Financial traders employ a range of tools to help strategize their trading, gather information, review financial market stats and execute their chosen trades. They’re always on the lookout for the best new tools that can provide them with that added edge. In a market flooded with trading platforms, brokers need to keep an open mind and find original ways to keep traders engaged. Offering the latest and most efficient tools can be a big draw.
The variety of tools out there is immense and includes educational courses, e-books, financial charts, trading automation platforms, market analyses and more. Trying to find the best tools with such a huge array of choices can become overwhelming, and sorting the gold from the brass becomes harder and harder.
We’ve narrowed it down for you with a list of the best tools you can use to increase engagement and improve user experience.
Tool #1: Educational Courses
For newcomers, online trading can be very daunting and they may be hesitant to take that first step. There is too much information out there about the industry and the different strategies they can employ, making it is impossible to know where to begin without any guidance. Fortunately, there are also many educational tools and courses aimed at newcomers and even seasoned traders to get them started on the right foot and help optimize their strategies and improve their chances of success. Educated traders are more confident and empowered, and more likely to stick with you in the long run.
Two great examples of such educational tools are Traders Education or MTE-Media. Traders Education provides a financial education center with courses led by industry professionals in over 30 languages, and useful tools for beginners. MTE-Media provides brokers with tools that help them educate and engage with their traders. This includes a learning center with trading education materials, market research, signals, and more.
Tool #2: Financial Charts
Easily accessible data makes planning trading strategies easier for traders. Charts and other visual representations of data are an excellent tool for making important data more accessible. They illustrate trends and market data, help understand financial behaviors, movements, provide live quotes, stock charts, and expert trading ideas to help traders make their financial strategies more calculated when planning their trading.
TradingView is one of the more well-known providers of financial charts. It’s a social network that caters specifically to investors and traders and provides free interactive financial charts. Another great option is Cosaic, a service that offers users access to an HTML5 charting library with both pre and post-trade analytics, interactivity, and more useful features.
Tool #3: Automation Tools
Automation tools give traders the advantageous ability to ensure that they don’t make impulsive or emotional actions and help them follow their strategy through to its fullest potential. There are many platforms that enable traders to automate their strategy, such as Quantopian, a trading library that uses algorithms to compute the metrics involved in financial risk and require a certain level of technical knowledge from the user. Another platform is Capitalise.ai, which allows users to create their own personalized trading strategies using freestyle text, no coding, or technical skills needed.
Many such platforms, including the aforementioned Quantopian, require traders to know how to write algorithms and code. Capitalise.ai, however, is accessible to all traders, even those with no technical skills, by allowing automated trading using only natural language.
Tool #4: Market Analysis and Research
When it comes to trading, knowledge often breeds success. As with financial charts, market analysis is a useful resource for traders, providing confidence and deeper insight into the trade market. Sites like Investing.com and MetaStock offer access to thorough analyses and evaluations.
This makes them the perfect option for investors seeking rigorous technical analysis, which includes international outreach, a vast stock systems market, and comprehensive real-time news. Another option is to use the services of companies like The Motley Fool which offers products that aid and advise on investments, as well as explanatory articles and other informative resources.
Tool #5: Webinars
One of the top tools to increase trader engagement is online trading webinars, which are available as either live or pre-recorded sessions to help keep traders informed, discover new techniques, and generally evolve their trading skills. Creating webinars doesn’t have to be a complicated process – there are solutions that can help you build and expedite your own webinars, as GoToWebinar, Zoom, WebEx, and more.
You can also look to the tools you already work with or that are integrated with your trading platform, to see if there are existing webinars you can leverage with your traders. Capitalise.ai, for example, offers brokers free webinars so their traders can enjoy unique live and recorded training and best practices to automate their trades.
Tool #6: Economic Calendars
Staying up to date is about more than just the stock prices or the economic trends of oil and gold; it includes being aware of important events that can impact market behavior- and it’s much easier when all these things are gathered in one place. With all that information, traders can be fully aware of when to open or close positions and take action.
Supplying your traders with an economic calendar will help them maximize their trading opportunities. In addition to giving traders the ability to anticipate market events, it will also grant them a deeper understanding of the inner workings of the market.
There are many different options available, including one from Trading Economics, which has an international calendar available on their website and allows you to sort the information by country, date, impact, and time zone. Traders can also download the calendar for offline use. Alternatively, the news site Market Watch also provides a US financial calendar that includes reports and economic previews.
Tool #7: Risk Management Tools
To ensure trading remains long-lasting, risk management is absolutely essential. It helps prevent losses and protects traders’ accounts from losing money. The market of resources and tools that help with risk management is vast, and there is a huge array of options, including Lightspeed, which offers risk management software, or LogicGate, which is an AI-based risk analysis software.
Each tool offers unique advantages, and as the broker, it is your responsibility to select the tool which best suits you and your traders’ needs. Alternatively, you can rely on creating webinars, articles, or other content to educate your traders more on risk management and how to manage risks.
Brokers, let your value shine!
Offering unique and novel solutions such as automated trading, educational resources, visualization, and risk management tools give you the edge you need to stand out from the crowd.
To make sure these tools successfully help your trading platform shine, it is crucial to present them as part of your overall offering as the broker. This can be packaged in a variety of ways such as integrating them directly into the trading platform or packaging them as a special offer. The important thing is to ensure that the trader views this toolset as part of your overall value proposition, and associates the value of the tools with the value you provide.
If your favorite tool was not included in our article or you’ve noticed any tools we may have missed, we’d love to hear about them. Let us know in the comments below.