DAY TRADING TOOLS


What you’ll need to start day trading:

  • Online Broker Trading Platform

  • Scanners

  • Charting Platform

 

ONLINE TRADING PLATFORMS

Commission Free / No minimums

#1 TD Ameritrade’s -  Highly Recomended

Thinkorswim trading platform is widely considered one of the best trading platforms available. It is a desktop application that offers access to real-time data streaming, charting, technical studies, stock scanners, research reports, and more.

It has great educational resources, including a learning center with instructional videos, online courses and trading demonstrations.

And One of the best highlights is the “On Demand” feature that allows traders to back test strategies and practice using the platform with a paper trade account, meaning you can trade with fake money before trading live with your own.



#2 Robinhood - For Beginners - not recomended for day tarding


Robinhood is a free-trading app that lets investors trade stocks, options, exchange-traded funds and cryptocurrency without paying commissions or fees. Until recently, Robinhood stood out as one of the only brokers offering free trades. But with many big-name online brokers eliminating trading commissions and fees in late 2019, Robinhood's bright light has dimmed a little. That said, it's still a solid choice, and currently it's one of the few brokers that gives investors the opportunity to trade cryptocurrency.

Robinhood offers both web and mobile trading, but the platforms are purposely bare bones, and some investors may find the range of tradable securities and account options lacking.

Although Robinhood has done a great job with their simple interface & user experience, it is not recommended for Day Trading as it does lack a lot of technical features needed to make sound day trading decision.

 

ONLINE SCANNERS

Finviz is a relatively powerful, easy-to-use scanning tool that will not break the bank. It should be a tool that all new traders need to have in their tool set. Once you have established yourself as a consistent and profitable trader, then you can look at some of the more advanced scanners which offer individualized customization and real time “live” data.

Finviz is very easy to use and ideal for beginning traders. You won’t need to know any in depth scanning language or Wall Street insider language to be able to get started using it. The menu is easy to use and a lot of the options you will look to use are set up in easy to use drop down menus.

 

CHARTING PLATFORM

TradingView is a free cloud-based and easy to use charting platform. You can trade live forex, crypto, metals and stock charts from your laptop, iPhone, Android, iPad and all other devices. 


You get access to hundreds of analysis and smart drawing tools, technical analysis indicators and simple scanning tools you can use to find the best market to trade. 


You can also connect with other traders, share analysis and place trades directly on the chart, this platform is highly recommended for every day trader to use & conduct their technical analysis on.