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A large part of traders, especially newbies, focus on using their broker platform only and the toolkit it provides while there is such a huge choice of outside instruments, which can help them in analyzing charts, interpreting patterns, and other aspects. So, we will help you take full advantage of the extra opportunities on offer.
In practice, every trader uses a basic range of tools, i.e. a brokerage service, charts, real-time market data. But, today, you can also take advantage of other additional services and software, which will allow you to make smarter decisions.
First, we are going to provide you with a few prompts on the trading tools, which can aid you in data analysis:
- Stock Rover. It offers the most extensive screening and research functionality on the market. So, a paid account provides access to about 650 indicators.
- TradingView. Another screening and charting instrument, which is most popular for its fully-featured mobile app, a vast selection of research criteria, and a script customization function. It offers a comprehensive set of data on every asset: from real-time rates to news, reviews, and live webinars with advanced investors.
- TraderSync. In addition to an extensive variety of screening features, this source stands out from its competitors due to an extremely handy trades import function, which is complemented by the support of the most widely-used brokerage platforms.
Now, let us mention a couple of advantageous chart analysis instruments:
- Trading Central. It helps to determine and evaluate chart patterns to consider the strength of assets selected and other standard properties.
- eSignal. This advanced service offers extended technical analysis, charting, and backtesting functionality, but its fee may seem rather high for a beginner.
- MS Algo (Market Scalper Algo). It is compatible with Trading View only. This service allows users to add highly accurate signals right to charts for convenience. Besides, you can receive the corresponding notifications to your phone, electronic address, or Webhook.
Also, be sure to have a close look at the following research websites:
- Motley Fool Rule Breakers. That is one of the best sources of stock market forecasts.
- Seeking Alpha Premium. This comprehensive research and suggestion provider is a good choice for both full-time and casual investors.
- Finviz. This free service helps to determine the most advantageous stocks by providing graphs, charts, and maps based on dozens of diversified aspects.
Also, if you need expert guidance in terms of trading platforms, our choices are:
- Interactive Brokers ― for stocks;
- eOptions ― options;
- eToro ― copy trading.
To summarize, we recommend you have a close look at the functionality of your broker platform to determine which helpful instruments it offers and which of them it lacks. But, when searching for additional instruments, make sure they do not coincide with each other. Utilizing two identical instruments will add confusion to your work.