In this short guide, we will compile a list of:
- Glossary of trading terms
- Best trading & investing books to read
- Brokerages which I am using
- Recommended charting software
- Other useful analytical tools
More stuff will be added over time!
List of Referral Codes & Promos (A to Z)
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.
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- Coinbase – https://www.coinbase.com/join/spence_twh1
- Interactive Brokers – https://synapsetrading.com/broker3
- City index (Forex & CFDs) – https://www.cityindex.com/en-sg/spencer-li/
- Ledger – https://shop.ledger.com/?r=02097f483f16
- TradingView – https://www.tradingview.com/gopro/?offer_id=10&aff_id=12491#
- Trezor – https://shop.trezor.io/product/trezor-one-black?offer_id=35&aff_id=9849
Preferred Brokerage (Interactive Brokers)
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.
Preferred Charting Software (TradingView)
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.
General Toolkit
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.
- Glossary of Common Trading & Investing Terms
- My Reading List – Top Trading & Investing Books I have Read Over the Years (Updated)
- Check Out My Full Reading List of 2000+ Books on Goodreads
- Different Time Zones Around the World to See the Best Time to Trade Each Market
- Top Market News Stories – Compilation of All Major News Sources on Twitter
Join our Telegram Channel for Daily News Highlights!
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!
Tools for Forex Trading
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.
- MetaTrader 4 (MT4) – Free Software to Execute Trades & Manage Multiple Brokerage Accounts
- Video Tutorial: MT4 Platform Demonstration
- Calculator for Position-Sizing – Calculate How Many Lots You Can Take per Trade
- Calendar of Forex News Events from Forex Factory
- Currency Strength Meter – One-glance Comparison of the Strength of Various Currencies
- Myfxbook – Link Your Forex Account to Automatically Record, Analyze & Measure Trading Performance
Tools for Stocks & Portfolio
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.
Tools for Cryptocurrencies
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.
- Crypto Brokerages
- Gemini – Convert Fiat to Cryptocurrencies
- Coinbase – Convert Fiat to Cryptocurrencies (US Bank Acct)
- Decentralised Exchanges (DEX) – SushiSwap, dydx, UniSwap, Orca, PancakeSwap
- Opensea – Largest NFT Exchange
- Wallets for Storing Assets & Accessing Dapps:
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.
You really have an excellent list going on here!
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.
Yes, its easy to do the google search out there. I was looking at your personal recommendation for this though….
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?
The information shared by Spencer is sufficient. For more detailed use, maybe you can go to the specific platforms and find out more information from there.
Do you have any NFT of your own in opensea? I understand there are new platforms such as Smart Valor and Syscoin.
I dabble a little bit of my money into NFTs for opensea. Haven’t tried the others yet but opensea looks like its the most established out there.
I have been using it for a few years and it works well, so I did not see any reason to switch out.
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 John!
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.
Care to share what platforms have you been using for your own needs?
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?
One software that I find useful is TradingView. It’s a cloud-based charting and social networking service that allows you to analyze financial markets and connect with other traders. It’s easy to use and has a lot of features. Do you have any other recommendations that you have already been using?
I second TradingView. It’s a great tool for technical analysis and allows you to customize your charts and indicators. Another tool I recommend is Finviz. It provides a comprehensive overview of the market and allows you to screen for stocks based on different criteria.
Thanks for the recommendations! I’ve heard about TradingView and Finviz, but I’ve never tried them. I’ll definitely check them out. One tool I find useful is Thinkorswim. It’s a trading platform that provides real-time data, charting, and analysis tools. It’s a bit more advanced, but it’s worth the effort to learn.
Thinkorswim is a great platform! It provides a lot of features for traders, such as a paper trading account, advanced charting tools, and customizable options chains. Another tool I find useful is Tastyworks. It’s a trading platform that’s designed for options traders, but it also has features for stocks and futures.
I haven’t tried Tastyworks, but it sounds interesting. Another tool I recommend is Stock Rover. It’s a stock screening and analysis tool that provides a lot of data and metrics for each stock. It also has a portfolio tracking feature that allows you to monitor your investments.
Stock Rover is a great tool for screening stocks and analyzing data. Another tool I recommend is Simply Wall St. It provides a comprehensive analysis of each stock, including its financials, growth prospects, and valuation. It’s a useful tool for investors who are looking to make informed decisions.
I’ve heard about Simply Wall St, but I’ve never tried it. Another tool I recommend is Morningstar. It provides a lot of information on stocks and mutual funds, including ratings, financials, and analysis. It’s a great tool for investors who are looking for in-depth research.
Morningstar is a popular tool for investors. Another tool I recommend is Seeking Alpha. It’s a platform that provides news, analysis, and discussion forums for investors. It’s a great resource for staying up-to-date on market trends and learning from other investors.
Trade Ideas sounds interesting. Another tool I recommend is Interactive Brokers. It’s a trading platform that provides access to a wide range of financial instruments, including stocks, options, futures, and forex. It also has a lot of features for traders, such as a customizable trading platform and a paper trading account.
