Trading isn’t something which can be learned in a day or two. It can take months and years of studying before you can come up with a formula to deliver success in trading. However, it’s also not rocket science as some people would have you believe. And this one fellow, Timothy Sykes, made a handsome amount of $1.65 million just by day trade, and that too while attending University.
Who is Timothy Sykes?
Timothy Sykes is just another man like us and has graduated from Tulane University. Except that, yes, he made $1.65 million in trading small range stocks. In simple terms, Tim Sykes is a cent stocks trader, which is also commonly known as a penny stock trader.
During University, he often used to bunk classes to do day trade. He soon started a small hedge fund called Cilantro Fund Management as well. In 2008, he again invested with a sum of $12,415 and converted it to $90,368 in two years.
Now, he works as an educator. However, he’s particularly active as a financial activist as well.
Day trade Software
Any investment starts with the right education. If you aren’t well aware of how trading works, then the first step is to read and learn. After that, choosing a dependable trading software will also be a key point. A day trade software is something that helps in daily trading of stocks. This software also helps in trading of other financial instruments as well.
Tim Sykes trading software is basically a day trade software which enables you to be better informed about the current market trends, and would also help you make the optimum choices for trading.
He has named the software StocksToTrade.
Day trade software can be divided into three categories:
1) Data Software
It is absolutely essential to know the prices of all stocks, futures, and/or currencies which you want to trade in.
• At Software Level –
This software is mostly internet-based and it fetches a price from the exchange on which you want to trade.
• At the Exchange level –
They tend to provide the prices of all the stocks, futures and currencies to an aggregation company instead of providing millions of users this information individually.
• Data Feed –
Now, there are two kinds of feed. The free feeds provide the prices for all financial instruments, but their feed is a bit delayed. These delayed feeds are rarely of any use to day traders.
The paid feeds, on the other hand, sell the prices of stocks or any other financial instrument through data software. These are actual live prices and hence, really useful.
2) Charting Software
It’s important to chart the various amounts obtained in a charting tool to better be able to analyze all the data.
The free packages only have a basic analysis of the data charted.
However, the paid packages offer an in-depth analysis of the data as well as a full programming language to create custom indicators.
3) Execution of Trade Software
Once you’ve done all the complex analysis and selected the right stocks to trade in, it’s time to actually place a trade and make the transaction.
There are some tools which also allow the automatic execution of a trade. But these are highly advanced tools.
Timothy Sykes has listed out a lot of benefits about the software he has developed for a day trade. Let’s see what these benefits are.
Benefits of Tim Sykes Trading Software
• Fast access to real-time data of Level 1 US equities.
• Major US markets included: NASDAQ, AMEX, NYSE, PINKSHEETS, and OTCBB.
• Alerts on change of prices (can be customized)
• Tactful strategy scans.
• Ever-changing charts with news indications.
• Charting tools available.
• Real-time news streaming based on custom filters.
• Make unlimited watch-lists.
• Quickly access top gainers and losers.
• Quickly access new highs, as well as new lows.
• Streaming of SEC filings.
• Stock overviews of SEC filings.
• Custom stock screening possible.
• Last day’s data available for research.
• Custom stock alerts.
• Key stock statistics available.
• Features to find maximum and minimum potential stocks.
• Stock information with background company data as well.
• Easy to find related companies to one in any industry.
• All information is linked to providing only quality content.
• Twitter feed also available to know the trending stocks out there.
Conclusion
It is really important in day trade that you have the reliable and correct information. And this can be easily obtained using a Day trade software like StockToTrade. The key difference between other tools and this is that Sykes’s software has his insight about penny trading as an added benefit.
Brief seven minute video tour of StocksToTrade.