Online trading is an easy way to grow your investment. Some people have even found enough success to be able to live comfortably on the income that they generate from their trading earnings. The fact that people can do this without having to stick to a 9-to-5 schedule, and also without having to deal with bosses, has made it possible for most people to pursue their passions and lead happy lives.

Anyone can be successful at online trading. You don’t need any kind of experience or advanced technical knowledge. As long as you have the will to learn and capital to invest, you can make enough successful trades to such an extent that you will be able to enjoy economic freedom.

However, to increase your odds of success you will need access to a number of trading tools. Most of these tools are available at an affordable price. If you choose your trading platform carefully, you can also gain access to some of these tools without incurring any extra charges. Here are the tools that every trader needs in order to be a success at online trading.

Stock-scanning software

In order to be able to make a profit, you need to find the right stock. This is because investing in just any stock won’t give you the returns that you desire. While you can identify and evaluate stock manually by using a spreadsheet, it is always prudent to use stock scanning software. It is less cumbersome. It also increases your chances of finding stock right just before it takes a huge jump or before it drops.

If you find stock that is just about to increase in price, you can buy it at a cheaper price and then offload it later on at a profit. As for stocks whose prices are just about to drop, you can short them. That way, you will be able to make money even on stocks whose prices are taking a plunge.

The best stock scanning software is usually able to identify profitable trading plays way before the average human being can spot them. Having it at your disposal will therefore increase your odds of becoming successful.

Charting software

Charts are very useful when it comes to trading. They make it easy to track trades since they provide a visual representation of what is going on. This makes it easy for a person to increase their positions in investments that are trending upward, and also to cut their losses in case parts of their portfolio is taking a dive.

When deciding on which charting software to use, you should consider how lightweight the software is. This is because you may want to track different sectors or investments at the same time.

Charting software that is too bulky may end up freezing up your computer. This can make multitasking very difficult. It also adds a strain in your trading process, something that will make trading needlessly stressful.

The versatility of the software that you use also matters. If you have your own unique scripts or need to track specific indicators, having software that can accommodate this need will make your life easier. As a result, if you have to choose, always go for charting software that has the capacity to accept custom scripts. While such software may be relatively expensive compared others, the added cost is usually worth it in the long run. This is because it dispenses with the need to buy additional applications and programs just for the sake of accomplishing custom tasks or meeting some of your customized needs.

A breaking news provider

Current events usually affect the prices of different investments. This makes current events important when it comes to online trading.

Being aware of material events as soon as they take place and understanding the effect that they will have on various sectors will definitely help you take advantage of any resulting opportunities. It can help you decide whether it is time to reduce your positions in some sectors. It can also help you to determine when it is time to cut your losses on some positions. This will minimize your losses, while at the same time maximize your earnings.

Furthermore, up-to-date news can help you get a clearer understanding as to why the market is moving in certain directions. This understanding will definitely come in handy in helping you to refine your strategies.

A good breaking news provider will also provide you with the opportunity to make successful short-term speculative trades. It will inform your decision on how best to take advantage of the small spikes in stock prices that happened over the course of the day. The short-term profits that you make as a result of this speculation ca then be used to improve your position on some of your other long term lucrative investments.

These are basic trading tools that you will definitely need as you start your trading journey. Having them at your disposal will increase your chances of making a healthy profit. However, as you gain more experience and as your trades become more complex, you may need to upgrade to other advanced trading tools and systems.