Stocks, crude oil, they’re all the same, to be honest. The only differences between them are the price disparity and their physical presence in the world. Crude oil, to be more precise, has a more definite presence in the world. This is because it is a literal matter that switches ownership from place to place.
On the other hand, stocks are agreements by companies to give you a privilege or a stake in their structure. Either way, the trading for both of them happens on very similar terms. You can trade crude oil on the stock exchange just as you will for stocks.
It does not make a difference. In terms of being similar, another point that we’d like to bring to your attention is the software used for trading. The software provided on the internet, also known as trading platforms, can be free or paid, depending on their services.
We suggest going for paid platforms as they offer you better access and quality of services than the usual crowd that avails those services for free. Various software platforms will precisely let you trade, giving you an edge with efficiency and effectiveness.
Also, the platforms we’re suggesting are highly suitable for day traders even more than long-term investors. These sites have a lot of statistical data that runs in real-time and are very helpful for stock developments from minute to minute. Click here to know more about oil trading and the various methods you can do it.
Day trading and the use of software
If you are a beginner trader with a small account, these are the five free trading tools to help you out. Day trading is a business. It’s not a hobby. It’s a business that takes a lot of upfront capital and effort. Yes, we understand many new traders need to start with a small account of $4,000 or $5,000.
That’s where we started, and that’s why it’s essential to take advantage of the free helpful trading tools to get started at the very beginning stages. Before you think about investing even more into scanners or your trading education, we’ll be sharing our top five free tools that all beginner traders should be using.
These tools are excellent for technical analysis, understanding stock structure, finding and scanning for stocks to trade, and most importantly, back testing your trading strategies. So if you would like to learn more about all these trading resources, keep up with our article.
So the first resource we love using every single day is stockcharts.com. This is a free website for traders to look up tickers on a daily chart or the weekly charts. The layout is immaculate and accessible to the eyes.
You can even activate the crosshairs around to analyze the price levels, and scrolling down, you can add some more custom indicators on the charts. For the hands of the chart, most people use a default 50 SMA and 200 SMA on the daily charts, but if you prefer to use something fancy like Ichimoku cloud Bollinger Bands & MACD, you can enable them down there as well on stock charts.
We always start from the daily charts when analyzing a gap up or drawing recent support and resistance levels, and that’s why this website is an excellent place for people to start seeing the bigger picture.
Before jumping into a broker platform to trade or intraday trading, we continually analyze whether stock could be a good buy overnight on the daily chart stock charts. This is always a place for people to start their activities.
The second tool we’d suggest using is Finviz. Many use finviz as a free source of news and lookup for many penny stock runners or large-cap Gappers in general. When you first land on the homepage, you can see the conditions of the market sectors such as tech, health care and financials, so when the entire market was tanking a couple of weeks ago, everything there on the finviz mat was blood red.
On the left side of the homepage, is where you can see the top gainers and losers of the day and more often than not, these are going to be the small gap penny stocks runners. Once you click into the stock ticker symbol, that is where you can do some of the most basic research on the store.
The stock summary is where you can quickly look at the stock’s float, which is essential if you’re trading a small gap between penny stock runners. A low float will be a stock below 5 million, and if it’s anything close to 1 million or below 1 million, then that would be a micro float.
Hence, a few other vital information for day trading are market cap institutional ownership, daily average volume, and shorts percentage. If you were investing or doing some Munger term swing trading, you might also want to read into the earnings p/e ratio and other fundamentals.
Below is where the critical summary of the stock is. You can see the most recent headlines from various news resources in chronological order, and for estate traders, it’s essential to know all the headlines.
We’ve stated two of the best platforms with a wide range of statistical features that traders use for both stocks and crude oil. The platforms that we’ve said give you precise information about the minute-to-minute development in the stores’ prices.
Moreover, they are also platforms that let you monitor trends and progressions. This gives you a more significant edge over ordinary investors as you include analytical and intuitive trading. Moreover, they provide you with accurate summaries of all your tradings and can even give you inferences to show you if you can do better with them.