Looking to dip your toe into the world of trading? There’s plenty to learn no matter if you’ve never made a trade before. Take a look at these resources tailored to helping newbies get started in the world of trading.
Think or Swim Paper Money
Think or Swim is an excellent trading platform that lets you play with live market data and fake money so you can learn to spot patterns without incurring losses when you’re wrong. It’s part of the TD Ameritrade platform and is available for 60 days to non-funded accounts. You can fund your account and continue using the platform to learn without making any investments. TD Ameritrade is one of the most robust trading platforms, and the Think or Swim tool is a must for newbies learning the market. You can make plays you would have made to determine how viable your strategy is with the safety of not risking your funds.
One of the best ways to learn about trading is by following traders who follow your sentiment. StockTwits is like the Twitter of Wall Street, allowing investors to share their opinions with their followers and showcasing the trades they’ve made that day. Think about the trading strategy you plan to use and follow investors who seem to share that strategy. Most traders will proudly state on their profile whether they are bullish or bearish on most of their trades, so take that into account when finding new people to follow on this platform. Because of the open nature of discussion on the platform, you should be extra careful when following anyone else’s trading advice and do your own due diligence.
If you don’t want to sign up for a service like Think or Swim but still want to follow the everyday movements in the market with professional investing tools, then Trading View is the perfect site for you. It gives you candlestick charts that can be honed and drawing tools to help you spot patterns, along with a news ticker so you can gauge how the stock follows news patterns.
FinViz is like having a birds-eye view of the stock market’s performance each day. You’ll see the stocks that have gained and lost the most value in the last 24 hours, helping you make those short and long plays. The site also spots major trends and highlights the best-performing stocks according to the sector, so you can better position yourself when you’re ready to make a play. Most of the site’s services are available for free, but if you sign up for their Elite plan, you can backtest your strategies with years of market data.
If you’re absolutely a greenhorn to trading and you don’t understand some of the more technical terms people are using on services like StockTwits, consider making Investopedia your first resource. It explains both simple and complex trading terms to help ease you into the world of trading. Even veteran investors use Investopedia from time to time, so make it part of your daily reading if you’re confused by some of the terminologies you see on the internet.