There are several online trading services available on the web today. A beginner investor is therefore often confused about which tool and service are best to use. I am presenting some of the tools and services I use that have proven to be very helpful to me.
Virtual Trading for Beginners
The first tool I would like to recommend to beginners is a virtual trading account. This is where they can paper trade and examine different trading strategies and ideas without risking real money. You can set up such an account for free at WallStreetSurvivor.com. Not only you can learn trading for free, you can even win prizes while doing it.
Understanding the Market Moves
If you would like to be in the 1% group of those traders and investors who actually understand market moves, consider joining Elliot Wave International. This is the world’s largest market forecasting firm. You can join the Club EWI for free and get access to their library and exclusive trading tutorials and market reports.
Buy, Sell or Hold
Did you ever want to have a tool, where you could enter a symbol and after clicking the button you would receive back a short, medium, and the long idea of what to do with this stock? I bet you do. Such a trend analyzing tool can be useful before you enter a new position and examining the existing positions in your portfolio. Join the market club today and start enjoying all the benefits for members.
Going Active: Follow the Pros
As you can imagine, the more you shorten your trading period, the more dangerous the stock trading game becomes. Short term trading often involves trading on a margin account to earn out the market’s volatility. Breaking news has a much more powerful short-term effect on stock markets than in the long-term. Fear and greed can also be more extreme in the short-term. That is why it is often better to follow experts in active trading, especially if you are not experienced enough and your head is not cooled. Mike at MPtrader.com has great statistics with trading ETFs and stocks for the last few years. He had 162 winning trades out of 260 in 2010, resulting in +125% yields (sum of trades).
Real-Time Data for Serious Traders
Serious traders cannot be successful in today’s environment without real-time data, a news feed, and advanced trading platforms. It is like a pilot without a plane or an architect without AutoCAD. Yes, these things cost something, but look at this cost as an investment on your way to financial freedom. Without sufficient tools, chances are you will end your trading or investing carrier losing part or whole of your capital. Try real-time tools provided by EquityFeed for one month FREE.
Written by Goran Dolenc, author of Stock Market for Beginners Guide to Investing, where you can learn how to build a perfect investment portfolio: from stock market basics to advanced stock trading strategies.