As you may have read on my “About” page, I was one of the first daytraders (guinea pigs) in the world, June 1997, I was at the age of 49 then, very excited and definitely a newbie. I really understand the phrase now, “Learning is a lifelong experience” and when it comes to losing and winning a lot of money, you will learn fast. The pleasant part of the adventure and journey of learning how to trade, was all the friends I made through the years and the camaraderie we have developed. Students from Europe and Asia that I have become friends with and actually met up with them while traveling is another highlight. I wanted to share some of the sites I used to become a better trader, hope you make use of them.
Charts and Research- TradingView
TradingView.com is a site providing real-time prices on stocks, ETFs, and forex pairs. It also provides delayed data on futures markets.
If you are new to trading and want to practice watching the market in real time, this site allows you to do that.
If you’re an experienced trader, it’s quick and easy to pull up site to do research, as it works well while on the road or if not near your normal trading platform. TradingView also works well as a “backup” data feed, in case you lose quotes or get disconnected from your trading platform.
The chart themselves are of high quality, providing a lot of indicators, comparison tools and various chart types, i.e. candlesticks and Heiken Ashi.
Other features include a stock screener, watch lists, “paper trading,” alerts for when an asset meets specific requirements, strategy testing, and see/share trading ideas with the large TradingView community.
Analysis Website: StockCharts
StockCharts.com offers tons of free resources, and you’ll likely find yourself spending a fair bit of time on the site as you explore the high-quality trading articles as well.
The Sector Summary shows which sectors are hot, and which aren’t, over various time frames. Many day traders like to focus on buying strong stocks in strong sectors in a bull market (rising prices), and short selling weak stocks in weak sectors in a bear market (falling prices). This tool can help you easily find such stocks. Click on the sectors, and then the sub-sectors within, to get a list of stocks ranked by performance.
The StockCharts SCTR Report lists large capitalization stocks from strongest to weakest, so you have a quick list of stocks moving well to the upside or downside at either end of the list.
The DecisionPoint Market Analysis Gallery (DP Chart Gallery) breaks down how the stock market is performing by showing various charts and technical indicators on different time frames. It’s a quick way to learn about analyzing price action and get an overall (uses daily charts) snapshot of market direction and potential turning points.
Normal price charts can be changed to “seasonality charts,” which show how a particular asset performs during particular months of the year.
Trading Research Tools: Finviz
The homepage of Finviz.com offers a host of stocks which are potential day trading candidates. Quickly see the day’s top gainers and losers, stocks breaking out of technical patterns and the day’s most volatile stocks.
Use the other pages to dig up more data on stocks, forex pairs or futures. The News page provides timely reports and analysis from major news vendors. The Screener allows you to find stocks that match your exact criteria for trading. The Map shows which stocks are performing well and poorly during the trading day.
Price data is delayed on the free version of the site, which is still useful for research, but as a day trader, you may want more timely information, especially if using the home page for trade ideas. Finviz Elite offers real-time quotes and pre-market data so you can see what stocks are moving well and breaking out in real-time.
Free Trade Ideas Tool: StockTwits
If you’re an active trader and want a constant stream of stocks (or other assets) that are moving well or breaking out, then this social media platform is one of the best free resources out there.
Search for day traders on StockTwits, and follow them if they provide timely information on stocks (or other assets) that are moving well for day trading purposes. Utilize your own strategy for trading the assets mentioned. StockTwits is just an idea generator not a trade signal service, or at least it isn’t recommended for that.
StockTwits can be distracting, so while day trading keeps the focus on market research related to your specific trade parameters and market.
Trading Tools: Demo Accounts
For traders starting out, the demo account is the best free resource out there. While a demo account won’t replicate the emotional ups and downs of making and losing real money, it will let you know if your trading methods are sound or not. If money can’t be made consistently in a demo account, then money certainly won’t be made trading real capital (which is much tougher).
There are loads of demo accounts available, but try to open a demo account with a broker that you would consider using if you do opt to start trading real capital. That way, you get familiarized with the broker, their fees, and their platform while also working on/assessing your trading skills.
Final Word on Free Trading Websites
Whether for research or generating trade ideas, these free trading websites offer tools to help in your day trading endeavors. Ultimately, these are resources to help you find stocks, forex pairs or futures that suit your strategy. That means you still need your own strategy, and shouldn’t just buy or sell assets blindly based on what you see on these websites. These are tools to be used in conjunction with your own knowledge and thorough analysis. Demo trading accounts help you find, hone and practice a strategy that is right for you.