Below is an overview of the essential tools for day trading success you will need as a day trader.
Many new traders make the mistake of using the wrong tools. With the top 8 trading tools for success a skilled trader can make do with less than ideal tools, beginner traders need every advantage possible. The right tools and day trading software for online trading will point you in the right direction to make better, more informed decisions.
Day trading can be exciting and lucrative. At the same time, day trading can also be risky, so don’t put yourself at a disadvantage. Let’s get you on the right playing field with the right tools. Below are some of the best tools for new and experienced traders.
1. Good Internet / Wifi
Today’s modern-day trading activities happen electronically. Since day traders access the financial markets via the internet, a reliable internet connection is a requirement. Your internet must be fast enough that you can load web pages instantaneously to keep up with that stream of constant data. If it can’t (or if your computer is too slow to process the data), you will experience lag which will impact your trade entries and exits and overall decision-making. So make sure you have a computer with enough memory and a fast enough processor that it isn’t constantly lagging, crashing, or stalling.
2. Good Desktop or Laptop Computer
Laptops have replaced desktops in the last few decades due to their speed and portability. However, when it comes to trading, desktops may be better than laptops because desktops often provide more built-in processing power and customization options. In addition, a desktop computer is easier to set up multiple screens than a laptop. It should be noted, though that having two monitors is preferred, it is not necessary. On the other hand, if you have more of a nomadic lifestyle, traveling from here to there constantly, a laptop computer is certainly the best option.
3. TOS On-Demand Platform
How great would it be if you could go back in time and learn from your past trading mistakes? Maybe you would have taken that option call or put, sat a trade out, or exited earlier?
Alongside TD Ameritrade’s brokerage service is its thinkorswim OnDemand platform. TOS OnDemand is a day trading tool with a back-testing feature that replays historical market activity in real-time, leaving you in charge of moving forward and backward as you wish in the past to test your trading strategies. This platform gives you, the user, a virtual account with a virtual balance of $100,000 so that you can enter simulated trades based on the historical prices and see the hypothetical P/L change over time.
The OnDemand feature is a great way to practice without risking any of your real money. However, keep in mind that the past performance of a trading strategy does not guarantee future results or success. Results could vary significantly, and losses could result.
In Sum, What Can You Do With OnDemand?
- Run the backtesting software platform 24/7, including nights and weekends
- Watch tick-by-tick price changes for stocks and options
- Simulate trading just as you would in a live trading account, except with historical rather than real-time data
- Watch the profit or loss of simulated positions as the “trading day” proceeds
- Find historical data as far back as December 6, 2009
4. MK Trader Workspace
The Maurice Kenny thinkorswim workspace will help you organize and view your trading activity in a simplified manner to concentrate on your trading strategy efficiently. This workspace works particularly well with options trading.
Here is a guide on how to Upload my thinkorswim workspace.
- Go to my website. Click “Get my thinkorswim workspace” at the bottom, followed by the “Get it Now” button, and type in your email address.
- Your free custom thinkorswim chart setup will be delivered to your inbox, which can then be downloaded and uploaded to your TOS platform.
- You will receive two viewing options: desktop and laptop. Select the workspace view that works for you. The desktop view offers a larger screen, allowing you to simultaneously view the 1-min and 5-min charts.
5. Stock Alarm
It’s time to stop staring at the chart for hours upon hours. In today’s stock market, stock alerts give you the competitive edge you need to get ahead. An abundance of stock alarm apps exists that allow you to get real-time updates on price action and set alerts based on price movements to know when to return to the chart – when it matters the most based on your strategy. One useful app is Stockalarm.io which allows you to search through 10,000+ supported tickers and set up triggers based on real-time price movements.
6. Day Trading Journal
It is also essential to keep track of your trading performance daily. There are many trading journals to choose from, but I believe my MK Day Trading Journal is the best trading journal to help you keep a detailed report and become a successful day trader under any market conditions. When utilized alongside a proven winning day trading strategy, this journal allows you to reflect upon your trading decisions and psychology for greater success with future trades. Download Day Trading Journal That Saves you money.
7. Stress Ball
Your psychology associated with self-doubt or persistent fear can lead to a lot of stress, preventing you from taking a trade, adhering to your entry and exit plans, making money, or sticking with it. You can hold on to a stress ball to alleviate any stress, which enhances emotional stability, reduces anxiety and stress, lower blood pressure, improves concentration, and increases positive energy. I also strongly suggest that you check out how to Overcome Day Trading Fear in 3 Steps.
8. Netflix, Podcast and “Chill”
Likewise, there is no better way to chill out than to stream a good show on Netflix, Hulu, Peacock, etc., or listen to your favorite podcast on Spotify. You can’t do options trading all day. Well, you can but you shouldn’t.
Rest is one of the most important and most overlooked aspects of good trading. Many traders don’t want to slow down and reduce their daily trades for the most part. But the most successful traders are the ones who trade less. Adequate rest will help you avoid excessive fatigue, poor judgment, a decline in mental health, and a weakened immune system. When traders get enough rest, our health is strengthened, which means we feel better and trade better regularly. So go ahead, take a break from the computer screen and take some time to binge off Amazon Prime, HBO Max, or any of the gazillion podcast shows out there.
Get a Winning Strategy to Complement the Tools Needed for Day Trading
With these day trading tools you can start trading today.
Need help with some of these tools? I offer both group and one-on-one coaching to assist you in improving your understanding of options markets, charting tools, chart patterns, day trades, simple technical analysis, and other tools.
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a ( FREE E-BOOK ) by Maurice Kenny DAY TRADE LIKE A MILLIONAIRE.