hey hey what’s up my friends so in today’s episode i want to share with you six six trading tools that will save you a ton of time right so that’s what we want right time money freedom right so let me give you some time back all right on your own uh on your own live in your own life okay number one you want to have a trading watch list so what do i mean by this is that i see a mistake that many traders make is that you know whenever they want to trade they just open up their charts let me see what pattern i can recognize and let’s trade it all right let me open up the trading view the mt4 the mt5 and see what familiar pattern i can find and i trade it no no no that’s that’s that’s that’s ridiculous that’s no way to trade the markets and you’re going to waste a lot of time scouring through the charts trying to find patterns that make sense to you trying to satisfy your itchy fingers right and lose money okay so what you want to do is to have a watch list depending on the type of trader you are for me i’m a swing trader position trader i have my watch list done every weekend on uh saturday actually it’s a friday okay and this watch list is actually to prepare me for the week ahead so i know right out of the 40 markets that i trade which are the ones to focus on for the coming week and the watch lists don’t have to be complicated right first and foremost you have to ask yourself what type of strategy are you trading are you trading breakouts of support resistance maybe you’re trading a reversal at support resistance maybe you’re trading trends trend continuation trades whatever the case is right first and foremost before you do your watch list you have to know what you’re looking for so let’s say you are trading trend continuation straight you are buying pullbacks in an uptrend selling rallies in a downtrend and very simple in your watch list you want to scan through the markets every weekend and see which markets are already trending because those markets which are already trending chances are they might present you a trading opportunity for this coming week because it’s already in the trend it’s in a market condition that you want to be trading make sense or how about another example let’s say you trade reversal that support resistance then clearly the markets in your watch list should be those markets which are approaching near support resistance because that’s where it’s going to trigger you a potential trading setup make sense have a watch list number one it’s going to save you a ton of time right because you won’t be all over the place you won’t be trying to find meaning right out of the noise out there number two get a position size calculator some of you i believe most of you are trading effects here there are so many position size calculator out there just google it right you don’t have to manually calculate it in your head or your calculator whatsoever but i’m a bit old school so i still have this this calculator here from time to time i use it but again you don’t have to be like me right you can use those free position size calculator out there and determine how many shares to buy how many units of currency to buy that saves you a lot of time as well number three set price alerts all right so i’m not sure which platform you’re using but if you’re on trading view i believe the free plan they allow you to put in like uh two price alerts for free so let’s say you know you want to buy it support you can set a a price alert at support let’s say 100 on amazon right and if the price reaches that 100 price point that you’re looking at it will send an alert to your email sms or something along those lines all right so use price alerts so this way you don’t have to be glued to the screen all the time without blinking at night i just did yeah so yeah set price alerts right it makes your life much easier and you don’t have to be you know wasting so much time you know staring at the damn monitors all right so that’s that’s very useful as well number four have a trading journal because you’re starting right without a trading journal how are you going to improve on your trade and if you don’t have a trading journal you’ll find that you waste a lot of time trying to remember uh what phrase did i put on last week man uh what trades did i put on the last two weeks come on i can’t even remember what i eat for lunch yesterday do you think you can remember the trades that you put on last week don’t don’t kid yourself so have a trading journal so you don’t have to waste time trying to think what i did last week or last last week right in your trading journal again nothing too complex right you want to put down the important matrix like your entry your stop loss your profit in terms of r like for example you risk one dollar you make five dollars there’s a five hour profit uh you also want to screenshot the the charts right the the the charts right when you took on the trade what does the entry point look like and the the chart right when the trade is over what the exit look like okay and also uh when you do your trading journal you want to record down the uh type of trading setup that you trade is it a breakout a reversal etc so all this is right when you accumulate over time when you review makes the process makes your life so much easier okay trading journal number five right this is a powerful one scanner especially those of you who trade stocks right there are thousands of stocks out there in the u.
s markets asian markets china markets india markets how do you know make your life easier so for those of you who trade us stocks all right okay uh ting or swim it’s a very powerful software it’s free it makes your life easier it helps you scan right the different stock industries out there like russell thousand russell 2000 russell 3000 smp 500 if you want to look for stocks trading at 52 week highs guess what thing or swim allows you to do that now of course it’s not going to be as simple as you know clicking a click there you know you might have to write a bit of custom programming to do it to your to fit it to your needs but it can be done and it’s not rocket science all right and if you’re like me or you’re in a programming idiot you can always hire somebody right to help you with it okay so use the the thing on swim platform if you are you know if you want something that’s free at least the platform is free and if you trade stocks u.
s stocks that platform is very powerful uh another platform to mention right if you want to scan is a army broker this is a paid version but this one this time around army broker you know as long as you have the right data feed you can scan the fx market stock markets uh almost whatever markets that you want but it’s more of the premium version and finally the last thing right to make your trading life easier to help you save tons of time is to use a backtesting platform especially if your trading system your trading strategy can be quantified oh my goodness back testing platform makes your life so much easier to quickly validate whether a trading system works or not okay again if you can’t program get someone who can do it right because once you have this tool in your hands you can you know verify whether a strategy works right in like a minute or less you know because when you click the back test button in 30 seconds right it’s going to give you the results over the last 10 20 years okay so back testing platform again a few to point out you can use army broker especially if you trade a multi asset class like you know fx futures or rather you trade a portfolio of markets like you know 40 50 markets at once army broker is powerful for that if you trade individual markets you can look like you know tradestation multi-charts these are all uh paid tools right but again they will save you a ton of time in the long run especially if you want to get serious about this trading business all right so as a recap right uh number one uh have a watch list right save you a ton of time number two position sizing calculator number three set price alerts number four have a trading journal number five use a scanner army broker think or swim for example and number six back testing platform like army broker multicharts tradestations et cetera and if you like to learn more about this type of systematic trading approach that i recommend you to go down to my website right now trading with renown.
com i got one guide called the essential guide to systems trading for non-programmers so if you’re interested to learn more about quantitative trading systems trading but you can’t program then this guide is absolutely for you i’ll show you how to do it where to find people to help you with your programming work where they find a trading systems that work how to test it validate it and you know reduce your learning curve right all this and more on trading with reno.
com just go down to the website the guide is over there click download send it to your email for free so with that’s it i wish you good luck and good trading i’ll talk to you soon you