How to Swing Trade Summary (C3): Tools and Platforms

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For any profession or business you get into, you need to have the right tools to enhance your chances of success.

Swing trading is no different.

Fortunately, many brokers will include most of what you need, if not everything, and whatever is lacking can be found for free online.

Here are some things to consider when choosing a broker.

There are two primary types of accounts: investment accounts and margin accounts.

An investment account is like a debit card. You can only invest money that you have put into the account.

A margin account allows you to borrow money against your deposited money, which allows for larger rewards, but also greater risk. Opening a margin account is usually a little more complicated as well.

I suggest starting with an investment account until you really know what you are doing.

Fees can add up, especially if you plan to trade more frequently.

Some brokers will have a flat fee per trade and others will charge based on how many shares you trade.

For a swing trader, consider a broker that charges $5 to $7 per trade.

Your online broker will come with a trading platform. As a swing trader you need one that offers real-time quotes and immediate execution of trades.

Real-time charting with indicators (moving averages, MACD, etc.) is useful too, although you can use outside platforms for this such as Finviz or TradingView.

Most brokers will offer stocks in various markets (NASDAQ, NYSE, ASX, etc.).

You can also look for ones that offer crypto, ETFs and other financial products, if you also want to trade in those.

You will definitely want to be able to get notifications via text and/or email when certain events occur, such as a stock on your watchlist dropping or rising to a certain price.

Having a mobile version of your trading platform can be handy so you can place trades on the go, e.g., when you get an alert.

However, mobile trading will never be as robust as using your computer, especially when analyzing charts.

Your broker may include free scanning tools so you can find trading opportunities, but there are free independent ones you can use if not.

Many brokers will have learning tools such as video courses, and also research tools for quick fundamental analysis.

I believe it is a good idea to open accounts at several trading platforms for two main reasons.

1. Different platforms offer different financial products. A certain stock may be on one but not the other.

2. In the event that something goes wrong on one, such as a technical issue, you still have access to the other.

The ones I use, in order of preference, are:

• Interactive Brokers (Limited crypto, but better in every other aspect)
• EToro (It's a good backup and has a good range of crypto)
• Kraken (Crypto only, very basic)

Others to look into, depending on what country you reside in, include Robinhood, ETrader, and Binance.

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