Being a day trader is notoriously difficult and, as such, you need all the help that you can get. However, this doesn’t make the task impossible, and certain tools and tricks can help you maximise the opportunities that are available to you. In this post, we take a look at the best online resources for day trading, and the best tools that can help you get ahead of other traders.
In order to understand how the markets may move, you have to know the underlying factors that will influence it. By using an economic calendar, you will be able to see the influential announcements and data releases of the day, week or month. A good economic calendar will also show you how influential these figures are likely to be and how much volatility they could cause.
By knowing the events of the day, you’ll be able to focus your fundamental analysis on throughout the day, tracking historic versions of the event to see how they may be mirrored. This will help you make far more informed trades and could help you get ahead of the market.
The advancement of technology has also led to the passage of more and more information. This has opened up trading opportunities to even more day traders; especially novices.
As such, almost everything can now be learned online, and you can provide yourself with a fairly comprehensive forex education for free. By watching educational videos, you can even teach yourself technical analysis and chart reading. This will open you up to even more trading opportunities and can help make all of your trades far more accurate.
As a day trader, you need a trading platform that works for you. As a result, you’ll also need to find a broker that works for you, too. The best brokers will be able to provide you with the access to the best platforms.
By opting for a reputable broker such as Sharp Trader, you’ll be able to access all of the tools you require to day trade fore or CFDs, and also be able to use platforms not only on your PC, but also on smartphones or tablets, so you can trade wherever you go.
This means that you’ll have the ability to trade no matter where you are, so you’ll never miss a trading opportunity.