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:
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.
Learn an effective news trading strategy. For easier execution we recommend the use of Straddle Trader.
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:
Get familiar with candlesticks, the building blocks of charts
Detect trends with (multiple) moving averages
Find turning points in the market with RSI
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.