Lesson: Tips for Day Trading Beginners with CFDs
Have you decided to get into day trading, bought yourself a shiny new day trading pc, and now find yourself trying to figure out how to get in the game? Having a powerful machine is all well and good, but if you don’t have the right software tools to make the most of your system going to find yourself in an uphill battle.
Luckily for you, I’ve come up with a list of some of the basic types of software/resources that you will need in order to get started with day trading CFDs.
Please keep in mind that there are a hundreds of other types of contracts for difference resources that you can use to help you with your CFD trading. This is just a list of the basics that you’ll need in order to get started.
CFD Trading Platform
You probably have guessed that you will need some sort of a way to actually make trades. This would be your trading platform. You will want to choose something that gives you a lot of flexibility, especially when it comes to creating automatic stop conditions.
It’s hard to make decisions if you don’t have a clear idea what the market is doing. For a day trader, fast and accurate data is key, so you need data software that can provide the latest information. While there are ways to get market data for free, these sources always have the drawback of providing outdated numbers.
Each stock has its own story, and the only way that you can read that story is with charts. Checking out a stocks history and comparing it to other market trends is something you will be doing a lot of as a CFD trader, so a platform with a charting platform is going to become a pretty important tool in your belt. Often you will find charting software combined with other things, like trading software.
Trading Recommendation/Analysis Sites
Even if you are a seasoned veteran of day trading with years of experience, you still can’t watch all of the market at once. There are going to be trends and individual stocks that you are just not going to see, but should. If you’re new to trading or CFDs then you should be looking at all of the advice and analysis you can find.
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