Whether you’re a swing trader or a day trader or even a complete beginner, we all need a trading platform. The thing is we need to choose the right one for us. That’s why I’m talking today about day trading chart platform and everything you need to know.
As I have mentioned before, the trading platform is the first step into a successful trade.
LISTEN IN YOUR CAR or ON YOUR HEADPHONES
PREFER TO READ IT?
Full transcription.
What is a trading platform for day traders or software that day traders have to use?
Do you have a trading platform that you trade with?
All right, people. All right, traders, what are we going to do? I am constantly asked about software, indicators. Yet trading platforms are probably the most important thing to have as a day trader. Why? Well, mainly if you don’t have a trading platform as a day trader, you might as well not technically trade.
Right. So I want to show you examples. What is the essence of a trading platform for a day trader? OK, basically the trading platform is the day traders canvas, like an artist’s canvas or notes that musicians use. So this is what our trading platform looks like. This is what my trading platform looks like. Right? This is the chart. You could be pretty simple.
Recommended Read: Day Trading Charting
I know that a lot of you guys have seen Day traders that have thousands of different monitors all over the place. Yeah, you know what, that’s overrated. We do not need to have all of that. This particular trading platform that you’re looking at, this is it. I use one chart one. This is where I have only indicators. This is where I could play around with all of my drawing tools. However, I cannot trade without my trading platform. It’s kind of like telling a person to go swimming without, without a pool.
Right. All right. So you’re going to do a couple of breath strokes here and there. You have to continue straight on. Yet you’re standing on flat ground when you’re telling the person to go swimming.
A day trader needs to be on top of his positions, of their positions, of what is happening, exactly what the moves are going to be, what the candlesticks or the bars, the high-low bars, depending on what you guys prefer to use or how they’re moving. Are they retracing? Are they going fast? How can you do that? Can you guess by numbers? Never.
Recommended Read: tick chart indicators
Day trader needs their platform. OK, there are no guessing. So this is kind of like what I would look at as my trading platform. Like I mentioned before, it’s a canvas, I think, of day traders as artists, right. When we, an artist cannot possibly start drawing if they don’t have a canvas, so our canvas is our trading platform.
What you guys put on it? Indicators, different profit targets, risk management. The drawing tools. Your techs. Your support and resistance areas. That all is drawn on our canvas, on our trading platform. And that’s exactly what this looks like. We’re artists, right? Our paint brushes are drawing tools, indicators. High, low sticks, candlesticks. The way we read the markets, right, we have to actually highlight what’s happening. We have to know where the resistance areas are, where the divergence is or where the reversal patterns are. And that’s exactly what the trading platform allows us to do.
Also, just a quick mention, if you guys don’t know what support and resistance areas are, what reversal areas are, or divergences. Please sign up for my free mini course, simplifyingdaytrading.com, the link is also below simplifyingdaytrading.com. It’s a FREE mini course. And if you don’t know what support resistance areas are, divergences, the absolute basics of trading, please sign up for it now because you’re not going to be able to succeed as a trader. These are the most basic, basic, basic languages and signs of day trading.
So we have to use our canvas, our platform to be able to draw and read what the market, what our chart is telling us, the trading platform. OK, just as a musician, what do they use? They use music notes. They draw different music on their music notes because that’s where they read it from. We need to read our charting platforms. They are, it is like our music note. It is like our swimming pool. It is the canvas for a day trader. We are the artist. We cannot play music. We cannot trade if we don’t read notes, which we draw on our canvas, which is our trading platform.
There are several different platforms. Some are free. Usually they’re not super. The majority of them you will, you will have to pay. You could either get it through one time lifetime access license fee or some of your brokers have really good, strong platforms. THINKORSWIM is a good example. Or Ninja Trader is the one that I use. So it depends completely on what you guys are going to use. However, you have to have a strong software that you’ll be able to have access to lots of different universal indicators. Please don’t ever pay for indicator’s. Do not pay for indicator’s. Indicator’s is a universal free thing. If somebody is telling you indicator’s, big, red, red blur, booming light that they are scamming you, you should never pay for an indicator.
So the only things you should be paying for charting software and the fee, because what is the fee? It’s kind of like if you have a modem in your house, which is the charging platform, you now need to pay for an Internet provider, the service of the Internet to give you the actual Internet. And that is what the feed is. So you have to pay for those two things. Sometimes the chart can be part of your broker and sometimes the fee. It depends. The only things that are really important is for you not to buy software for indicators or indicators.
All right, guys, remember, if you don’t even understand when I mentioned support, resistance, divergences, if you don’t use a charting software, please sign up for my free mini course, simplifyingdaytrading.com. I go over all of that for absolutely free. And you could also always contact me at thetraderchick.com because without this you cannot be a day trader.
Having a trading platform is like an artist with his canvas. Now we need to create.
This is it for it, take a look at the video, like and subscribe.
I hope now you have a clear view of how important are Day Trading Chart Platforms. If you’re a beginner or have not decided yet to start I encourage you to start. I’m simplifying day trading for you and I have a lot of FREE resources for you to start.
Remember choosing the right platform is the first step you need to make to have a successful trade.
