Become a successful binary options traders38 comments
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The internet is a fast moving place. New companies spring up all the time. Some go out of business. Services and offerings evolve, usually for the better.
Because of the ever-changing nature of trading services on offer, I set up this page as a way of listing resources that I believe are of use to traders and would-be traders. Rather than fill my book with links that end up becoming out of date a month after publication, this page should hopefully! Please note that none of the products or services linked here are recommendations.
There is no one-size-fits-all broker or software vendor. The selection here stand out in terms of service or unique offerings. It is by no means an exhaustive list, and of course you should do your own research before opening any account.
These guys have a rather unique selling point. Because of their geographical location, they have managed to circumvent the Pattern Day Trading rules. To get around the rules, the brokerage is not allowed to directly solicit trade from US Persons.
Other points worthy of note: Their major selling points are very competetive commissions — particularly for frequent traders — and extensive stock selection and routing options.
These days there are web-based offerings that are easier to get to grips with and have better help and support. TradeStation is an all-in-one platform offering a brokerage, charting, and trade entry software all rolled into one. Trading is a job, not a game to be played whilst waiting in line.
However, I can see a use for these apps as a backup to your regular trading computer. I must admit, I hesitated to include eToro on this page for one simple reason: Following other traders can be a lazy way to make money from the stock market. Or a bad run? Or when they decide to stop trading altogether? However, I also believe that anyone who has read my book is surely intelligent and discerning enough to make up their own mind about who to trade with and how.
There are, undoubtedly, certain advantages to watching others trade. You can without doubt, learn from more experienced players in the market.
Just be careful about getting hooked. Smart traders use this site to learn and become independently profitable, weaning themselves off their dependence on others as soon as possible. The smartest of all get followed themselves, and earn extra commissions. Some brokers, like TradeStation, include full-featured charting packages as part of their platform.
Professional grade data and charting. For many, eSignal could be considered a sledgehammer to crack a nut. But eSignal has been around a long time, and their biggest feature of all is their experience. It is a rock-solid platform with a ton of development time behind it. Unfortuantely this is Windows-only, but Mac users can run it either using Boot Camp, or in a virtual environment like Virtual Box or Parallels.
I like FinViz a lot, and it gets more than one mention in my book. They have some great visualisation tools and can be a very useful and fast way to find good trade candidates.
The charts are highly customisable and allow you to set price alerts which, whilst not a substitute for doing your job for you, can be a handy backup. As a bonus, an Elite subscription at FinViz gets you a bunch of other good stuff like backtesting tools, real-time data in the stock screener and visualisation tools, as well as the charts.
This is the cheap-as-chips option. Whilst not as heavyweight in terms of features as something like eSignal or TradeStation, it covers everything most individual day traders are ever likely to use. The all-in-one broker and charting platform offer a full-featured simulator.
Another paid option, eSignal has a paper trading function. You can design your own order entry interface and use it to make simulated trades. You can use IBs demo account to make simulated trades. If you have a facebook account you can log in without creating a separate account here. In case you need a new one, here are some good free calendars. A comprehensive calendar with a scoring system showing which events are most likely to move the market.
I know, I talked about them above in relation to their charting. But FinViz has some great tools so is worthy of a second mention. When it comes to picking stocks to trade each day, there are plenty of ways to get the job done. My methods are already covered in the book, and they include the sparing use of scanners.
The ability to quickly see stocks that are generating unusual volume, or are outperforming their sector, for example, can be a handy tool indeed. FinViz has some unique windows onto this kind of data. I firmly believe that the difference between success and failure in trading comes from managing your mind.
Knowing what to do is easy; having the presence of mind and the willpower to do it is hard — especially when doing the right thing can mean exiting a losing trade. Daily calming of the noise inside your head is like a fitness regime for your mind. If you want to give meditation a go, and short-cut the learning curve, then these MP3s are a good way of doing so. Try and ignore the overhyped nature of the website, the product is good and it works. Resources, Not Recommendations Please note that none of the products or services linked here are recommendations.
SureTrader These guys have a rather unique selling point. Another Windows-only product, Mac users must turn to virtualisation or Boot Camp. Interactive Brokers You can use IBs demo account to make simulated trades.
Bloomberg A comprehensive calendar with a scoring system showing which events are most likely to move the market. Yahoo A clear and simple calendar. FinViz I know, I talked about them above in relation to their charting.