Thanks for the recommendations! I’ve heard about TradingView and Finviz, but I’ve never tried them. I’ll definitely check them out. One tool I find useful is Thinkorswim. It’s a trading platform that provides real-time data, charting, and analysis tools. It’s a bit more advanced, but it’s worth the effort to learn.
Great list of resources for trading and investing! I would love to see some more information on options trading tools and resources. Do you have any recommendations for options charting software or risk management tools?
I completely agree, options trading can be intimidating for beginners. However, there are some great options charting software out there. One of my favorites is Thinkorswim by TD Ameritrade. It’s a comprehensive trading platform that offers powerful charting tools, option analysis, and real-time quotes. The platform is free to use and offers paper trading to help you practice trading without risking real money.
Another great options charting software is OptionVue. It’s a popular options analysis and trading software that allows you to analyze and manage your options positions. OptionVue offers real-time options and stock quotes, risk analysis tools, and a wide range of options trading strategies.
For risk management tools, I recommend checking out OptionsProfitCalculator.com. It’s a free online tool that allows you to calculate potential profit and loss scenarios for various options strategies. This is a great way to visualize your trades before making them and ensure you’re comfortable with the risk involved.
I would also recommend looking into OptionsOracle, which is a free options analysis software. It offers real-time options quotes, risk management tools, and an options screener. The platform is user-friendly and great for beginners.
I’ve heard about the OptionsHouse platform, but I’m not sure if it’s worth checking out. Has anyone used it before? What are your thoughts on it?
For options trading books, I highly recommend “Options as a Strategic Investment” by Lawrence G. McMillan. This book is considered the bible of options trading and offers a comprehensive overview of options trading strategies and risk management techniques.
I would like to see some more information on risk management tools and resources. Do you have any recommendations for platforms or software for managing portfolio risk?
One platform that I would highly recommend is Portfolio Visualizer. Not only can you backtest your various portfolio allocations and strategies, but you can also analyze and manage your portfolio risk. It has a great tool for calculating your portfolio’s Value at Risk (VaR), which can help you understand your portfolio’s risk exposure.
I second that recommendation for Portfolio Visualizer. It has been an essential tool for me when managing my portfolio risk. Another tool that I have found helpful is Riskalyze. It is a great platform for analyzing your portfolio risk, identifying potential risk exposure, and creating a risk assessment for your investments.
I am interested in using Portfolio Visualizer to manage my portfolio risk. Can you tell me more about how it works and how to use it?
Sure thing! Portfolio Visualizer has a great interface that allows you to create custom portfolios and analyze their performance. Once you have created your portfolio, you can use the VaR tool to calculate your portfolio’s risk exposure. The platform also allows you to run simulations to see how your portfolio would have performed during various market conditions. Overall, Portfolio Visualizer is an excellent tool for portfolio management and risk analysis.
I have been using Quantiacs to manage my portfolio risk, and it has been working great for me. It is a cloud-based platform that allows you to build and backtest trading strategies. One of the great features of Quantiacs is that it has an automated trading system that helps to manage your portfolio risk by taking into account market volatility.
Thanks for the recommendation for Quantiacs. It sounds like an interesting platform to manage portfolio risk. I am curious to know more about the automated trading system. Can you explain how it works?
Sure! Quantiacs uses an algorithmic trading system that automatically adjusts your portfolio based on market volatility. The system will reduce exposure to high-risk assets during times of market turbulence and increase exposure to low-risk assets during periods of stability. The system is entirely automated, so you don’t have to worry about constantly monitoring the markets or making adjustments manually.
I found this post to be really informative. I would like to see some more information on fundamental analysis tools and resources. Do you have any recommendations for platforms or software for analyzing financial statements or economic data?
I am also interested in learning more about fundamental analysis tools and resources. I have been using Yahoo Finance and Finviz for analyzing financial statements and economic data, but I am curious to know if there are better options out there. Has anyone tried any other platforms that they would recommend?
I have been using Morningstar for my fundamental analysis and it has been very helpful for me. They have a wide range of tools and resources that can help you analyze financial statements and economic data. They also provide a lot of valuable insights and reports that can help you make better investment decisions.
I have been using Market Watch for my fundamental analysis and I find it to be a great resource. They provide a lot of data and news on various stocks and markets that can help you make better investment decisions. They also have a great selection of tools and resources for analyzing financial statements and economic data.
I have also used Morningstar in the past and found it to be a great resource for fundamental analysis. Another platform that I would recommend is Seeking Alpha. They have a large community of investors and analysts who provide insightful articles and analysis on various stocks and markets.
I am glad that this thread was helpful for you, and I hope you find these resources useful. Remember, it is always important to do your due diligence and research before making any investment decisions. Fundamental analysis is just one piece of the puzzle, so make sure to also consider other factors such as technical analysis, market trends, and risk management.
Thanks for the recommendations, everyone. I have been looking for some new resources to add to my fundamental analysis toolkit and these all sound like great options. I think I will start with Morningstar and then check out Seeking Alpha and Market Watch as well.
I second the recommendation for Seeking Alpha. I have been using it for a while now and have found it to be very useful for my fundamental analysis. They have a lot of great articles and analysis on various stocks and markets that can help you make informed investment decisions.