Many investors want to find good stock picks but don't have the time or knowledge to do their own analysis. For them, a good solution is a service that offers software to find the picks or posts the picks.
There are a lot of online stock trading sites to choose from, and it can be hard and take a lot of time to decide which one to use. Not every site on this list will work for you, because some are better in some ways and worse in others. We say what we think are the best tools and systems you can use to make more money from stock trading.
Trading in General
Some people make trading out to be a lot harder than it really is. Using technical analysis to trade stocks requires a trading plan that explains how to enter and leave trades. If you're new to trading stocks, start with small amounts of shares and don't place orders for 1000 or more at once.
You don't need to know all the technical details about how to buy and sell stocks, but you do need to know how the markets work in general. The buyers and sellers on the electronic markets are matched by huge computer networks instead of people. To make trades, you still need a broker. People aren't able to use the electronic markets.
Stocks
Day Trading
Day traders move quickly in and out of stocks. In the end, they do not have any stocks. Holding on for dear life to stocks that do well most of the time can be a disaster when they fall. This risk is avoided by day trading. For day trading, you need a much bigger account, so most people who are just starting out avoid it.
Time Frames for Trading
Don't go against the trend of the longer time frames, but if your trade goes against the major trend, you won't want to stay in it for too long. It's important to cut your losses and not let a losing trade run away while you wait for it to turn around.
Look at the numbers
Technical analysis can be hard to understand for people who invest in the stock market. Technical analysis is great because it can see through the lies that we tell ourselves, which are often the worst and hardest to fight. It can also see through the lies that other people tell us. Having the objectivity to make money with technical analysis isn't always as easy as it sounds. This is one reason why it makes sense to use a stock pick service or software.
Services
Here are a few examples of the different kinds of stock pick services you can use.
www.skilltrader.org has a member area with daily picks. $1 for a trial period of 2 weeks, then $149 per month. There is a three-year track record that shows high profits and a good win rate.
www.netstockpicks.com has a member area with daily stock picks. $75 a month. Seven years of history. Trades last just 3 days.
Software to find stocks for day trading can be found at www.daytrading.nu. Each month, $100. Five years of history. Profits are made every day.
Software for finding mostly short-term picks at www.stocktrading.nu. 4 years of success. $85 monthly.
Conclusion
Investors can find a wide range of tools, research, and services at online stock trading sites. Read about each service's trading style to find out if its performance and style are right for you.
