When you jump into trading, you are essentially committing to launching a small business. And you are the CEO. And every new trader is looking for free trading tools.
One of the most common questions we get: How do you keep expenses low when you are starting off?
Makes sense. Why would you want to spend a lot of money on trading software when you don’t know if you can be profitable yet?
Here are my top 3 free trading tools for new traders:
Finviz gives a great bang for your buck. This site is great for running free scans to filter and sort stocks and help you build a great stock watch list. The image above is a screenshot of their screener. Company profiles are very in-depth also, and they show you a snapshot of the daily chart from the last several months.
One of the best resources on the internet for information on company earnings releases. This is especially important if you are a swing trader or longer-term investor. You should always know when quarterly earnings are going to be released for all of the stocks you are holding.
NEVER try to guess what the reaction to the earnings release will be. That is pure gambling. I’ve seen stocks tank after great reports, and skyrocket after awful releases. Focus on reacting to the price action AFTER the report has been released. (Click here to learn some of Earnings Trading Strategies)
Market Chameleon is a site with a free pre-market stock scanner. The site will give you a list of all the stock’s gapping up and down during the pre-market. This helps you build your watchlist before the market opens. Their screener has a ton of other capabilities also, but that’s what our students use it for most.
How To Use These Free Trading Tools
Check out this video lesson where I talk about how to use these free trading tools, and walk you through how to set them up: