Ways into trading - GCMS tools

If you’re just starting to trade you have a whole new world to discover. It is definitely exciting, but it can also be overwhelming sometimes. Some of you may find the theoretical concepts hard to grasp others may struggle with their practical application or understanding the charts. Initial difficulties however do not set you up for failure. Some of the most exceptional  traders on Wall Street had it very hard before finally making it, and we at Tradable believe you too can follow in their footsteps. If you have the determination to succeed we have the right tools for you! Whatever your prior experience Tradable brings you all the necessary tools in one platform to help you achieve your goal. ‘Ways into trading’ is a series of articles that will introduce you to a number of apps that you as an aspiring trader will find helpful to start your trading career.

You may have heard stories of people getting rich fairly quick from trading or saw an advert promising lucrative returns. You may have gotten excited, went ahead and opened your first demo or small live account to start testing the waters right away. It is not a bad start and probably that is the road most people take. However sooner or later but surely after the first streak of losses, the realisation that you may have skipped the education part suddenly hits you. Great traders say losing trades are the best teachers. Most newcomers only realize they need to learn and seek the help of professionals once they hit the brick wall. But you don't have to get yourself in the trouble of finding your much needed help somewhere on the internet, it is already there in the Tradable AppStore. Educators, online trading schools developed their own tools for Tradable so you can access top notch resources, lessons and tips easily from your platform.

GCMS Trading Tactics

This app was developed by Global Capital Market Solutions and reflects their trading philosophy. Trading Tactics is a powerpoint-like presentation that deals with three major topics that could be of interest to any trader, beginner or intermediate:

  1. Find out the causes of losses. There’s a difference between losses and losing trades. Every trader experiences losing trades; that is the consequence of probability and normal distribution and you can never know why some trades turn out to be winners while others don’t. The point is that you can be profitable with taking losing trades every once in a while, however losses will destroy you. Losses have nothing to do with probability they are recurring a symptoms of deeply ingrained poor trading habits.

  2. Learn an effective news trading strategy. For easier execution we recommend the use of Straddle Trader.

  3. Get your psychology fixed. Almost all unprofitable traders fall into one of the following two categories: they either over trade (take the trades they shouldn’t) or under trade (don’t take the trades they should). Get tips on how to overcome the issue that stands in the way of your trading success.

GCMS Practical Technical Analysis

Another educational but more technical oriented app from GCMS. Similarly to Trading Tactics the technical concepts are laid out as a handy in-platform presentation with the ability to jump to your selected content or slide through the entire material. Download the app, and start learning:

  1. Get familiar with candlesticks, the building blocks of charts

  2. Detect trends with (multiple) moving averages

  3. Find turning points in the market with RSI

  4. Monitor volatility and track changing market conditions with Bollinger Bands

There’s a lot of helpful tools for new traders serious about trading just waiting for you in Tradable. Next time you are stuck or confused in your trading don’t forget the answer to your questions might lie closer than you think: in your trading platform. In the next ‘Ways into trading’ article you can find out more about other "new to trading" and learning tools available in Tradable.

Trade aiding tools

Trading is unique in many ways and cannot be compared to other professions. The freedom, potential rewards and the challenge of succeeding in the markets - to highlight a few features - are special to this ‘job’. Of course there are much more, one could argue that traders are also self-reliant, but that is not necessarily true. As retail trading evolves, and more and more services appear on the scene traders increasingly utilize them to boost their edge. In fact these services become integral part of their trading saving users hours of screen time they don’t have, and hundreds or thousands of dollars in lost trades they can’t afford.

Tradable is working with several third party service providers to help traders unleash their potential. Trading Central, Autochartist, 3CA - services sought after by tens of thousands of traders worldwide - having built their own apps now bring their analysis and insights right into your platform. However as convenient as this sounds, these are not standalone tools or robots that do all the work for you. They meant to aid your established trading routine: make up for the time you spend more valuable, for example with friends and family or stop you from improvised trading decisions.

Productivity

Save time and energy by taking advantage of trade aiding tools like Trading Central, 3CS or Autochartist. Tradable offers over 100 instruments* to trade, yet not even the most experienced traders are able to track more than third of that. And if we consider that these tools scan all the 100 instruments on multiple time frames, you can easily see why no single trader can match the power of these apps. Trading central, 3CA and Autochartist monitor the available instruments for levels, patterns and signals on several time frames multiplying your potential trading opportunities. Having their apps on your workspace is like hiring your own little research and analysis department to provide you with high probability trade setups.

Save money and boost your trading results with your trade aiding tools in Tradable. Trading Central provides you with the most important levels and possible directions while Autochartist identifies and alerts you of emerging trading patterns and potential targets across dozens of markets. 3CA’s apps bring you comprehensive background analysis and real-time updates on price developments with precise entries, stops and targets. As the saying goes: there is a bull and a bear side to the market but only one of them is the right side. Matching your analysis against expert insights helps you stay on the right side and keeps you out of random or low probability trades.

Learn

Trade aiding tools are not only for pros who already know what they do. Trading central or 3CA are ideal for beginners as well who would like to learn and practice how to determine trend, identify support and resistance or find trading sentiment for the day. Follow and observe their reports and as you gain more experience try to create your own analysis then compare them and check if they match. Autochartist on the other hand is a great tool for the students of pattern trading. If you would like to find out how to translate patterns (such as head & shoulders, triangles, wedges, double tops and bottoms) you read about in textbooks into actionable trading setups, try Autochartist.

* Subject to broker

Tradable launches iView Charts by Steve Ruffley

Steve Ruffley’s iViewCharts is a set of custom indicators that provides a market overview, price levels, and signals. It is based on Steve Ruffley’s 80/20 rule of trading, that the markets move 80% of the time technically and 20% fundamentally. It uses a combination of trading analysis techniques encompassing all time frames. The combination of indicators and templates means no matter how you trade you know where the market is looking for support and resistance.

Read More

Tradable - platform of sounds

Tradable is transforming trading making the platform work for you. I have demonstrated the power of our visualisation tools in our previous post and this time I will show you how some unique audio apps exclusive to Tradable make a valuable addition to your existing trading tools.

Trading became a dominantly visual endeavor starting with the advent of quote machines and hand drawn charts initially and followed by computers and trading software more recently. During trading we often find ourselves immersed in the present, staring at the numbers and charts right in front of us and forget about everything else that is happening in the meanwhile. Undoubtedly nothing compares to the visual information brought to us by the charts yet sound alerts and other audible features have the ability to draw our full attention to them at the right time thus complement the best visual tools. Tradable and third party developers have created a range of audio apps so you can be alerted of important account activities and emergencies or to just boost your trading experience.

Margin call tool

If you like using leverage it is advisable to keep a close eye on your used margin. Remember brokers can close any or all of your positions at their discretion if they think you are trading large compared to your account size or markets are becoming extremely volatile. To prevent that from happening Tradable created Margin call to alert you of your margin reaching a certain level (determined by you).

Audible

Audible is Tradable’s sound manager. You can activate sound notifications to alert you when positions are opened or closed, target or stop loss is hit or your margin gets too low. You also have the ability to customize the sounds played.

Geiger Ticks

Geiger Ticks turn chart into sounds. Keep track of tick movements by observing higher pitch beeps for up ticks and lower pitch beeps for down ticks. If you are a scalper and your trading rules depend on for example a certain number of up or down ticks before you enter or exit a trade Geiger Ticks could be a more productive way for you to follow the markets.

Other apps also come with built in sound effects. Let's take Machine Gun for example which is not just an effective trade entry tool but the gunfire sound makes it also way more fun to use than any buy or sell button. Or Panic Button that closes all your positions is also quite realistic with imitating the actual sound of breaking the protective glass.

Revolution in visual experience and functionality

Brokers normally offer trading platforms that seem like a time travel into the 90s. Not only is their appearance outdated but often the plain, old fashioned interface implies clunky, complicated functionality. Tradable pledged to bring the 21st century into the trading world by revolutionizing trading platforms inside out.

Ordinary trading platforms meant to cater for traders’ basic needs. They come with a charting package, an order execution tool, a market monitoring window plus a panel for position details and account stats. That’s about it. The same tools for everyone. But traders' preferences as much as their trading style are inherently different. Tradable with its partner developers brings you a variety of position management, monitoring, charting, order execution tools that do all the job you are used to and more - with an improved visual experience. Discover the potentials the new visual features open up for you and find the app that best suit your needs!

Visualize your positions

To monitor and manage your positions the conventional way you can select Positions tool. Ariel Trade Notebook is not only a position monitoring app but the floating profit graph also shows how your trade progressed and you can take notes or journal inside the app. Position Cards is a compact, intuitive tool for displaying and managing your trades. The way PnL Vector displays your floating profit and loss is reminiscent of flight simulator games and together with Trader’s Plunder they give trading a bit of a playful edge.

Tick data

Tick charts are now a standard component of a trading platform but Tradable has found ways to make tracking ticks easier. Measure tick volatility with Tick Temperature, use Tick Trader for conventional tick charting and trade execution or if you would like to count up and down ticks to spot momentum use Tick Flow.

Spoilt for choice on trade execution

Scalpers entering dozens if not hundreds of positions a day will need very different tools for trade execution than swing traders. If you are a scalper try Pro Tradeboard: its large buttons with clear color contrast make sure you never click on the wrong place. Pro Quotes is ideal for traders who don’t need fancy buy or sell buttons but use market as well as pending orders. To see market depth add Trade Ticket to your workspace and don’t forget with NetDania Chart app  you can easily trade right from the charts.