Momentum trading is the best style of trading to achieve large returns in a short period of time. To succeed with a momentum style of investing, you must be using the right stock trading tools.
After teaching 1000’s of aspiring stock traders over the past decade, we know how much new and struggling traders are looking to keep costs low. At least 20 times a day we get asked about free trading tools.
Here are 5 great free stock trading tools to use this year, and throughout the next year (all the links to the websites are in the headings!)
The Best Free Stock Trading Tools and Websites
Free Pre-Market Scanning: Marketchameleon.com
I get asked all the time about free stock scanners that can filter pre-market. Here is your answer. Marketchamelon shows all the stocks gapping up and down during pre-market, and it also shows volume, gap percentage, and a lot more. Check out a screenshot of the scanners below:
The site has a ton of other stock screening capabilities. It has after-hours movers as well and has earnings calendar, company news and PR’s, and a ton of other useful features.
Free Stock Screener: Finviz.com
Finviz is my favorite free stock screener. Finviz does not have pre-market screening capabilities in their free version, that’s when I’d use Market Chameleon. But for after-hours scans, it is the best free stock scanner out there.
Check out a screenshot of its screener below:
You can see all the different filters and setting the screener has. Pretty much every technical and fundamental characteristic you can think of. This site is also a great resource to get a quick overview of a companies fundamentals. You can quickly find out all of the following about a company in their company profile:
You also can see all of the recent analyst activity around the stock in the profile, and get links to all the recent news and press releases surrounding the stock. The press releases are quickly updated on Finviz, usually within a few minutes.
Free Charting Software: Tradingview.com
The best free charting software that I know of with real-time market data. Has live quotes for most US stocks, cryptocurrencies, forex pairs, and Futures. One of the downsides to the free version is the limit of the number of indicators you can put on your charts (only 2). Check out a screenshot of the charting platform below:
Very customizable charting platform with a ton of different layout It also has a great community of traders sharing trade ideas and charts. It even has screeners and paper trading capabilities. One of the most useful tools I know. Good stock trading tools and charting software like Tradingview are rare.
Edgar Company Filings
This site is the bible for traders that relay heavily on fundamentals. This is the SEC’s site where you can find every single filing of every publicly-traded company. Here is a screenshot of what the site looks like:
Even if your trading strategy doesn’t rely heavily on the use of fundamentals, it is still a good idea to read the original company press release and understand the catalyst behind a stock’s move.
Shortsqueeze.com
Short interest is a very important characteristic of a momentum stock to know about. Some of the biggest moves to the upside happen in stocks with high short interest, meaning there are a lot of short-sellers in the stock.
Shortsqueeze.com is a tool that provides an estimate to the % of shares short in a stock’s float. (the number of shares available to trade on the public markets)
Here is a screenshot of what the site looks like:
Often stock trading tools like Finviz and Yahoo Finance will have varying estimates for a stock’s short interest and float. I would recommend checking this site also to get another estimate of these two important metrics and give you a more accurate estimate.
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