Being a trader, you deal with ‘combat’ in the market, which means you need to prepare just as any soldier would before heading to a battlefield. No matter where you look for trades on the market, you go into combat each day. Also, you need to be prepared to tackle different things.
As a result of this article, you will learn about several trade tool supplies that every trader needs to get ready for battle on the market.
5 Essential Trade Tools For Your Needs
● Platform And Charts For Trading
Trading platforms and charts are the first and vital trade tool supplies. But not just any charts will do; you need the right ones. The right charts are critical to your toolbox as if you are not looking at the correct charts, you are not getting the most accurate or transparent view of how a market is performing.
Do not add complicated indicators or “EAs” to these charts; instead, let the platform run with stripped-down ‘naked’ charts. To effectively and efficiently analyze and trade any market’s price action, you only need those two tools.
● An Excellent Laptop
It should also be ensured that you have a high-quality laptop in your trading arsenal. If you want to live the coffee shop trader’s life, get yourself an Ultra-book because they are very portable and have long battery life. A 3-stack monitor or supercomputer is not necessary. Mobile is the way to go.
While several people do not support mobile phone trading, and some cannot afford the latest laptops or iPads. For that, one can perform analysis and trade on your smartphone via the MetaTrader 4 trading platform app.
But be aware that experts do not recommend that you remain all day on the phone because the phone view enables a distorted representation of the charts. Even in the worst-case scenario, phone trading is your only option, including a good Wi-Fi or mobile connection through your phone provider.
● Excel spreadsheet and trading journal
Tracking your trading performance requires a trading journal and spreadsheet. Many traders do not think they need or stop using this tool after a while, and this is a grave mistake.
A trading journal and spreadsheet are critical because you need something to keep yourself accountable and honest. It’s kind of a lone-wolf profession, with just you, the computer screen, and the charts. You will eventually deviate off course and make trading mistakes without forcing yourself to keep records of your trading performance.
● The Risk Capital Market
To get started, you will surely need an adequate amount of funds for your needs. Don’t take it for granted! Money is a vital tool, and trading in the real world without it is impossible.
So to have good knowledge about procuring and maintaining funds, you should check out how the risk capital market works.
● Trading Strategies’ Tool Box’
You can use a variety of trading strategies. It would be considered a non-physical tool, but it is no less valuable than the more tangible tools we have already discussed above.
To Wrap It Up
These are the essential trading tools, and the purpose here is to enable help in developing a set of trading strategies and to become a successful trader on the market.
These tools can help you in making trading much easier for you with minimal effort.