Unleash Your Inner Trading Genius: Tools That Create Consistent Profits

A huge part of a trader’s success is a combination of strategy and tools. If you are just starting out and want to know exactly where to look for help and how to become a master trader, you will first have to get comfortable with the idea of loss and work on patience. As they say, all good things come to those who wait.

We will dive right into some of the best tools for both beginners and experienced traders to get familiar with to help create consistent profits.

Trading Tools You Must Have

Charting Tools

This tool is a software application that helps you visualise and analyse the performance of each stock. This is a way for you to sit back and look at what is happening, allowing you to plot your neck movement. It allows you to display past data and other metrics you might deem useful, such as volume and averages, in the form of either a chart or graph that you can edit, add indicators and customise. A good and useful example would be Forex4You, which has everything you might need.

News Apps

When it comes to trading successfully, you always need to keep one eye on the stocks and the other on the news. Something could be announced on the news and the next thing you know, your stocks you’ve invested in have plummeted. You want to try and stay ahead of the game and sometimes the news can feed you crumbs and give you some knowledge of where a stock might be heading up or down. As long as you are researching the data in combination with watching the news, then you should be fine.

Getting any tips and tricks should only be trusted with viable data and reliable sources; for example, you might only take information from the sun with a pinch of salt but Sky News might confirm. You need to fact-check as much as possible to avoid forex scams.

Economic Calendar

This tool is useful to keep one step ahead of the trading game. It provides information on:

  • Central bank meetings and events
  • GDP releases
  • Inflation data

Keeping tabs and alerts for all of these events is extremely important and useful when you are preparing for any potential marketing volatility. This allows you to make the changes that are necessary to avoid losses and continue to create consistent profits.

Risk Management Tools

Especially for first-time traders, risk management tools are essential for any trader and with every strategy. You can distinguish between a good risk management tool and a bad one through these features:

  • Set stop losses
  • Set take profits
  • Manage position sizes

By managing their risk, traders can limit their losses and create consistent profits.

Many modern trading platforms come with a risk management tool like Stop Loss or Take Profit but if you want to be extra secure, you could download a third party to double-check things before moving along. If, on the off chance, you have been scammed, there are investment fraud lawyers who specialise in retrieving stolen or lost funds, so at least you’ve got another line of defence.