Trading is mostly about price discovery, regardless which asset you are trading.

So, basically you buy low and sell high, right? Not totally accurate, but kind of. But I don’t recommend any newcomer to trade or interact with any kind of tradable asset (Stocks, Forex, Indices,..) purely based on his feelings or personal opinion without checking some market data prior to that. Figuring out where the price discovery currently is and what surrounding markets are doing requires some oversight.

The following tools can help you to improve your performance and to get a better view on the markets.


Get a professional Charting Tool!

Most charting software provided by your broker are in almost every case outdated, not user friendly, they dont save your charting work and the most important aspect many of them cripple your ability to get a good chartwise perspective of the market. And believe me, your broker doesn’t even want you to have a good view on the market for various reasons.

I can highly recommend using the charting service provided by Tradingview.com.

It is a highly customizable charting platform with real-time information and market insights. You can chart almost any tradable asset. It also provides a high variety of indicators and oscillators to choose from and a lot of  important market data and insights (e.g. Economic Events can be displayed on the chart). It also features the possibility to share trading setups or discover trading ideas from other traders. Start with the free version and see if it suits your needs. You can always upgrade to the Pro Version to unlock additional features.

my current Tradingview Setup, you can change nearly everything how you like it, One Window, Multi Window Setup, make it bright, dark or colorful and display the Indicator / Oscillators your need

You can use my Tradingview referal link and get a 30 $ Credit after you choose to upgrade to the Tradingview Pro Version

click the Image above or follow this link

Check important Economic Events every day!

Have you ever been in a trade were everything was ok? The trend was right, you had your position, no counter trend was on the horizon and suddenly out of nowhere the market changes brutally the direction and messes up your profit or even forces you into your Stop-Loss!

Maybe you were holding your trade through an Economic Event that affected your asset and created a ton of volatility around or after the specific date.

How you handle your position through such an event is up to you but make sure that you always be aware of different obstacles that can come into your way.

On the Web there are many providers of customizable economic event calendars which you can setup according to your needs. Feel free to use my economic calendar on my blogpage. It is powered by Tradingview and has a setup for only high important news events.


Get an overview with stock market Heatmaps!

Finviz market Heatmap

Why? Since it can be exhausting scanning through a spreadsheet of stock prices only with numbers displayed. You are able to spot the direction and intraday status of the stock market much faster because it is easier for your brain to evaluate the market condition with the help of a heatmap.

So far I am using the Heatmap provided by Finviz. In my opinion it is one of the better ones out there. In addition to that, FinViz offers you tons of useful stock market informations and additional “Elite” services.

click Image above or follow this link

As an alternative you can also use the service from https://www.finscreener.com/ powered by the CME Group which also offers in depth Heatmaps of other international stock indices like the German DAX.

Finscreener.com Heatmap Setup

Always try to get the best makro view on the market!

Koyfin.com Dashboard

Don’t get caught in 10 min time frames throughout the day looking at some Forex Paring.
You need to know what Macro Trends are doing and how Economic Data correlates with markets. If you don’t want to spend thousands of US Dollar for a Bloomberg Terminal, there is an awesome Web Service you can utilize which gives you many features like high priced services.

Koyfin is a financial data and analytic platform to research stocks and understands macro/thematic trends. Oh, and it’s totally free!

https://www.koyfin.com/

example of US Sector Performance on a 1-Day Scale

Manage your News Stream!

It’s not always easy to filter the loads of daily news into importance and unfortunately I can’t help you with that either. It’s totally up to you which sources you are listening to and trust. 

But I would recommend you are using a news aggregator service like Financialjuice.

Twitter is also a modern way to stay updated, to manage your news stream and to choose who you want to follow.

Don’t forget to follow me on Twitter and let me be a positive contributor to your news feed.

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Risk involved in Trading and Copytrading