In this short guide, we will compile a list of:
More stuff will be added over time!
If you are opening an account you can use my referral links to do so, and we will both get some perks, like discount on commissions, an outright cash bonus, free shares, or subscription discounts, etc.
Interactive Brokers is one of the largest brokerage worldwide, with both retail and institutional clients, and it is publicly listed on the NASDAQ (IBKR). It offers a wide range of products (SG stocks, US stocks, global stocks, bonds, ETFs, REITs, forex, futures, crypto), and has one of the lowest commissions.
Charting software is the essential toolkit for any trader, and TradingView is of the best charting platforms out there at the moment, and it is web-based, so you can do your analysis at home on your computer and still see the analysis on your mobile devices when you are on the go. It is free to use with an optional upgrade.
Before specialising into any market, it is important to do some reading to understand the financial markets, check out the different markets and their optimal trading timezones, and be aware of all the important news & events around the world.
If you do not have time to read all the news stories daily, join our free Telegram channel and receive a daily summary of all the major market news to keep up updated!
With TradingView for charting, you will still need various tools for executing trades, calculating your position size & risk management, tracking news announcements, comparing currency strength, and a way to measure your trading performance.
For your long-term investment portfolio, you will need some tools to backtest your strategies to see what gives the optimal risk/return trade-off.
And for stock selection, the problem is that there are thousands of stocks to choose from, so you need a tool to filter out the best opportunities.
Besides brokerages which allow you to buy/sell, you will need wallets to store your assets or give you access to Dapps (decentralised apps).
We have also included ways to earn passive income via lending, and various research tools to aid you in finding the best opportunties.
Conclusion
I hope you have enjoyed this guide on trading tools & resources.
Now I’ll like to hear from you: what is your key take-away from this trading guide?
What is your favourite book on trading & investing?
What are some other types of resources you would like to see?
Do you have any useful tools & software of your own to share?
Let me know by leaving a quick comment below right now.
Thanks for your time to collate and list out the various resources, especially the reading list.
You’re welcome, do let me know if there are any new resources to add to the list!
I appreciate your time and effort to organize the links and information.
https://i.pinimg.com/564x/f4/16/44/f416441ede1af5f3b889e3ba409bf728.jpg
I find this image for trading hours to be extremely useful and simple for viewing.
You’re welcome!
That’s a very nice helpful diagram you have for forex traders!
You’re welcome!
I like this diagram too! very helpful!
Thanks for that cheatsheet!
Simple and easy to use 😀
Although not too pleasing for my eye, but its useful nevertheless.
Thanks!
What resources will you recommend if I want to do backtesting?
I will be doing a separate blog post (and video tutorial) on this as well. Stay tuned!
Definitely looking forward to this! This is like so important to make our trading systematic and emotionless XD
Agree, and you’re welcome!
Still looking forward to your backtesting guide!
Will it be ready soon?
Yea, I believe seasoned traders like myself will like to see how you do it!
That’s great!
Will you be doing updated video guides for tradingview and metatrader? I think your guides are outdated.
I think the guides still work pretty well. Both platforms do occasionally have some upgrades, but 80-90% of the features are the same.
How do you use Portfolio Visualizer? Its simple as first then I got some problems deciding what to choose for the last few rows.
I also don’t get it….
When I have time I’ll create a guide and video tutorial for that! Stay tuned!
A simple tutorial on how to use Portfolio Visualizer. Turn on the subtitles and his voice is a bit hard to understand for me
https://www.youtube.com/watch?v=hUsrZCVKrgk
Thank you for the link!
My favorite book is gonna be Japanese Candlesticks Charting Techniques.
That’s a good start to price action!
Philip Securities is quite good, its just that it has a high brokerage fees and commission fees. I use Interactive brokers as what you recommended.
You might need to update your Glossary of Trading & Investing Terms soon.
There are many new acronyms in the market which I think new traders will appreciate.
I agree! Need to update soon.
Thanks for the feedeback!
What is the leverage for these platforms?
It depends on each broker and each product.
The more “legitimate” platforms usually give a low leverage compared to other less popular platforms which has give a significant up to x10 leverage. The pros and cons are there. Start small in those accounts since the leverage is high, and check whether you have problems withdrawing the money.
Tradingview is one of the best platforms out there. MT4 is good too as it integrates with certain brokers and its easier to buy/sell.
I agree, Tradingview is good for charting, but it doesn’t integrate with all brokerages yet.
Is there a best time to sign up for Tradingview? I understand that there are some promos out there cheaper at certain times of the year.
I got mine during Black Friday/Cyber Monday last year! Just sign on tradingview mailing list and they will inform you when that promo is coming out.
I usually renew my subscription during that period!
I saw there is MT5 on the market. Should I stick to the new one or still use the old one?
I think eventually all will become MT5, if you are starting out, then you might as go with the new one.
Because I saw there are some existing algorithms and codes for MT4 instead of MT5 (since its still very new).
Do you have a guide on how to use Koyfin? What is a good benchmark for screening stocks in your opinion?
How do you use the cryptocurrency to lend money? Is it reliable? I don’t want to be scammed.
I took the crypto course from Spencer and I learn about Hodlnaut.
The risk is minimal and I have tried them out. It’s working for me so far.
There is a review for Hodlnaut if you are not sure what it is about.
https://vulcanpost.com/757961/hodlnaut-new-app-singapore/
Thank you Lim for the info sharing.
Is there any particular wallet that you use to store your cryptocurrency?
For me, I use Metamask wallet. I believe there are some benefits to hold different wallets for various crypto.
Under your position size Calculator, what does account size, money and trade size lot mean?
For the tools for Stocks & Portfolio that you listed out, do you have a tutorial on how to use them?
Do you have any NFT of your own in opensea? I understand there are new platforms such as Smart Valor and Syscoin.
I really like the trading book ‘How To Day Trade For A Living’ by Dr. Andrew Aziz. Do you guys read it too?
It’s a really awesome book to begin with!
I have met this legendary man in person, and he was talking and willing to sharing his knowledge with us.
I have 2 books to recommend. They are “Trading in the Zone” and “The Disciplined Trader”. Both books are excellent and focus on psychological and mental aspects of trading. Also, they are helpful to get your mindset in the right perspective in the markets and the other market traders.
Try reading “How To Day Trade” by Ross Cameron.
I enjoy the book as it is concise and straight forward.
The book could be read in a day and it still covers everything in the strategies he used.
Thank you guys for the recommendation for the books!
In reality to the different platforms, it depends heavily on the type of trading you will be doing.
If you’re making tens even up to hundreds of scalp trades a day, then you should stick to the commission-free platforms.
If you’re a momentum trader and willing to pay for direct access and instant market data and executions, then look at those platforms that give such services.
I have been charting with Tradingview and use IB for trading. They work together and is great for me.
As what you have shared in your guide, Gemini Earn (up to 8% per year) and Hodlnaut (up to 12% per year).
Do you personally use them yourself?