In being an efficient trader it is best to know what stocks to allocate your time and money. In finding the right setups you make it easier to be profitable. These are the tools that I am presently using from hardware actual setup to software programs.
Stock Trading Setup
First lets talk Setup. It is important to have a high processor on your computer. I enjoy the ASUS Laptops and of course Amazon has amazing pricing. My personal preference is to Samsung 21.5 inch monitors set up on a 3 monitor stand. Having and Adjustable desk with a Physio Ball is also important to stay healty with posture and blood flow. When traveling or using a remote set up I really enjoy the AOC 16 inch portable monitor. You want to get a gaming laptop as they tend to have the fastest processors to run all the programs mentioned below.
Day Trading Software
Another amazing Charting and alerting software in one is Trendspider. They have the coolest new features of Multiple Time Frame Analysis and Rain Drop Candles . In other words you can be on a 5 min chart, but have the moving averages from a daily chart on there to see how the price action interacts. It will also automatically draw trend lines for you and you choose which to keep. You can set alerts based on conditions. They offer a 7 day free trial and you will quickly see how valuable tool it can be for you.
For my scanning software I absolutely find Trade Ideas an invaluable tool! They have 21 different preset scanning pages and the option to create customizable alerts to find the setups you like to trade. Since using this to find the best stocks for my trading I have made more than the cost of the monthly subscription and the Artificial Intelligence Holly.
Trade Ideas will let you check out the demo version to see the scanners in delayed time. And 4 times a year they have a full access test drive for only the cost of data fees. Roughly $9. Another great feature about the odds maker is it will let you backtest your alert to see how many winning trades come from you personalized alert. It will allow you to narrow the time of the trades, the entry size based on shares or $ amount.
It does take some time to learn the software, but once you do you won’t want to be without it. Its like driving a car in the sun. Its all fine and then you have the sun visor to help block out the overwhelming brightness (all of the stocks on the market) and then you can see straight ahead to your destination (your winning trades). You can try their FREE trading room to learn more to see if it interested you during trading hours.
Day Trading How To Video
There is one video I think is essential to your start to trading and that is my Bare Basics of Trading Video. Next big investment in your education is a 35 hours DVD of intense explanations by Timothy Sykes and worth every penny. It also benefits charity so what more can you ask for….helping yourself learn and others less fortunate benefit as well. It is Tim’s How to Make Millions DVD. I guarantee you it is 100% worth every penny if you watch the whole thing. I also recommend Trading Tickers and Trading Around Equilibrium. In my opinion learning 3 points of view is better than just one. I also highly recommend Tim’s Silver Subscription if you do not have the finance available for the challenge program. The Silver subscription includes Daily Chatroom Access, Daily 5-10 Stock Watchlist, Realtime SMS, Email, and Push Alerts, Realtime ProfiDing Trade Alerts, iPhone & Android App, 3,500+ Video Lesson Library and Weekly Video Lessons. You can always start with the subscription (monthly cost) and upgrade to challenge (one payment for the year) if you think the fit is good for you.
Stocks To Trade by Timothy Sykes is another great scanning and charting package all in one. There is an additional charge for the Level 2, but is 100% worth it to be able to read the tape.
All of these trading tools are worth each $ spent if you use them. You do have to work to learn and from that these tools will help you profit with the right knowledge.
If things change I will update them. This are my tools for now.