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What is Trading Tools?

What is Trading Tools?

Learning About Trading, Trading Tools & Features3 months ago43 Views

What is trading tools? Trading tools are resource that help you make a smart and safe decision in market, where you are trading like crypto, forex or stocks, trading tools help trader analyze market, panning the trade and manage the risk better, if you want to be more safe in trader you need to know about what is trading tools.

Almost every platform give you free trading tool so you can trade with minimum risk.

Top Trading Tools That You Must Know:

Charting Tool:

In charting tool you study chart, analyze in through candlestick, trend, support, resistance, and many more, there are many platform and website that provide charting tool but if you are a beginner go to tradingview website this is one of the best website that you can find here the link https://www.tradingview.com.

this is some basic charting example as you can see it works.

Technical Indicator:

what is Indicator, just like it’s name suggest it indicate/tell you about market movement by analysis them through mathematical calculations, there are many indicator who has there own value and uses and they do there own work.

RSI (relative strength index) very important mostly trader and even many exchanges use this indicator so study in that tool as much as you can.
Average Directional Index (ADX)
Rate Of Change (ROC)
Moving average(MA)
Exponential moving average(EMA)
VolumeVolume RSI
Average True Range (ATR)

these are some important Indicators that you can study they will help you in many ways.

Portfolio Checker:

In portfolio checker you monitor your trade, profit, loss. in simple word you are checking your trade live and checking is your trade in profit or loss, this is important tool that every trading platform provide so you can monitor your trade and take action when needed.

Economic and Crypto News:

Economic and crypto news is very important if you are trading, it will help you from big losses and give you huge profit if use properly,

For example: Let’s say in one XYZ country, they did not allow crypto trading but After some decision and looking trading benefit and future that country allow trading, that country decision will give market a huge pump, Why because now many people that are in that country start trading and buy BTC,ETH and other crypto currencies and when suddenly demand increase price will go up(supply and demand formula).

There are many places where you can get market information like in binacne, forex factory, coinmarketcapnews, and many other.

Back Testing Tool:

Back testing tools provide you strategies and information about coins by looking at there past data/action, many coin repeat there past history and many trader believe it and also look in that.

Trading Bot and Copy Trading:

Trading bot and auto Trading is different thing,

Trading Bot:

In Bot trading, Platform or website bot(AI artificial intelligence) do trading on your behalf.

In simple word you give trading bot 10$ and bot will automate trade based on mathematical calculations and strategy, successtradeinfo team will never advice you to chose this option it is very risking because bot trade only mathematical calculations and strategy it never check coin back ground economic news updates, so trade yourself if you don’t know anything about trading, then learn first then trade.

Copy Trading:

In copy trading you follow professional traders advice and trade.

For example: There is a trader you see who is trading and making profit and you want to follow his trading tip and earn money, it is good way if you have a professional trader but successtradeinfo team still not recommend this method because you follow other person not doing your own study.

Trade Alert:

Many platform like binance and OKX provide you with trade alert(signal service), you receive trade alert about entry and exit point, your account is going to liquidate. there are also some other alert other then trade like when your account password is going to be change your account is in danger.

These are trading tools that you need to understand so you can trade more safely.

Best Trading Tools for Beginners:

If you are a beginner and don’t know where to start with, then these some best trading tools that beginners can start and i will also mention where you can find them from.

Charting	Trading view is one of the best website that you can find. you can do chart analysis and many more thing there.
Crypto Exchange	There are many platform who provide you trading but if you are a beginner start with binance and OKX. these are best platform and user friendly, If you are a beginner you will learn how to trade in binance and OKX very easily.
Economic and crypto news	Coinmarketcap and forex factory is best for beginners if you wanted to know what is happening in crypto world.
Practice Trading	If you want to practice binance and trading view paper trading is best for you. If you are learning about trading then practice there it will help you to improve more.
Portfolio Tracking	If you wanted to know about information Coinmarketcap portfolio/Coinstats