Trading Websites – Introduction
In the past, trading was a career practiced only by financial professionals in the leading financial institutions in the world. It was very difficult for normal traders to find their break in trading. This was attributed to a number of factors. For instance, trading was not digitized as it is today. It was difficult for a person in the United States to trade stocks and derivatives in United Kingdom. Today, tools have been developed to help traders from all over the world access the global financial market. In addition, there was a limited supply of information to the traders. By then, traders relied heavily on newspapers which did not provide up to date information. Financial television stations such as Bloomberg and CNBC were not available to a large population. These factors contributed to the low penetration rate of trading around the world. Today, with technology, it has become easier for traders to get in the system. Today, a young man from Zimbabwe or Syberia are able to participate in the global financial market. One of the key factors that have contributed to this is the availability of information. In this article, I will highlight five websites that I use on a daily basis.
Trading Websites – Baby Pips
This is one website that any trader who is starting out should constantly use. Baby Pips is a website that provides training on forex trading. The website is categorized into sections which one is supposed to use. The sections run from preschool to graduation. In each section, one is guided on various topics. For instance, in the preschool, some of the topics are: introduction to forex, why trade forex, and how to trade forex. In the undergraduate, topics include: market sentiment, and carry trade.
Trading Websites – Investing
Investing is more than a website. To me, this website (together with its mobile apps) is a tool that no trader should ignore. Investing provides all tools that a trader needs. For instance, it has a well-detailed economic calendar, earnings calendar, technical analysis tools, thousands of ticker symbols, news, analysis from experienced professionals, and charts that you can customize. I use the website for analysis before opening real trades.
Trading Websites – Stocktwits
Twitter is a powerful tool today. We all visit twitter to get breaking news and see what other people are saying about a particular topic. For traders, Stocktwits is the new version of Twitter. Stocktwits is a website (and apps) which connects millions of traders and investors to share news and information on specific areas. Traders use the dollar ($) sign instead of the famous hash tag which is used in Twitter. Whenever there is a breaking news, I always make it a point of going to the site and see what other people are saying about it. In addition, before I open a buy or sell order, I always ensure that I have checked the sentiments of other traders.
Trading Websites – Bloomberg
Bloomberg is the world’s largest financial media company. It has thousands of reporters around the globe who provide up-to-date information around the clock through its (unaffordable) terminal, website, radio, magazines, and television station. Bloomberg’s website (and mobile apps) are important for any trader because of the news delivery. Bloomberg is a trusted entity whose news is trusted by most traders. In addition, the website has many tools which traders can always count on to make investment decisions.
Trading Websites – Seeking Alpha
Seeking Alpha is the world’s biggest financial analysis website. The website (together its apps) provide an opportunity for analysts to post their analysis on companies, commodities, and forex among all the rest asset classes. The website has also seen some of the biggest investors such as Bill Ackman post content in the sites. In fact, an article published in the website in October 2015 led to Valeant losing more than 50% of its value after the article was published. Because of the remuneration package that Seeking Alpha pays its writers, it receives thousands of articles on a daily basis. Therefore, the staff carefully reads all the articles before publishing them. This makes it a valuable website for any person with interests in financial market.
Other notable websites are: Fool (www.fool.com), The Street (www.thestreet.com), and Estimize (www.estimize.com).