Investing is something everyone should do if they’re trying to plan for retirement. You can retire early by learning how to trade stocks and doing that to make a profit. It’s easier when you’re using the right tools, though.
So, we’ve gathered 5 of the best we’ve found to show you what’s out there.
1. Pivot Level Indicator
Most traders understand markets hit key levels where they encounter resistance and support. At some point, they’ll break through these barriers. That’s when you’ve got the best chance to make a profitable trade.
Knowing when to enter a trade isn’t always obvious, even for veteran traders. That’s why the NinjaTrader pivot levels indicator is so useful. It lets you know when a stock has gone past its barrier. Then, you can buy into them right when they’re starting a bull run.
You can even use the tool to see when it’s made it to the top of its rally. That’s how you’re able to lock in profits after you’ve bought into a stock that’s going up. Waiting too long would put you at risk of losing it all since the stock could go down.
Getting out at the right time is easier when you’ve got a tool telling you when the stock pivots. Just execute the sell order once you’ve seen the notification on your screen.
2. Order Flow Pattern
You can tell how much a stock might increase if you look at its order flow and check for patterns. Doing this by hand takes way too long for it to be a useful strategy, though. So, the order flow pattern tool is really a great asset.
It’ll look at a stock’s order history and let you know if there’s a pattern in the data. That’s going to make it easy to project where the stock is heading. Take that information and use it to decide whether it’s a good time to get in yourself.
3. Tick Range Calculator
Understanding a stock’s tick range can tell you when it’s the right time to invest. This tool calculates a stock’s exact tick range, and it tells you when to buy.
You can even use it to look at the stock’s past history. That’s how you’re able to grasp your risk level once you’ve made a decision to invest. Set up the tool so that it’s displaying info on an easily-readable chart. Getting to see everything charted on a graph can make comprehending it feels easy.
4. Advance Decline
Analyzing how many trades occur in a given timeframe can tell us about a market’s health. That’s why this tool is so powerful when you’re investing in the futures market.
Most of the time, you’re not going to have the time to go through everything that happened yesterday. So, this tool boils down all that and distills it for you.
It can make picking the best stocks a lot simpler. You can even make it show you what your expected profits would be if you close a trade.
5. Triangular Moving Average
A market’s moving average describes its usual market price during a given time. We can use a market’s moving average to determine how healthy it is. Plus, we can see how the average has been changing and use that information, too.
If a moving average is trending down, that’s not a good sign. Usually, that means a stock’s price isn’t going to increase for a while.
Using this gives you insight into a stock’s performance by looking at its history. The best investments are the ones with appreciating averages. You can typically count on them to continue increasing, even after you’ve bought some. So, they’re great when you’re looking for a reliable trade.
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The Best Tools to Help Investments
Arm yourself with the right tools while investing. Using them to determine when to execute trades can improve your performance. You don’t have to spend a ton of time learning how to use them, either.
Just figure out which one fits your strategy the best. Then, see if you can test it for a while. It doesn’t take long to know whether it’s a good fit for your trading style.
