Free Financial Trading Tools

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Research Tools

FX Open Orders

FX demand right now

The tool shows snapshots of Saxo Bank clients’ FX open orders for major FX pairs. Explore interactively each FX pair from the “Aggregated Orders Chart” and see open orders, price chart and normalised net orders.

FX Options Sentiment

See Saxo’s clients’ positions for spot FX crosses

Retail position ratios show Saxo Bank’s clients positioning on each FX pair. In other words, the ratio is a display of the overall sentiment from clients trading FX options

FX correlations table

Explore interactively the data from the FX open positions.

Our correlations table shows a statistical measure of the relationships between the FX pairs in the Open Positions module.

FX Open Positions

See Saxo’s clients’ fx open positions for major FX pairs

Explore interactively each FX pair from the “Aggregated Positions Chart” and instantly you will see open positions, price chart and normalised net positions.

CME Benchmark

See all CME benchmark products via a comprehensive overview tool.

The QuikMarket™ Benchmark Dashboard provides a comprehensive and quick overview of the CME Group’s benchmark products.

FX Options Risk Tool

Vols, Risk Reversals & Pin Risk

An overview of changes to at-the-money volatilities and the relative value of puts vs. calls for different pairs over standard tenors.

Democratising trading
and investment for
more than 25 years.

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Philip Heymans Alle 15
2900 Hellerup
Denmark

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Warrior Trading Blog

  • Ross Cameron
  • Day Trading
  • Blog Posts

Many new traders make the beginner mistake of using the wrong tools. Using the right day trading software and day trading tools is critical to your success. While a skilled trader can make do with less than ideal tools, beginner traders need every advantage possible.

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  • Binomo
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That means making sure your equipped with the best trading software, scanning software, and charting software.

I often talk about trying to ride a road bike in the sand. It doesn’t matter if you have a $2,000 road bike, you can’t ride a road bike in the sand.

If you ride a $200 used beach bike with fat tires you will have a great time! The guy on the road bike will wonder why you are making it so easy.

It’s because you are using the right equipment for the environment. It’s not about how much money you spend, it’s about using the right tools. Make your life easier by using the best tools below.

Day Trading Software

There are a few different items you will need for day trading including:

  • Online Broker
  • Scanning Software
  • Charting Software
  • Breaking News Software

Below we will dig into our favorite day trading software, why we use them and why we think they are crucial for traders to have!

Online Broker: Lightspeed Financial Broker

There are hundreds of brokers you can choose from and they all provide traders with a different experience.

Generally I group brokers into various categories depending on what services they provide or what financial instrument they specialize in. There are options, forex, stocks, long term investing, and scalping brokers.

For active day traders we need a few things, hot keys, direct access routing and fast executions.

For these reasons I use Lightspeed and consider them the best broker and one of the best tools for any trader.

If you are trading with a $500 trading account, CMEG (Capital Market Elite Group) is the next best thing! They allow unlimited day trading with a $500 min balance (NO PATTERN DAY TRADER RESTRICTIONS)

Stock Scanning Software: Trade-Ideas

Now that you have your broker funded you are ready to start trading! You need a way to find stocks to trade. Based on my Gap and Go and Momentum trading strategies there are only a few stocks worth trading on any given day.

Knowing how to identify those stocks before they make the big move is what separates the most profitable traders from everyone else.

I use Trade-Ideas for all my stock scanning software. You can use their predefined searches to see HOD movers, Volume spikes, Biggest Gainers/Losers, Turbo Breaks, etc.

Or you can do what I’ve done and build custom scanners using their set of hundreds of filters to tell the scanners exactly what you want to see.

Do you like trading Bull Flags? No problem. Flat Top Breakouts? Easy. There is no software in the world that can scan the market and find winning stock setups better than Trade-Ideas.

Charting Software: eSignal Charting

Okay so you have your broker, you’re all setup with Trade-Ideas, but you are ready to get some really high quality charts. You can use the charts that come standard with your broker.

Those will work for a while, but eventually you may want to take it up a level and use charts that allow you to draw and write custom formulas.

This is where eSignal comes into play. For a long time I used TC2000 for my charting, but when I added more monitors TC2000 was just too slow. eSignal allows me to easily run charts on 8 monitors without any lag time (check out how to set up a trading computer).

