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Top 5 day trading tools

by Jane | Sep 19, 2019 | Blog Post, Trading Tools

Just like a Pilot has to trust their instruments when flying in bad weather, a Day Trader must be able to trust their tools. If you talk to any traders you will find out they all agree that there is not one platform or service that provides everything they want in one location

The Top 5 tools for me include a reliable Level 2, a reliable stock scanner, a reliable charting software, reliable community of traders and a reliable trading site.

Reading Level 2 for profits

Having an in depth level 2 market data is in my opinion very important. Without being able to see where the big orders are on the book you are trading blind. Being able to see a buyer or seller refresh their bid to get their bigger order is very important. Understanding where the strength lies on the volume is very important.

There isn’t always one provider that will give you everything you want. For my level 2 market data I use two different sources. Think or Swim and Schwab Street Smart Edge.

Why do I like Think or Swim? I love that I can see GSCO or Goldman Sachs to see where they lie on the books. Many times I use their bids or offers as targets as they have a great deal of capital and can help to move the market. I will track their initial bid and offer 15 min after open. If they move their offer up there is a chance that the price will continue past their first offer, but it still remains a target.

The second one I use is Schwab Street Smart Edge that shows bigger orders and the refreshing of orders on bids and offers more easily as well as a time and sale box that shows when a sale goes through the ADF or Alternative Display Facility.

I love being able to offer people free alternatives but I haven’ been able to find a free real time level 2 quotes online.

Best Stock Scanners

I know you are thinking more than one scanner what Jane you must be crazy. No I don’t know of any more than one because I do have a free stock scanner to offer to you on this one. First we will start off with the best stock scanner.

Trade Ideas is an amazing software that has been evolving since 2002 and with 17 years of tweaking and feedback from their customers and outside users it is an amazing software. You have the ability choose to use the scanning and alerting by itself. You have the ability take the premium version to back test you strategies and use their Artificial Intelligence Holly to generate ideas for you. You have the ability take it one step further and automate your trading directly with certain brokers. A software built by traders for traders. They also offer a free trading room and a free web version of the product with delayed data.

The Second top scanner that I am happy to enlighten new traders about is Finviz.com They have a free version and a paid version. The paid version obviously gives you more abilities, but the free version is amazing and great for end of day scanning. They also offer an amazing map of the market sentiment by sector.

Stock Charting Software

For Charting there are a couple options that I really love. The best charting software to me is Tradingview.com. One of the main reasons why I love this software is because it is so easy to use on a mobile device. I set everything up on my laptop. I set levels to watch alerts and then when I’m at the gym getting in a workout I receive my alerts and can see the same charts. Some platforms especially brokers offer different views on the desktop versus the mobile device.

My second favorite charting software is Trendspider that has the first ever that I know of rain drop candles. Truly only second because they are a new company and don’t have their app up yet. Since I’m a big follower of volume they use the data feed to create these candles which help to show where the volume flow was during that candle. Best way to describe it is to show you an image Worth 1000 words right!

Also the ability to have multiple time frame analysis on one chart. Where you can use a 5 min chart to trade but see the daily averages as a dashed line to know where the price action might stop.

The final feature of Trendspider that is great for newbies is the algo that will draw trend lines for you, to help you shorten the trendline learning curve.

There are actually a couple of free charting platforms. Tradingview.com also has a free version which like finviz.com is great when the market is closed. There is also Bigcharts.com which has a premium upgrade to it and StockCharts.com

Day Trading Community

There have been two very positive and supportive trading rooms that I don’t know of any really found to be my home. One of which is you bet free. It is so important as a day trader to be in a community of supportive people as you will make mistakes and when others support you and allow you to get better we all win. That mentality really hit home in the Java Pit Trading Room.

I clicked with Stefanie Kammerman and now we are working together in the Training Pit to which would be similar to trading 101 in trading university. A place for beginner traders to come and learn the proper foundations of trading. Software execution, Charting, and more tips.

The other trading room that is great for people just wanting to get a taste of the stock trading world is hosted by Trade Ideas. Where you can see their software for free ad Barrie the moderator will keep people in check.

Many times I hear people talk about stock chat rooms, but the day trading chat rooms that I don’t know of any been have been more about chatting than trading and unfortuntately not a supportive atmosphere. Bottom line is you will find the room and style that meshes with you. I prefer up beat positive people that yes are human and make errors and take small losses in trading.

Your Trading Platform

It is very important to have a platform that you like. There are many out there depending on where you live. For me as an expat in Canada I only have a handful. I use Interactive brokers remotely on my phone, but find their platform not the easiest. I love the mobile version of Think or Swim.

A great resource for finding Top Online Stock Brokers is the Benzinga updated list. Where they review the brokers annually and change them as the latest and best become available.

I don’t know of any heard horror stories from some Americans that are day trading with Robinhood. It is somewhat true to say that you get what you pay for. So make sure that you go with a reputable broker that will not kill your capital with fees.

Arsenal of Tools in Trading

When someone asks me what I use, I always think of my instrument flying experience and trusting my instruments. I need to know that I can rely on all the items I mentioned above. To be honest if one faulters it can distract me from the job of trading. When that happens. I wait until everything is fixed and watch for the next setup. This I just realized does not include my desk setup of hardware it is all software for trading.

