Thanks to social media platforms and trading technologies, more people are now interested in becoming avid traders. However, most of them find the information provided online pertaining to how to become a good trader and how to cut your losses too confusing. New traders look for ways they can learn trading quickly, set up their charts and start bringing in the money.

However, you just can’t become a millionaire overnight and to even begin making a bit of money trading, it is crucial that you understand some really important rules which have been a source of guidance for many new and professional traders alike. Thus, it is important to understand each rule and to adhere to it and remember trading is a passion. It is not simply a day job. If you want to become a successful trader, you need to start taking things seriously.

Mentioned below are some of the top five rules for traders this year. Take a look at them and try to understand them and incorporate them in your trading style and attitude:

Rule # 1

Always Have a Trading Strategy Read & Tested

A trading plan or strategy is basically a set of rules traders abide by when they enter or exit a market. It is a time-consuming task but because of the technology available today you can easily form an idea and test it right then and there before risking any of your real money. There are trading simulation programs which are designed to help traders decide which trading strategies to use and which not to use. Once your idea is tested and proves useable, you can implement it in a real market and if you see it is successful, stick to it.

Rule # 2

Use the Trading Technology to Your Benefit

If you are stepping into the world of finance and trading, it is important to know it is indeed a dog eat dog world. This also means that when it comes to making money while trading, everybody is going to be using everything they have available in their trading arsenal, which mainly includes trading software. For example, you can use a number of different historical charting applications prior to risking any money. Plus, traders these days use smartphones and tablets to conduct their trade which means they use an array of applications which provide them worldwide financial news, different tickers and trade notifications, anywhere and at anytime. So, start using financial technology and applications.

Rule # 3

Learn About the Markets

It is important to stay up to date with the financial market. As a trader you must learn everything there is about the financial markets. Even professional traders keep learning from daily experiences. Think of it as a never-ending quest for knowledge which can make you more money than before. Nothing is truer than the fact that all successful traders engage in back to back research, for example, they read economic reports, observe different trends and seek reasons for their movements, etc. Understanding the markets is the key here.

Rule # 4

Use a Stop Loss

A stop loss is basically a forecasted estimation of the risk trader can handle with every trade he makes. A stop loss amount can be identified by either a number or a percentage and can limit a trader’s ability to trade more than he can risk. Stop loss usage eliminates emotional trading and lets you make calculated decisions.

Rule # 5

Keep All Your Trades in Perspective

At the end of the day, it is important to understand that trading is a game where the person with the best information wins and sometimes loses. Losing a trade should never be taken as something personal. Similarly winning a trade should always be considered as a stepping stone towards greater success because the difference is always made by the cumulative profits you earn. Always be realistic with your trades and never even think about revenge trading if you lose a trade.

Final Thoughts

All in all, these are some of the best rules you can abide by regardless of whether you are a new trader or a veteran. Follow these rules religiously and you will attain success.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

It is true that many investors try not to think about the everyday proceedings and news about what is going on in the markets. However, there are still some who cannot resist the temptation of being in the loop about just about everything and because of these types of efficient traders, there are loads of great financial applications which can help make information simpler and concise. Mentioned below are seventeen of the top applications designed for investors:

1. ChartIQ Practice Trading Simulator

At the price of just $2, you can choose to replicate a trading environment or simulate a market crash to check and see whether your trading strategies work or not. The application also provides users historical data and charts to further enhance your practice. It is simply a must-have application.

2. FRED Economic Data

FRED stand for Federal Reserve Economic Data and contains a repository of over 10,000 time series for a plethora of economic data, allowing investors to begin charting over 34,000 data series from anywhere in the world.

3. CNBC Real time

This application is perfect for acquiring real-time data about the financial markets. Plus, you can always catch a missed interview on CNBC. The application also features 24-hour live streaming, pre-market, and futures quotations and a lot more.

4. uValue

uValue is the brilliant work of Aswath Damodaran, a valuation genius at NYU Stern. The application significantly aids in all your valuations processes on your iPad. uValue provides users six models they can use for valuations.

5. NetDania Forex

This app has everything, from live updating quotes, important commodities updates and global stock exchange reports. NetDania is the perfect application for Forex traders. The best feature of the app is you can set NetDania to send you push notifications regarding any important economic news or information released in the market.

6. Daily Stocks

Although Daily Stock is an expensive application ($69.99), it does pack some really mean tools for you to play with. The app is full of volume indicators and also features a stock scan which is based on the pattern of the charts. Using Daily Stocks, you can look for bullish and bearish stock charts.

7. Options Wizard

The Options Wizard is a perceptive application which helps you simplify your potential profits calculations based on your investment or trading strategies.

8. Heat Map

A majority of heat maps you probably see on your TV screen are based on the trading session at that moment. With the Heat Map application, you will be able to view maps created using various metrics. For example, it will help you view which stocks are far from reaching their price average.

9. StockTwits

Another great application which allows you to know what other traders are talking about in the market, you can use the app to determine possible trends and network with other traders.

10. Stock Chart Patterns

If you want to determine stock patterns using unfolding chart patterns, this app is perfect for you as you can use it to look for bullish and or bearish market patterns over the last 10, 5 or 3 days.

11. StockSpy

StockSpy has a really cool charting interface, but it’s also great for market research about individual stocks as it considers all new sources along with investor relation pages and other highly regarded financial websites.

12. Wikinvest Portfolio HD

The Wikinvest Portfolio is a cool application which is designed to directly connect to your brokerage account(s) online. Its features include fly portfolio analytics, valuation metrics and portfolio beta.

13. Kcast Gold Live

The Kcast Gold Live application allows you to view live quotes for precious metals and other valuable commodities. It also gives quotes for major currencies and quotes for mining stocks.

14. Bloomberg

Bloomberg is a pretty interesting application which allows you to read important articles about trading. It also lets you look at the prices and also allows you to manage your portfolios.

15. iTrade – Stock Market Simulator

This is a really nice application for rookie investors who want to practice and implement their strategies in real-time. And because of the fact iTrade is a social application, you can compete with other virtual portfolios in real-time.

16. Thomson Reuters Marketboard

The Thomas Reuters Marketboard shows users the performance of stocks worldwide, including all the stock indexes. Plus, the application has a snazzy interface and includes a top stores features called Street Events you can use to read and know about industry conferences and earnings releases. All in all, it is a professional application for professional investors.

17. ChartIQ Pro – Stock Charts and Technical Analysis

This is a great application for making charts on your iPad. You can easily draw charts, like overlay charts, Fibonacci retracements and trend lines.

So, these are some of the top trending applications you can use to enhance your trading and investing.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.