This is pretty impressive. And for me it’s important because I like to keep an eye on several stocks at once. In addition to being fast and reliable, eSignal allows you to install custom scripts. I use these as custom indicators for reversals, and automatically drawing support/resistance lines.

Breaking News Provider: Benzinga

As you’ll learn in our Day Trading Courses, each morning we start the day with a review the stocks gapping up on our Trade-Ideas scans. From there we have to look for the news catalyst, the reason why these stocks are moving higher.Sometimes they are moving in sympathy with the market or a strong sector, but other times they have a unique catalyst like earnings.

Understanding the reason why a stock is moving is important because some catalysts are stronger than others! I use Benzinga Pro to search for the latest headlines. Then during the day I listen to the Benzinga Pro Radio.

They read the headlines and let us know when stocks are spiking, breaking news reports, etc. This breaking news feed has made me over $4k in the last two news trades alone (see $WATT and $MBLY).

TAS Market Profile

TAS Market Profile is one of the best day trading software programs on the street. There are a couple different packages you can choose from depending on what you are looking for.

They have a TAS Indicator Suite that offers 7 of their proprietary indicators including: TAS Market Map, TAS Boxes, TAS Vega, TAS Navigator, TAS Ratio and TAS Compression Levels.

I really like the TAS Market Map, TAS Vega and TAS Boxes for active trading and have found it to be of great value for making trade decisions.

They also offer TAS Scanner. This unique tool allows you to see stocks moving in different time frames with varying levels of buying or selling confidence at key levels. This is a powerful addition to your charting software and is something I use everyday.

The indicators and scanners work on a ton of different charting platforms including eSignal, Tradestation and Bloomberg. You can find a full list here.

We recently just joined forces with TAS Market Profile in order to get you the best value for your buck! Check out the following link for more information on how you can save on TAS Market Profile subscriptions!

Final Thoughts

Having the right tools and day trading software alone for online trading won’t make you a profitable trader but it will point you in the right direction towards success and make your life a lot easier.

Trading is one of the most competitive careers you can choose so don’t put yourself at a disadvantage or it could come back to haunt you!

From time to time we refer third-party products or services to you. We may receive compensation from those third parties whose products or services we refer, however, our reviews and recommendations are independent of any compensation we may receive. There is no obligation for you to interact or transact with these third parties.

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Testimonials

Before I started trading, I would make $1000 in 2 weeks. Now after taking the warrior trading course, I can make that in a single day, at 26, I now own my own house and I am fully independent, thank you warrior trading for everything you have done for me, my future looks brighter than ever!

Max

I had a job I didn’t really like and I was forced to live five thousand miles away from my home Country. After joining Warrior Trading, I can trade from anywhere and my income is more than doubled. Thanks to this community, it now feels like I’ve been given the keys to absolute freedom.

Roberto

After 3 years of trading as a student my portfolio has net more than $230k. For year 2020, in less than 6 months I’ve net more than 140k. With Warrior Trading’s mentorship and my investment knowledge prior to coming on-board, I developed my own short term swing trading strategy.

Drew

On January 24th 2020 I started with $690 in my account. In March I made $4,433.89 and by April, my account was up 1,000%. I’d made $6,900 in 42 trading days.

Petr

I think trading is the only place in life where I can say I am totally responsible for my outcomes. That’s huge in a world where previously waiting on someone else to make decisions about my income felt like a prison. I now have full autonomy.

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If you do not agree with any term of provision of our Terms and Conditions you should not use our Site, Services, Content or Information. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions.

Warrior Trading may publish testimonials or descriptions of past performance but these results are NOT typical, are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you.

Ross Cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials. They are experienced traders. Becoming an experienced trader takes hard work, dedication and a significant amount of time.

Your results may differ materially from those expressed or utilized by Warrior Trading due to a number of factors. We do not track the typical results of our current or past students. As a provider of educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers.

Available research data suggests that most day traders are NOT profitable.

In a research paper published in 2020 titled “Do Day Traders Rationally Learn About Their Ability?”, professors from the University of California studied 3.7 billion trades from the Taiwan Stock Exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.