I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube

The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month

Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.

Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20

My book is available at Amazon FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It . As well as Barnes and Noble, Indigo, Chapters,and more.

For my charts I use tradingview.com which offer free charting and paid services.

Also Stocks To Trade that has a 2 week $7 trial

This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.

StocksToTrade

by Jane | Sep 14, 2019 | Blog Post, Trading Tools

What is StocksToTrade.com ?

I will explain fully what Stocks to Trade in this post. I first learned of Stocks To Trade as a Millionaire Challenge student of Timothy Sykes.

I was using Equityfeed at the time and Tim wanted to create something that was better than Equityfeed for trading.

As with all trading softwares the initial software is developed initially for the funding partners and then it will evolve over time. The initial version of StocksToTrade was released back in 2009.

At that time it was fairly basic with the charting , alerts of highs and lows of the day and the use of level 2 and indicators.

Try it for 14 days for only $7

StocksToTrade Software

In the past 9 years the software has truly evolved.

Stock Scanning ( With Penny Stocks in mind)
Alerting System
Oracle -Custom Algo
News Fees, Sec Reports
Twitter filter
Broker Linking for Trading ( Special Deal with Tradier Brokerage)
Paper Trading
Modern Charting with drawing and indicators.
Free Level 1
Stocks to Trade University
Add Ons (Level 2, Chat Channel, Trade Sentiment, Pro)

Free Tools they offer outside of the Platform

StocksToTrade Youtube Channel
StocksToTrade Blog
StocksToTrade Twitter

Before I expand on the above features lets talk about more about the expense of StocksToTrade

Try it for 14 days for only $7

StocksToTrade Cost

For the basic version of StocksToTrade monthly costs you are looking at a 14 day trial for $7 and then a cost of $179.95 per month or an annual version for $1899.50 a $250 a year savings.

What you could do is if you like it on the 13th day upgrade to annual and you have saved more than $250 getting those additional days for $7.

You have the ability to add the Level 2 Market depth for $29.00 each month.

The Add on of Tip Ranks Trade Sentiment would be an additional $8.95 each month.

The cost of adding the Chat Channel is $6.95 per month.

So if you go for all the bells and whistles then you could be spending $179.95+$29.00+$8.95+$6.95 = $224.85 a month ( x12 for a year $2698.20)

I’m not sure if they would give you a deal if you buy the annual and you would like to get level 2 or the chat for the whole year as well. You would likely have to email them to find out.

The customer service is quick to rely and resolve issues if they do occur.

Try it for 14 days for only $7

StocksToTrade Features

All of the Features in StocksToTrade have been developed by traders for traders. I remember when I first started using the platform back in 2016 and they were taking feedback from all the users.

Emailing them to find out what the liked and what they didn’t like. The honest true of trading platform is that you are never going to be able to find one platform that is going to fit all traders.

Here are some of the top features that are amazing with StocksToTrade.

First off it is a great scanning tool and the ability to see on the chart as well as set the alerts for stocks breaking new highs or new lows on the day.

There is the feature of being able to see the premarket and postmarket price action.

The Oracle with the 15 proprietry algo scans to find setups is pretty awesome as well.

The ability to have the all in one screen is great for single screen laptop traders to have the news, SEC filings, Price action, Charting and the linking to your broker all in one spot.

The Stocks to Trade University is amazing as well for new traders to be able to watch videos to educate themselves more, which goes with the hand in hand feature of papertrading capacity.

Any Time that a platform will allow you to train on their software it makes it easier to place real money trades later as understanding the software, especially with penny stock trades is crucial.

Try it for 14 days for only $7

StocksToTrade Cons

For me the cons are that they Level 2 is an add on feature. I am someone that absolutely loves to see the orders lined up on the books.

The Time and sales will help you see the past, but the orders lined up can help you to view where the stock might stall or reverse for that day trade.

Another con for me could be a plus for someone else. I like to have multiple screens going and the ability to take my charts off the main page and enlarge them.

StocksToTrade all in one screen has tabs where you can see the price action at the top of each tab, but you can’t open that chart on another window as far as I have figured out.

One minor detail but a big one for me is I like to have the ability to set up a custom timeframe on the chart. I like to watch the 45 minute chart.

To let you know my evolution I used to love the 1 minute, then the 2 minute, then the 5 minute and now the 45 minute chart. I have also gone more from a scalper to a intrady trade or swing trader after seeing the bigger moves tend to come overnight.

Try it for 14 days for only $7

StocksToTrade vs The Competition

Overall the platform has alot of amazing attributes. Not every platform out there will give you a free trial, but half a month is pretty good.

The development of the alerts on the chart is pretty cool as well as the all in one to find out stock information such as the filings, news and social sentiment.

The trading world is evolving at a fast pace and I believe the two biggest competitors for scanning and alerting stocks are StocksToTrade and TradeIdeas

I hope my personal review and perspective on StocksToTrade helps you in your decision making. I truly believe the software that you use is a personal preference.

There are some amazing features and attributes with the software, but Trade Ideas is my number one for stock alerting software and using AI in trading.

Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.

My book is available at Amazon FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It . As well as Barnes and Noble, Indigo, Chapters,and more.

For my charts I use tradingview.com which offer free charting and paid services.

Also Stocks To Trade that has a 2 week $7 trial