Are you thinking about stock trading?
Between doing your research, finding the best stocks, and creating the capital to get started, day trading can seem like a difficult thing to start.
And it can be.
But with the proper tools in place, day trading doesn’t have to feel like it’s reserved for Jordan Belfort and other movie-worthy millionaires. Want to know how?
The secret is having the best trading software. Let’s look at a few you can start using today.
For day traders, Robinhood is a fantastic app to use, especially when you’re first getting started. With over 4 million users, it’s not hard to see why people are using this.
What makes Robinhood so great is that there are no fees for trading. For many trading apps, you have to pay a small fee to buy or sell a share. Some even take out money from your winnings!
But with Robinhood, you’ll get all the money from winning.
Plus, with a beautiful layout, you’ll feel confident using the app for more than trading. You can keep up with the growth of your investments, the dow today, and even what experts are saying about each stock.
2. Charting Tool
When you’re day trading, it often helps to look at patterns of businesses before you make a buy. For example, if over the past 3 years, a company’s stock has dropped by 5 points the day after Christmas, chances are you’ll want to sell your stock before that day.
On the flipside of this, if a business has grown by 10 percent on every first Monday in December, you might want to consider buying a stock the Friday before.
And if it’s that same stock that will drop after Christmas, you can make a 10 percent profit — or more!
A charting tool helps you do this with ease. Instead of doing your own research, you can look at information that a professional software made.
Most charting tools worth their salt look at more than one stock at a time. This way, if you notice a daily or weekly trend, you’ll be able to catch it before anyone else.
Now, remember that you can’t use the past to predict the future. Day trading is often guilty of doing this, but using evidence to see where a company might fail can be helpful.
3. A Fast Computer
As day trading gets faster over time, the need for a computer that works at the speed of the markets becomes more important. Before, trading could only be done by hand, but now, anyone from anywhere can join the ranks.
Make sure that your computer can trade as fast as you need it to trade. Otherwise, you might lose money!
Get Started with the Best Trading Software Today!
Now that you’ve read this article, you should be ready to go out and get yours with the best trading software you can find. Remember to do your research and not get discouraged if you have a minor loss.
Did you know you have to pay taxes when you win with the stock market? Learn more about how the IRS collects money here.