When it comes to trading the markets, it can be overwhelming which trading tools you need to use. We want to make that simple for you, so we did our best to highlight the top tools traders use into 4 main categories. We like to think of this as the getting started quick guide for traders.
If you’re going to be trading in the markets, you need a trading broker, also known as a stock brokerage service. There are a few trading brokers we recommend over others.
For basic swing trading, ease of access, simplicity, you can use:
For more advanced swing trading or day trading, you will need more robust order & charting capabilities.
Great brokers for this are:
TD-Ameritrade with Think or Swim: http://bit.ly/TD-Ameritrade-Broker
For most advanced traders which execute a lot of trades per day you will want to minimize commission costs, short locate costs, & fees while also having capable routing options and order functionality. We recommend a broker like: CenterPoint Secutiries: http://bit.ly/Centerpoint-Broker
#2) Charting - For Analyzing/Viewing Stock Price Action
Most brokers provide charting in some capacity, but will typically lack in depth ability to perform major technical analysis. To compliment your broker with more advanced charting, we highly recommend using TradingView.
#3) News Feed - For Breaking News & Analyzing Stocks
For a well rounded approach to trading, we highly recommend pairing your trading setup with a news feed to capture market momentum changing headlines & breaking news. We recommend using a service like Benzinga. Not only do you get access to breaking news & headlines, you can also use Benzinga to create your own screeners, watchlists and analyze stocks all on their platform.
You can start a trial with Benzinga here: https://benzinga.grsm.io/pro-trading-news
#4) Scanners - For Finding The Best Stocks To Trade
If you want to take your trading to the next level, you can use scanners to help find stocks in real time during market hours. Scanners can be programmed to find stocks that fit your trading style, whether it’s momentum, reversals, etc.
We recommend Trade Ideas: http://bit.ly/Trade-Ideas-Scanner
FREE/Other Tools Traders Use
– Charting is typically included with your broker. Trading View does offer free charting, with limited features.
– Stock screeners such as http://finviz.com/ can be extremely valuable for finding stocks worth trading.
– Tracking your trading stats is one of the most important aspects of your trading. We recommend a tool like https://www.tradervue.com/ to do this.
– Investopedia Forms & Filings – Understand the most important forms & filings that hit the wire for companies. https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
Not seeing essential tools that you use for your trading? Let us know by using the form below. The more you learn, the more you earn! If you have any questions or comments about the best trading habits and practices, feel free to use the contact form below to get in touch with us.