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Free Day Trading Tools For Beginners | by Library of Trader | coinmonks

“There ain’t no such thing as a free lunch”, which reminds us to be careful with bargain deals! So, if you have any doubts about the free tools that we are going to share in this article, it is totally understandable.

Yet, the recommended tools below are what many day traders use to smooth their tough first days. You can double-check detailed information and feedback of users by searching online!

Of course, we should not expect advanced features from free tools, yet their basic features can alleviate difficulties and form a solid foundation for beginners!

The fast pace of day trading requires in-time reaction and even in-advance plans. Following trends is good, yet forseeing them is much better! It explains why day traders need powerful tools and platforms more than any traders in any time frame!

If you do not have enough budget to pay fees for trading platforms, you can use some free trading platforms below!

MetaTrader (MT4/MT5) is a free-downloadable platform for forex trading and technical analysis. The user-friendly interface across devices is what you can expect from this platform.

As you know, day trading requires constant updates on market trends. And you can see multiple charts and powerful tools to take glimpses into price actions. The acceleration of strategy development and adjustment is possible, even if you are new to day trading.

Also, you can try trading through a demo account with brokers who support MetaTrader. It allows you to get your feet wet into the real trading experiences without betting real money!

Why is learning the market cycle essential? You need such insights to get the right timing of market entries/exits, and trade starts/stops.

Instead of being overwhelmed by confusing databases, effective charting tools support you with the indication of market movements. As a result, you can even project the next price move at high accuracy!

You can try Yahoo Finance, Net Dania, Stock Charts, TradingView, etc. to kick off your trading day at ease. These platforms offer awesome free charting tools that advise traders to decode the signals of market trends!

Updating relevant news on the changes and reversals of price actions is essential. It helps you have more proof or evidence for your market forecasts. Where can you update the latest financial news?

There are still more sources of financial news. Yet, these platforms above provide detailed, updated information about the current market in a simple language.

Not only fast-reading news, but you can also get access to in-depth analysis articles. Besides, you can take glimpses into the experts’ perspectives on market trends and their recommendations.

Our Library of Trader medium page aims to be among reliable sources for beginner traders to update their trading knowledge and have a holistic view of what is going on in the market!

Almost all the financial news sources above have their social media pages. So, if you want to catch up with short recaps, following such pages is also practical.

You can also follow our social media pages to update financial news and have discussions with fellow traders!

You can check some popular calendars to have an overview of economic progress. Of course, it alleviates your decision-making process as you have a better foundation of insights.

Technical analysis involves two main tasks, Techniques and Analysis. Thus, you need to calculate and evaluate many elements. It means that you cannot handle everything at high accuracy manually. It is necessary to apply some amazing tools.

When you start learning to day trade, you might have heard of Fibonacci retracement. Simply put, it helps you decipher the support and resistance levels. Instead of working on complex calculations, you can have instant results when using a Fibonacci Calculator.

A pip is the smallest value indicating a currency’s move. Learning how to calculate a pip’s value is challenging for day trading beginners. So, why don’t you use a powerful tool for pip value calculation? You can find it at this link.

Along with Fibonacci, Pivot Point calculation also helps you determine the support and resistance. To smooth your day trading process, you can use this tool to ease the calculation process!

Hopefully, these tools can help you better your day trading right from the start! There are many aspects that you need to master to have consistent profitability from such a stressful time frame of trading!

Have you used these tools? Or have you used other tools? Share your experience with us!

We will continue to update the latest tools for day trading in our next articles. Follow our profile to catch up with the exciting trading markets!

New to trading? Try crypto trading bots or copy trading

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