Whether you’re new to penny stock trading, or an experienced trader, you might not be using the right tools. Find out which trading tools you can take advantage of to increase your trading efficiency.
Download this cheat sheet of right tools to increase your trading efficiency.
Table of Contents
Blogs
There’s nothing better than free tips and advice- especially when it comes to stock trading. Blogs are one of the best tools for a trader to utilize. Although choosing a blog to follow is personal preference, a blog that you should be following is Timothy Sykes’. Not only does he post regularly and consistently, he walks you through trades that he himself makes. Tim Sykes is a successful penny stock trader who began trading in high school turning his $12,000 Bar Mitzvah money into a $4 million profit. His success hasn’t gotten to his head, although it might seem that way by the fancy lifestyle he promotes. He flaunts his nice cars to inspire others to start trading too. His goal is to be able to teach others how to understand penny stocks and make successful trades so that they too, can reach financial freedom. That’s why he started his blog, TimothySykes.com. From beginners guides, to stock specific information, he has all of the information you’ll need to start becoming a better trader. The best part is, he makes trading fun and interesting, while keeping you inspired.
Investimonials
Investimonials is the hub for all things investing related. The world of trading can seem daunting when you first begin, but a tool like Investimonials is a must. It offers resources for trading including what brokers to use, other helpful websites to learn from, newsletters, and even software, just to name a few. This site will point you in the right direction to be a successful trader. This is the perfect place to start if you’ve never traded before and need some guidance.
Software
Once you start trading, you’re going to need a trading or screening platform to monitor the market in real time. We might be a bit biased, but StocksToTrade is a great software for the trader that enjoys simplicity. This software takes the work out of choosing which stocks to trade. You can actually see potentially profitable stocks to trade that are actually in play at that moment. StocksToTrade alerted Timothy Sykes on his biggest play of the year so far! You can’t beat that! Sure, there are many stock trading software out there that you can use. The thing is, not all of them will be as helpful and simple as StocksToTrade. It provides real time news, clear and dynamic charts, and pre-programmed profitable strategies. Reliability and stability are important when it comes to choosing the right trading software, so whichever platform you are interested in, choose wisely.
Mentors
You could be an experienced trader and still need some advice every now and then. That’s where a mentor comes in. There are so many successful stock traders that now teach others how to be successful. Head over to profit.ly to see which stock guru is right for you. Whether you need some market education or trade alerts, there’s bound to be a mentor for you. All of them have made huge profits from the stock market, and all of them are ready to help you learn to be a great trader too. The success rate of day traders is at a mere 4.5%. Don’t let this number deter you. With a great mentor, the day trader success rate can creep up to an 8%. This all depends on how great of a mentor you have, and how well you implement the strategies and techniques they share. It’s up to you to research and find a mentor suited to your level of skill.
Chat Rooms
It might sound strange, but there is nothing better than talking with other traders while you’re trading. Share opinions and news about hot stocks and grow as a trader. You’ll be alerted by other traders on breakouts, bouncers, momentum, etc. It’s a great tool to for both beginners and experienced traders. With so many traders in a chat room during the stock market hours, you’re bound to score some valuable information.
Put Together Your Stock Trading Toolbox
Trading stocks can be extremely stressful as it is, so having the right tools to trade can ease the load. Never be embarrassed to admit to yourself that you might need some extra help. You should do whatever it takes to be a more efficient trader, and if that means joining a chat room, then so be it. Check out some of the tools we mentioned, and see which will be helpful when paired with your trade style.