more advanced traders in the market.
Best day trading tools for traders
Trading technology has come a long way and there are now ample day trading tools available to assist day traders throughout their trading process, from research and strategising through to executing and monitoring trades. Here are our 8 recommended tools for new traders looking to start leveraging technology more effectively in their trading.
1. The A and O of trading: The platform
It is important to choose a user-friendly and easy-to-navigate trading platform, with real-time market data, that offers a variety of technical indicators and charting tools which can be great time-savers for new traders. The more your trading platform offers, the better, as you will then need less applications or websites to support your trading efforts.
2. Stock screeners
Stock screeners relieve a lot of the burden of selecting stocks from traders’ shoulders by enabling them to choose a stock fast depending on the parameters they’ve selected, such as market capitalisation, industry, or geography. Some brokers provide screeners for ETFs or mutual funds. However, some websites offer thorough stock screening features that can help you focus on finding good trading opportunities.
3. Alerts and notifications
Setting up alerts and notifications for price movements, news, and other events related to your trading strategy can save you time by keeping you updated on market developments as and when they happen, without you having to constantly monitor the markets. A market monitoring tool with alert and notification capabilities can help you keep on top of market activity with minimal effort.
4. Idea-generation tools
As a trader, it might be challenging to always come up with fresh trading ideas. There are, however, numerous tools which can always help with idea generation. One of the most liked websites is Briefing.com, which provides everything from real-time market information to possibilities for developing growth stocks to initial public offerings. Leveraging tools like these can help give your trading strategy a fresh new edge that could lead to positive results.
5. Risk management tools
Effective risk management is a key part of any successful day trading strategy. Using risk management tools such as stop-losses can limit potential losses and protect your capital, in addition to saving you time by reducing the need to constantly monitor your positions.
6. Automated trading systems
The power of automation is being leveraged in trading just as much as in other sectors and industries and for a good reason. Automated trading systems, also known as trading bots, can help execute trades based on specific criteria, defined in accordance with your trading strategy, allowing you to save time by automating repetitive tasks.
7. A trading journal
The most successful traders are those who trade without emotion but rely rather on facts and quantifiable results. As such, it’s important that you keep track of your trades if you want to become a successful trader. Documenting your entry and exit points, the reason you traded, what you observed, the outcome, and why you bought or sold the position will help you quickly learn where you make mistakes or miss opportunities, improving your trading strategy and skills.
With ONE-SIGNAL, there’s no need for stock screeners, risk management tools, idea-generation tools, or other alerts and notifications. ONE-SIGNAL summarises the most complex trading information in one word a day. The transmitted information, usually delivered right to your email inbox, is clear, short, and concise. The signal provides information about the development of the stock market, with LONG or SHORT notices for each respective trading day. Additionally, the signal includes a stop-loss, which is an integrated risk management tool.
With ONE-SIGNAL’S software, day traders can establish a simple trading routine, without any complicated tools or alerts. All they have to do is enter a position following the trading signal and then close the position at the end of the day. ONE-SIGNAL cuts through the noise, with no need for complicated and page-long analyses, or disturbing notifications.
For an all-in-one, easy-to-understand trading system that gives you the trading insights you need each day, why not consider ONE-SIGNAL? Learn more about our solution and the success other traders have achieved with our tool, or start trading now with ONE-SIGNAL. Alternatively, for any questions you may have, get in touch with our team of trading experts.