Every new stock investor should know the basics of stock trading, and find the right tools, to do things right and be successful in it. First, you will find hundreds of trading platforms that provide different tools and features, so every beginner can know where to start and what to do next.
Using these tools and services is crucial for successful trading, no matter how often you do that. You can always improve the way you are doing it with the proper services but also increase the success rate.
So, we won’t lose time talking a lot, and we will try to cover as many tools as possible and give some brief explanations, so you can know what they are for:
This is one of the most popular electronic trading platforms for beginners. You are able to trade stocks, funds, cryptocurrencies, fixed income, and cash management.
According to https://stockapps.com/, it’s listed as the number one trading and brokerage company. It was opened in Israel, but also has offices in a few other countries. It covers electronic trading, stocks, cryptocurrencies, and investment management.
It’s a very old company that works with finances and economic education. They also operate brokerage companies, mutual funds, advisory and counseling, retirement services, wealth management, life insurance, and of course, today’s popular cryptocurrencies.
This is a company that provides trading platforms, which include real-time data streaming, so you can track every activity that is useful for your trading. It works on mobile devices and it’s a great tool to use for technical analysis.
A great platform that offers a lot of analytics tools, comparison, dividend schedule, scores, syncing accounts, just the free version. The premium version provides smart alerts, portfolios, screenings, back-testing, and surely, all the features available in the free version.
This is a free tool for smart trading, with low fees, and a mobile version that is pretty well-organized. It’s great for beginners because it features research tools, that will help you make smart decisions when needed.
Since it’s $59 per month, this one can give you a 14-days trial so you can see if you like it. And there isn’t any reason to dislike this service, no matter if you are a beginner or an experienced trader. It’s based on AI, and you can track everything you need through it, and take your next step.
These are some of the most popular stock trading platforms that offer a wide range of tools, usually combined in one product, so you won’t need to download separate apps or open a lot of tabs on your browser. But, while we are still here, it’s worth mentioning the types of tools you need, so you can easily choose the platform for your future activities.
So, let’s go through them a little:
- Stock screeners, so you can have an objective view over the whole market. It helps you to screen the current activity and see how the other things go. It will also show some easily predictable patterns, that meet your specifications and preferences.
- Strong trading platform, which sums up a lot of features that can be used for successful trading. Don’t go for free ones, because they may not be good enough, especially when it comes to safety concerns. Most of the broker’s trade platforms will give you a trial period, so you can see if they would work for you as preferred, or you may change your mind and find something better.
- Stock simulators are the next ones on our list. It’s a very useful tool to test your actions, so you can practice and analyze what you are doing, or even help you improve your strategies. Actually, you are saving money, because you are not spending them, which means you have nothing to lose. It’s great to test your planned activities, to see if everything is well before you take a part in the real stuff.
- A mobile app comes together with today’s needs for every investor. Surely you can’t take your laptop everywhere with you, but if your favorite platform has a mobile version or an app, you can always have it in your pocket. That will help you track every important stock moment, so you can act quickly, and never miss some good opportunity.
- Tools for fundamental analysis are another thing you may use when trading stocks. You need new ideas, and there are some useful tools and services that can help you analyze the current situation, but also get more creative when it comes to unique approaches, especially seasonal trends.
How the best tools for beginners should work?
According to experienced users, the best ones can be Fidelity and TD Ameritrade, because you will need good market research and in-depth analysis so you can decide what to do next. Also, every trader has responsibilities too, especially when they start trading big, using real money.
In general, you need to look for real-time data representation, because you should have all the information available immediately since the stocks and their values can change every second. You can follow the charts and live streaming, so you can make a move at the right moment.
Since you have a unique approach in your trading habits, you need to run a diary too, so you can know what have you done. Probably one day you will one to study all your moves, so you can see if you could make it better. And while we are here, there is nothing wrong if you want to buy a premium version of some platform or tool, but before you spend your money, you will have to read a lot of reviews and experiences, to know if it’s really worth it.
Just like every other type of investment, you will often need to make quick choices, without a lot of time to rethink your actions. But with the rightly chosen tools, you won’t have any problem doing that.