In today’s episode, I’ll share with you the 5 essential trading tools I’m using in 2020 (and why).
So listen to it right away…
How to Create a Trading Journal and Find Your Edge in the Markets
How to Backtest a Trading Strategy Even if You Don’t Know Coding
How to Master TradingView in Less than 20 minutes
The Best Online Trading Tools for Traders (Free)
Hey, hey, what’s up my friend?
In today’s episode, I want to share with you 5 trading tools that I’m using right now in 2020.
Here’s a little bit of background first…
My trading has evolved over the years and I’m now both a systematic trader and a discretionary trader.
I’m guessing most of you are discretionary traders since that’s the topic that I talk about quite often. But from time to time, you’ll also see me talk about systematic stuff, statistics and stuff like that. That belongs to the realm of systematic trading.
So for today’s episode, I’ll share with you both sides of my trading, both discretionary and systematic trading, regarding the tools that I’m using.
Let’s start with discretionary trading first…
Discretionary trading tool #1: TradingView
The charts that I use and share, are from TradingView.
They specialize in providing clean charts and I’m on the Pro plan. The Pro plan allows me to have zero advertisements and also create multiple watch lists for my own discretionary trading.
If you’re wondering where the charts I use are from, then likely it is from TradingView, especially for the videos that I’ve been posting on YouTube.
Discretionary trading tool #2: Currency Strength Meter
On top of using the charts, I also use a Currency Strength Meter for my discretionary trading.
This gives me an idea which currency pairs are strong, and which are weak. Then I can find the right combination of currency pairs to get higher probably the trading setups.
Generally, I like to use the Currency Strength Meter to find the strongest pair and pair it against one of the weaker ones. So that’s how I get to trade really nice trends.
Discretionary trading tool #3: Excel
I also use Excel to journal down my trades for my own trading review.
For example, I write down stuff like the markets I’ve trad, the entry point, the stop loss, the R-multiple gain or loss, the category of the trading setup that I took. All this goes into my Excel spreadsheet and it’s free.
If you don’t want Excel, there are other paid journals out there as well. You can see if it suits you.
These are generally the 3 main things that I use for my own discretionary trading.
Now, let’s move on to systematic trading.
For systematic trading, it’s quite straight forward. I only use two things:
Systematic trading tool #1: AmiBroker
AmiBroker is a backtesting platform to test out my systematic trading strategy.
(They’re not a broker, they’re just called AmiBroker.)
I use it to backtest different trading systems, be it stocks, forex, futures, etc.
It will digest the rules or process the rules that you’ve given it and show you the results of the strategy or the system over time.
But what AmiBroker doesn’t provide is data. It doesn’t come with data and I have to purchase the data on my own and feed it to AmiBroker.
Systematic trading tool #2: Norgate Data
So for the second tool for systematic trading, is the market data that I purchased on my own as a systematic trader. And the data I get is from Norgate Data.
They offer futures data, stocks data, including US stocks, Australian stocks and they also have forex data. So that’s where I get my data from to input into AmiBroker.
That’s pretty much it. Those are the 5 tools that I use right now in 2020.
There are more tools that I could talk about, like earnings calendar, news calendar and etc.
But I don’t really pay attention to such stuff. If you asked me to break down my trading to the 5 essential tools, then those 5 would be it.
So with that said, I hope that helps.
If you have any feedback or questions, let me know and I’ll talk to you soon.
How about the broker to execute positions on Forex, stocks, etc that you are trading?>