If you are a beginner trader with a small account, these are the 3 free trading tools that will help you out.
Day trading is not a hobby, but a business that takes upfront capital and effort. That is why it is important to take advantage of the free trading tools on the internet to get started.
Top 3 tools that need to be a part of your trading tool kit. Before you think about investing even more into trading education, try these free tools or trading resources. These tools are great for technical analysis, understanding stock structure, finding and scanning for stocks to trade and most importantly back testing your trading strategy.
1. StockCharts.com
StockCharts.com is an award winning charting tools provider. It is a free website for chartists to look up for tickers either on a daily chart or the weekly chart for real time data.
The layout is extremely clean and easy on the eyes. You can even activate the cross heirs around to analyze the price levels and scroll down to add some more custom indicators on the charts as well.
You can find stocks and other financial instruments that meet your criteria. Members have access to tech alerts. This can give you an edge over the market and the other traders as well. So this is what makes this site a great place to start your day before you even jump into your broker platform.
2. Finviz.com
Finviz.com is a free source of news. It is one of the best stock screeners available for free to traders and investors. There is also a pro version called Finviz Elite. About 18.75 million people use their website every month.
Finviz may look like a simple website, but it is more powerful than it looks. The candle, line and advanced charts are available for free and the interactive and performance-based charts are available only to the elite users.
You can also adjust the time frame to daily, weekly or monthly in the free version. Various news sources are listed below the summary of the stock.
3. Investopedia.com
This website can help you understand many things about trading right from simple definitions to complex concepts. But it is actually a go-to site for all topics under finance. The videos explain all you need to know in a way that is easy to grasp and to top it, all of this education is free! Think of this website as your trading dictionary.
Professionals from the field of finance, economics, real estate, and others come together to contribute expert information to this site.
This site also has a trading simulator which allows you to trade or rather, practice trading without risking money.
In conclusion, here are some quick tips if you are interested in succeeding at intra-day trading:
- Don't lose more than 10% capital on any day trade.
- Learn how to ride your profits. It's the most challenging task in day trading.
- It is always better to take a break from trading when you are emotionally unwell.
- Glancing at other traders' screenshots can disturb your emotional balance. So focus on sticking to your own plan.
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Happy Trading!
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