Optional Tools for Spread Trading
Away from the World Cup and extending our series of financial tips here’s a simple list of spread trading tool tips:
23. If you’re new to spread trading have a look at taking a trading course. There are a number of introductory courses available. Eg Capital Spreads often run a one day course / evening course. With spreads you need to take your trading seriously, appreciate that you may need some education.
24. Give yourself instant access when you’re out and about or traveling. If you’re often away from the office then you may want to keep and eye on Market data via a mobile phone trading platform and/or XDA / PDA. Cantor Index sometimes offer these (terms and conditions will apply).
25. Whether you are new to spreads or a hardened trader, charts are often an irreplaceable aid. Good charts can help you improve your analysis and maintain your discipline.
If you open an account with Financial Spreads you can use their charts for free (you will need to open an account but no need to trade!).
26. Most of the Spread Betting Companies will provide some analysis software / charting packages. They will offer it for free however it’s also worth looking at some of the specialist software packages. Note that these can cost you £200-300+. So shop around for a product that suits you.
27. Similar to the above, there is also a range of semi-automatic computer trading programs you can use to help your financial spreads decision making process. However many a trader who relied solely on these programs has gotten into trouble. Having said that, they can be a useful string in your bow.