Looking For Technical Analysis?, a must use tool for Day Traders
It is developed by the Day Traders and it is for the Day Traders.
Are you a day trader who takes calculated risk based on the technical analysis of charts (candlestick) before buying or selling a stock? And you have developed a way to read the trends and candlestick charts, but really not sure, that your approach works, because it is not consistent every single time. We bring you a unique software developed using advanced machine learning algorithms, that brings accuracy and is customizable to your way of trading.
Before we start, here is a great quote by Mr. Warren Buffet-
“The market is a device for transferring money from the impatient to the patient.”
Patience comes from experience, Orson F. Whitney “No pain that we suffer, no trial that we experience is wasted”.
Grunt Work
“Experienced” day traders do take quick decisions, but they base it on their years of experience and detailed technical analysis. Their focus is on the stock price and volume traded during the day rather than doing a deep analysis of balance sheets or income statement (P/E ratio). And a lot goes in doing these analysis. Day trading, if done correctly can be a profitable endeavor, but at the same time, it is really tiring job to sit in front of computer and look at 50 charts at the same time & track them in real time. At least, I can’t keep track of 50 different charts at the same time.
Time to Analyze
“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” — Katharine Paine
Day trading is done (buying or selling) within 24 hours, you can imagine how crucial every second is in monitoring the market volatility. By fraction of seconds you can grab an golden opportunity or miss it. For a day trader, it is constant struggle to focus and keep track of different indicators in real time. To be successful in intraday trading, you must empower your decision making with math and support it with historical analyst’s predictions, decision purely based on emotions or on tweets or gut feelings should be avoided. Technical analysis provides you an opportunity to minimize risk, and predicts precise price point and time to execute the trade. Even though you have some process of analysis, every time the same process is executed, a little variation can lead to costly mistakes. Consequently, back testing with little tweaks consumes lot of resources and leaves you with less time in hand to actually invest and make profit for the day.
Technical analysis at next level
To cut short and be ahead of competition, you need to take your technical analysis to a next level. One must find ways to gather all the stock information, analyst’s predictions and combine them to use it for your benefit. Today it is possible, by using next generation software tools that embraces use of machine learning algorithms, and adapts to your style of trading and perform analysis on your behalf.
Software you choose must be intuitive, provide you with automated trendline analysis, Fibonacci retracements based on inflection points, identify resistance zones and many more indicators. One must be able to set alerts based on price points, any interesting predictions by the analyst’s you follow, trade volume, etc. It should stand out on the ease of use, highlighting candlestick patterns, and for historical price action.
Software's that falls within Purview of Day trading
As of today, there are lot of software tools, that falls within the purview of technical analysis. Monthly budget, ease of use, accurate data, frequency of trading, can help you to employ the appropriate software.
Free Tools
One of the free tools available is Yahoo Finance, where one can get free real time quotes for stocks from Nasdaq, New York Stock Exchange(NYSE) and other exchanges like Toronto Exchange. It also connects you with latest market news, and provides you free interactive charts with more than 100 data points.
Another great free tool for beginners is Google Finance. It provides the similar kind of information as Yahoo Finance, in addition, one can view status of stock market in other countries. Both of these tools are free, but the speed and technical analysis that day traders are looking for is limited. For beginners, these might be good options to start with and get familiar to read graphs and draw trend lines and figure out which stock is going to work for them. For professionals or experienced day traders stakes are high, they need to pick the right tool, and often don’t get much time to figure out the best charting tool from plethora of available paid tools.
Tool for advanced Day Traders
Based on criteria discussed earlier, ease of use, intuitiveness of the tool, etc., and to narrow down your search, we found a tool that complements those features, and honestly, provides more than required features in one place. Not only, it utilizes machine learning algorithms, they even have a university and trading pit show for free, where one can learn how to use the tool and perform the technical analysis.
Beginners can take advantage from the tool, but there is a “steep learning curve” , as an experienced day trader, it is a value addition, and can provide on-demand technical analysis in under 60 seconds.
TrendSpider
Build your own rules
Automate laborious technical analysis, with this customizable platform “plan your trade, and trade your plan like a pro”. As day trading is an intense analytical job, TrendSpider can improve your accuracy and speed up your analysis on any chart within 60 seconds. With use of in-built algorithms, one can monitor stock charts in real-time and make trade at more precise time.
TrendSpider stands out with their MTFA (Multi-Time Frame Analysis) feature: “Overlay your chart a secondary timeframe with on trendlines, indicators, and Fibonacci levels.”
Game Changer
As TrendSpider is built by technically-minded traders, they included an interesting and absolutely brilliant feature, that is they show insights that you otherwise would have a really hard time getting and they are actually actionable. Check out cool feature in this video, learn how they have embedded Analyst insights into the platform.
Why TrendSpider?
Whole premise of this article is it to save day traders valuable time and let them focus on what they are good at, i.e. Day trading. TrendSpider takes care of your technical analysis needs and collates all the information at one place, so that you can make calculated decisions.
We could have provided you with list of other tools and comparison between each, but again that would become another article among many, who are recommending multiple products and does not solves the issue of picking up the right tool. To save your time and target precise needs of day traders, we did our research and picked up only one tool that targets to solve multiple issues in one go. Since inception TrendSpider is continuously improving and adding new features, like Analyst insights, Benzinga® news, and asset seasonality.
TrendSpider does have premium, elite and master pricing plans, and comes with a 7 days free trial. They are also running a 50% off on any plan till 30th Nov, 2020. You can check out the tool at https://www.trendspider.com/?_go=top51, and sign up for a trial version.
