As with any project, one must first determine what we are trying to accomplish, before we can choose the proper tools. When we talk about online trading and investing you have to first decide on what technique you are going to pursue.
In order to determine what techniques will work the best for your particular situation, we have to first discover what you already know. Technique is defined as a procedure that is effective in achieving an aim or goal. Of course we know that your ultimate goal is to make money, and if you are already making money, to increase your profits. How we get there is dependent on what path you desire to take. Is this something that you are planning on devoting all your efforts to? Or perhaps you are planning on dabbling in it while keeping your present job, or enjoying your retirement. This decision will set the tone for your online trading future. Dont confuse dabbling with having any commitment. Anytime you trade you must be totally committed, which includes be knowledgeable, properly trained, and possessing the right tools to get the job done successfully. Therefor if your plan is to tackle trading part time, you should not even consider day trading, you will be a swing trader.
Do you know the difference between day trading and swing trading? To me there is a major difference. Just as there are differences between an option and futures contract. Many so-called experts lump all online traders into the bag of day trading. For the sophisticated observer it is plain to see the obvious differences. A day trader rides the rush of the asset, while a swing trader diagnosis the trends and holds onto it as long as the momentum last. I dont know if the term day trading ever existed before we had access to the internet. If it did, I some how would picture a broker becoming a bit frazzled, trying to keep up with this mad client who is buying and selling at the speed of light. Because this, is the life of the day trader. They do not care about fundamentals or even for that matter what the company does. They are riding the trend, up or down it doesnt matter, as long as the asset is behaving the way they have projected it would. Day traders dont care what markets they are in, be it stocks, options, currencies, or futures, they get in and out with a fast profit. A transaction may last a few minutes, an hour or so, but never more than that day. These rebels of tradition are literally traders, rather than investors, but can reap huge rewards in a relatively short period of time. This is the itinerary of a day trader. If you cant commit or dont have the time to pursue this strategy properly, as I previously suggested you do indeed have to look into swing trading. Another thing about day traders, are they must adhere to a set of strict rules and regulations, including maintaining an account that doesnt fall less than twenty-five thousand. For complete details on all the rules, please refer to the SEC web site.
This is the itinerary of a day trader. If you cant commit or dont have the time to pursue this strategy properly, I suggest you do indeed look into swing trading. Please dont misunderstand me, swing trading can be a full time job as well, and for thousands it is. You just cant do day trading part time. It is important to know what path you are taking because the techniques to travel it are identical. You must be knowledgeable, able to comprehend technical analysis, and possess software that can give you the upper hand. Remember trading the market, no matter which one you chose, is like gambling, make no mistake about it. However instead of just rolling the dice, putting your chips all on lucky 7, or hopelessly watching the little pea spin around, you can learn what is the equivalent of counting cards.
Software That Delivers Gives You a Successful Platform
Choosing the Right Program Is like Hitting the Jackpot
As far as software platforms, the following suggestions I strongly feel are necessary for any software to be useful.
1. It must be able to offer live streaming technical data. (Otherwise the program is merely educational)
2. The platform should defiantly include candlestick charting.
3. Visually it has to be large enough for all the data to be seen easily. (Many of the online brokerages technical data is too small to be useful)
4. It must be cost effective. (Most good systems can be purchased for between one and two hundred dollars)
If you can acquire software that gives you even the slightest edge in your favor, it is well worth the Investment.
These are just a few tools that you can utilize to increase your chances for success. I dont profess to being an expert, but I do know of some. I obviously dont have the time to go into all the details now, but at my site
Market Mentalist you will find all you need to know about investing online. There is an abundance of up to date articles and product information on Online Trading Tools...Profitable Platforms. There is also access to some of the top trading systems available including software, books, newsletters, and Forums. Whether you are an inquisitive novice or a seasoned pro Market Mentalist offers the online investment resource you just might be seeking.
