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#267 - What Are The Best Trade Tools?: Hey everyone. This is Kirk here again at Option Alpha. Welcome back to the daily call. Today, we’re going to be answering the question, “What are the best trade tools that you can use for options trading or for stock trading in general?” I think...

#267 - What Are The Best Trade Tools?: Hey everyone. This is Kirk here again at Option Alpha. Welcome back to the daily call. Today, we’re going to be answering the question, “What are the best trade tools that you can use for options trading or for stock trading in general?” I think...

A partire dalThe "Daily Call" From Option Alpha


#267 - What Are The Best Trade Tools?: Hey everyone. This is Kirk here again at Option Alpha. Welcome back to the daily call. Today, we’re going to be answering the question, “What are the best trade tools that you can use for options trading or for stock trading in general?” I think...

A partire dalThe "Daily Call" From Option Alpha

valutazioni:
Lunghezza:
4 minuti
Pubblicato:
Jun 16, 2018
Formato:
Episodio podcast

Descrizione

Hey everyone. This is Kirk here again at Option Alpha. Welcome back to the daily call. Today, we’re going to be answering the question, “What are the best trade tools that you can use for options trading or for stock trading in general?” I think the best tools that you can use are first, a broker. A broker accomplishes most of the goals or checks most of the boxes when it comes to actually trading. You pair yourself up with the right broker that has great technology, great speed, great customer service, great commissions, etcetera, I think that accomplishes a lot of it. From there, you definitely want some charting software. If you're looking to start trading, you want to figure out how you can get charting software. If you don't get it through your broker, if you can't get good charting software through your broker, you want to use a third-party service provider. Something like tradingview.com is a good alternative. I know a lot of people who are now trading on Robinhood because of the free commissions, but Robinhood does not offer any technicals. It offers very, very minimal charting. It's basically just a line or one day, one week, one month, one year, etcetera for each stock, so really not too much information in there. It just kind of looks good, but it doesn't really give you any details that you might need to make a trade. We suggest people start using a third-party alternative like Trading View or stocktradingcharts.com, something like that that can help out with the charting software. The other thing that you would definitely need is you definitely need some analytical tools or back-testing tools. Now, of course, we’ve got our own here at Option Alpha. We’ve built our own suite of tools for finding, scanning, analyzing and back-testing trades. There are obviously service providers out there who also have their own tools. We think we’ve put together a pretty good suite of tools for you guys for one time price and kind of buy in to help us cover the cost of additional updates and releases to everyone in the future. Some other service providers charge monthly or charge one time buy ins plus monthly, so just do your homework on these. But you definitely need something to run tests through and to use for scanning purposes. It's not enough just to blindly cover your eyes and say, “Okay, I’m going to trade this today for this reason.” You need to know why you’re doing that. Is implied volatility high? Is the ticker symbol moving, having a big move up or down? And then from there, trying to figure out what the best strategy is for that market situation. We know there's no unicorn strategy that works best in every scenario. You have to be a little bit more dynamic with your options trading. Using tools that allow you to find the best strategy for whatever scenario you’re in right now is really what we've been after for a long time. And then finally, the last thing is auto-trading capability which practically nobody has, but us right now and I think we’re definitely going to be and continue to be the leader in this space for many years and that's the ability to then if you wanted to, setup automated trading bots or machine learning bots that basically make trades on your behalf. They find, they scan, they analyze, they enter, they manage, they exit, they do the whole thing start to finish, A to Z and I think that's going to be the future of what this industry is going towards and we’re definitely going to be the forefront leaders in that space. As always, hopefully this helps out. If you have any questions, let me know. Until next time, happy trading.
Pubblicato:
Jun 16, 2018
Formato:
Episodio podcast