Day trading can present you with the opportunity to make a good amount of money from the comfort of home. You can’t tackle this task without the right tools, however. Day traders need to have powerful platforms at their disposal to help them explore their options, analyze the top contenders, and make timely decisions about which stocks buy, sell, and hold on a given day. These tools are prepared to do just that.
A Powerful Broker Platform
Online brokers can provide day traders with a wealth of tools for trading. Companies like Fidelity and Charles Schwab offer screening and analytics tools to enhance your trading efforts right there in the platform. You can also access perks like personal consultations and proprietary research tools.
You can enjoy a number of commission-free ETFs through these brokers, so you’re getting the convenience and assistance of using a broker without incurring a significant financial cost. Futures options and online equity trades do come with a fee through most brokers.
The right broker platform can take the place of many other day trading technologies, but those who want to make a career out of this pursuit will likely want to dive deeper and supplement their broker with other technologies.
Real-Time Stock Charts
Access convenient stock charts in real-time with platforms that are designed to give you personalized insights that will super-charge your trading activities. TradingView offers charts on one, three, five, and 15-minute time frames. You can save your favorite charts and return to them daily for fast access to the data most relevant to your personal strategy. BigCharts gives you stock charts that are complete with historical quotes and analytics, so you have a robust selection of information that you can review and work from.
Keeping an eye on stock charts in real time is crucial for the prompt decisions and complex activities of day traders. Customizing your charts through one of these dedicated platforms can give you just the view you’re looking for.
Advanced Tech Tools
When you want to add even more information to your trading strategy, you need a platform that will help you sort and search through stocks using your own pre-defined parameters. EquityFeed Workstation is a powerful stock hunter that lets you screen stocks based on a number of technical indicators.
ProfitSource is another good choice for those who thrill to the possibilities presented with technical indicators. This software lets you access Elliott Wave forecasts and trading signals. You can customize your analysis using more than 40 different indicators and scan 10,000 stocks in just two mouse clicks. If you want to learn more about how to make money in stocks, these and other resources can give you access to enhanced training tools and educational resources in this area as well.
Filling your toolbox properly is an important part of setting up your day trading business. When you have the right platforms set up, you’ll enjoy a wealth of information right at your fingertips. Select two or three top picks and keep these on hand to guide your daily trades.