Stock Trading Tools – 3 Tools You Must Use
With countless websites and software out there, we are inundated with stock trading tools these days. The question then is what tools should you use and what’s actually worth it? Well, the good news is that some of the best ones are free and some of the worse ones cost a fortune.
Unless you are a professional level 1 trader there is no need to get into $10,000 software. Its simply not necessary. You can make a lot of money trading with NO tools – but then again stock trading tools can make your life a lot easier. Lets quickly look at 3 awesome tools that you need to start using immediately.
1. StockCharts.com
This is by far one of my favorite stock trading tools and its free. Here you can get great looking graphs of any stock on virtually every major exchange at the push of a button. It gives you a lot of control over the graphs and whether you like simple line diagrams or candlesticks you can do it. It also allows you to overlay moving averages and numerous other trend lines. There’s a wealth of information on this site and should be one of your top stock trading tools for technical trading.
2. Yahoo Finance
For me Yahoo Finance is to fundamental analysis as StockCharts is to technical analysis. Yahoo Finance has become the foremost source of news for anything financial and they now provide news feeds to most major websites all over the internet. Knowing what’s happening to which company is vital when trading online and if its happening you will find it here. You can also do extensive research on virtually any company you can think of with in-depth reports and countless experts writing for them.
3. Stock Screeners
If you are just staring out, then having a good stock screener can be the best investment you make. Although there are quite a few “free” ones you will find that somewhere down the line you end up paying for it anyway. I found that StockAssault 2.0 is the easiest and probably the cheapest. What it does is to show you pre-screened stocks that meet certain criteria. This save you from the minefield of sifting through thousands of stocks. Not only does these stock trading tools improve your chances of making winning trades but it will help you learn much faster.
Although stock trading tools are great, its important to always keep in mind that they are ONLY tools to HELP you. In the end you and only you can make the decisions. Get all the help you can and use all the tools you find useful, but never let anyone or any software out there make your decisions for you. After all, its YOUR money!
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