Whether you are starting out trading stocks, utilities, or foreign currencies, it is impossible to do so without the assistance of tools like charts, calendars, feeds, and alerts. Virtual portfolios are also vital, and thanks to the advent of high speed Internet connections and even the widespread availability of mobile feeds, you can choose from a selection of tools, apps, and resources to assist.
Apps, Desktop Software, Online Tools
Although mobile apps can provide you with live and instant access to some of the most important breaking news stories, and you can set up alerts to be delivered throughout the day regardless of where you are, they are usually less reliable than desktop and online tools. Trading platforms that combine the features of a virtual portfolio and other essential trading tools, such as FxPro’s selection, can provide convenience, ease, and speed, as well as trading benefits.
Calendars
Trading calendars include details of when financial data will be released, so that you can be on the spot and ready to take advantage as soon as it hits. This can include company reports, inflationary and interest rate news, and even political and global business news. Use the reminders, ensure that you sync multiple calendars if you have them, and do be prepared to act on the reminders that you receive.
Charts
Whether you have a trading system that relies heavily on technical analysis or not, you should incorporate the use and analysis of charts. Charts can be used to help you set effective stop losses, give you an indication of whether a proposed trade is likely to be profitable or not, and they can help you track results and keep on top of your portfolio. They need to be up-to-date, they need to be easy to access, and they need to update live.
Feeds
A feed is, essentially, a list of relevant, financial news that is related to your investment portfolio and your trades or those trades that you are considering making. An aggregator can be used to combine feeds from multiple sources, display the data on a variety of devices or platforms, and ensure that you always have access to the information and data sources that drive your investment decisions and your trades.
Virtual Portfolios
A virtual portfolio effectively enables you to add details of stocks, currencies, and other markets that you have or will invest in. It will then offer live updates, including your profits and loss, and it allows you to track prices so that you can be sure that you never miss out on a potential purchase or sale. A virtual portfolio differs from your actual portfolio display because it enables you to track performance data from stock and currency that you haven’t yet invested any money in.
Tools like this don’t guarantee success, but they can help ensure that you stick to your strategy, have access to the latest and relevant information, and that you have the best opportunity to profit.
