Honeystocks Trading School London and New York
knowledge pays

Blog

How to play the game

Blog - How to play the game

Honeystocks.com

Trading Software - It's Important

Jules.jpg

The Financial Markets.... Trading.... Technical Analysis.... they all require 1 thing..... some neglect it and some treat it like a GOD.... Whatever your stance is... you need to understand that It's an incredibly important thing.... and it's called SOFTWARE.

It really is "the cornerstone of any nutritious breakfast" (sorry... I've just watched Pulp Fiction and I got carried away a bit - "say WHAT again... say WHAT again, I dare you.. i double dare you m***er****er, say WHAT 1 more god damn time" - sorry again - I literally cant stop myself - i'm addicted to all things Tarantino) - and whilst you're reading this sentence, and considering where I'm going next after this Tarantino laced introduction, you're probably thinking to yourself...  this blog post has gone off on a rather strange tangent early doors, why EXACTLY am i reading this? (and normally you'd be correct in questioning yourself), but (and here's the smart segue ) when entering into initial discussions with clients and especially when taking on new clients - it still amazes me the number of individuals that DON'T take the time to source and invest in the software that simply makes Trading and life that little bit easier - It honestly flabbergasts me to hear the words "I've been trading for 5 years but I've never used software because I don't want to spend $50 a month."

I can kinda get it if you're relatively new to how the Markets work and if nobody has really explained things to you before....  or even if you're a long term investor with a Buy and Hold until I die kind of mentality - I can understand both of those circumstances ... but to actively Trade and move in and out of the Markets on the belief that Software is an expensive "luxury" that isn't required - it's a little misguided.

When I hear those words from the 3rd scenario, aside from the initial frown that usually lights up my face... I normally follow it up by giving my forehead a full force palm slap and stare at the ground in complete disbelief for a brief second and then quietly consider what Jules Winnfield would do. (see caption above)

Trading doesn't need to be made more difficult that it actually is, and by having an understanding of what makes things easier and by applying "business expenses" to your list of outgoings - you simply MUST understand that Trading software is an Investment in your long term success, and when you neglect these small areas and attempt to do things on the "cheap" - the only thing you will find coming back to you is a blown account.

Those of you that might be reading this and thinking - I don't understand Technical Analysis, so what need do I have for Software - my message is simple - you better learn Technical Analysis and learn it through the Software.

If you are interested in learning or are perhaps already a believer in Technical Analysis and you want to identify lower risk : high probability environments into the Market - the only way to have confidence in your stock selection is to apply the correct Technical Analysis - this in itself is not exactly Tesla Science (i thought about using rocket science there)... but somehow Tesla's innovation resonates with me a little more, especially since this is a Stock Market geared blog post - Tesla just fits - doesn't it?

There are many options for navigating the Technical aspects of Trading... and there are many companies out there that offer "premium" services and dress their product up to be a little more than it actually is - this isn't something I'm going to dwell on - the long story cut short is this... I look for clean charts, clean and easy to use indicators, value for money and broker integration and there is 1 company that ticks all the boxes for me. (only when using a laptop... I haven't tried the Mobile Technology for it)

By far the most popular Software provider on the Market at the moment is TradingView - I've personally trialed their product and therefore I am happy to recommend them to those that are looking for a Software provider.

They also have round the clock access to every single chart on the planet - it's 1 of the reasons I recommend them to those that DO NOT get access to good software via their broker (like I do)...a lot of my clients like the feel of the Software and the ease of use and the fact it's around half the cost of all the "premium" providers out there is simply just a bonus.

There is also another aspect to Trading that I want you to consider (I think we all agree we would like to simplify the art of Trading) but have you actually considered the true currency of Trading..... TIME.

For those of you that follow my blog religiously, are perhaps already clients, or are part of the Community - you all know by now, I have a mega passive Trend based style of Trading and I spend on average just 30mins a day looking at charts and the Markets... the rest of the time I like to chill out with my dog / hike and write stupid Tarantino themed blogs - yes......  "That's aaaaaaa biiiiiingo".

Good Trading Software should be easy to use and it shouldn't take you more than 5mins to build a chart with all the correct Technical Analysis tools required and if you have good software - it should make trading easier... NOT more time consuming... who wants to be staring at charts all day fiddling about with software - certainly not me.

I understand not everyone is a complete Technical Analysis geek like I am... someone who likes to build charts 2 months in advance of possible entries into the market - but this is what I do... I build charts... with clean software and I set price alerts for when a stock hits a particular price and I must have close to 200 built charts ready for action as soon as my price alert goes off.... you could say that this is the reason why I have such success with entries - I prepare months in advance... and nothing is traded on impulse and I simply communicate to my exclusive community when an alert goes off (if entry requirements are met)

Software gives me that.... feel free to check out Trading View at the following link - https://tradingview.go2cloud.org/SH2J8

If you’re interested in education and you struggle with your trading results… we’d love to hear from you.

Click the link below

Are You Ready To Learn?


 

 

 

Sam McCallumComment