In a 2005 article published in the Journal of Applied Finance titled “The Profitability of Active Stock Traders” professors at the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading the U.S. markets between March 8, 2000 and June 13, 2000, only 50% were profitable with an average net profit of $16,619.

In a 2003 article published in the Financial Analysts Journal titled “The Profitability of Day Traders”, professors at the University of Texas found that out of 334 brokerage accounts day trading the U.S. markets between February 1998 and October 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.

The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day Trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.

Any and all information discussed is for educational and informational purposes only and should not be considered tax, legal or investment advice. A referral to a stock or commodity is not an indication to buy or sell that stock or commodity.

This does not represent our full Disclaimer. Please read our complete disclaimer.

Citations for Disclaimer

Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636

Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615

Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578

Copyright © 2020 Warrior Trading™ All rights reserved.

The Best Technical Analysis Trading Software

There are those who say a day trader is only as good as his charting software. While that’s debatable, it’s certainly true that a key part of a trader’s job — like a radiologist’s — involves interpreting data on a screen; in fact, day trading as we know it today wouldn’t exist without market software and electronic trading platforms.

A lot of software applications are available from brokerage firms and independent vendors claiming varied functions to assist traders. Most brokerages offer trading software, armed with a variety of trade, research, stock screening, and analysis functions, to individual clients when they open a brokerage account. In fact, the bundled software applications – which also boast bells-and-whistles like in-built technical indicators, fundamental analysis numbers, integrated applications for trade automation, news, and alert features – often act as part of the firm’s sales pitch in getting you to sign up.

Much of the software is complimentary; some of it may cost extra, as part of a premium package; a lot of it, invariably, claims that it contains “the best stock charts” or “the best free trading platform.” Fact: There is no single best stock chart or best stock screener software. There are too many markets, trading strategies, and personal preferences for that. But we can examine some of the most widely-used trading software out there and compare their features. Whether their utility justifies their price points is your call.

MetaStock

One of the most popular stock trading software applications, MetaStock offers more than 300 technical indicators, built-in drawing tools like Fibonacci retracement to complement technical indicators, integrated news, fundamental data with screening and filtering criteria, and global markets coverage across multiple assets: equities, derivatives, forex, futures, and commodities. Both its MetaStock Daily Charts Subscription and its MetaStock Real Time packages (especially geared for day traders) include its highly praised stock charts software.

Worden TC2000

If you are interested exclusively in U.S and Canadian stocks and funds, then TC2000 offers a good solution. Features include stock charts, watch lists, alerts, instant messaging, news, scanning, and sorting.TC2000 offers fundamental data coverage, more than 70 technical indicators with 10 drawing tools, and an easy-to-use trading interface, as well as a backtesting function on historical data. It does not, however, offer automated trading tools, and asset classes are limited to stocks, funds, and ETFs.

eSignal

Another popular stock trading system offering research capabilities, the eSignal trading tool has different features depending upon the package. It has global coverage across multiple asset classes, including stocks, funds, bonds, derivatives, and forex. eSignal scores high on trade management interface with news and fundamental figures coverage, and its stock charts software allows for a lot of customization. Available technical indicators appear to be limited in number and come with backtesting and alert features.

NinjaTrader

An integrated trading and charting software system, providing an end-to-end solution from order entry to execution with customized development options and third-party library integration compatible for more than 1000 apps and add-on products, NinjaTrader is one of the commonly used research and trading platforms. It’s especially geared to futures and forex traders. Apart from the usual technical indicators (100+), fundamentals, charting, and research tools, it also offers a useful trade simulator, enabling risk-free trade learning for budding traders. NinjaTrader is free to use for advanced charting, backtesting, and trade simulation. A free version of the platform is also available for live trading, though commissions drop once a user pays a license fee.

Wave59 PRO2

Offering advanced level products for experienced traders, Wave59 PRO2 offers high-end functionality, including “hive technology artificial intelligence module, market astrophysics, system testing, integrated order execution, pattern building and matching, the Fibonacci vortex, a full suite of Gann-based tools, training mode, and neural networks,” to quote the website.

EquityFeed Workstation

One prominently highlighted feature of the EquityFeed Workstation is a stock hunting tool called “FilterBuilder”— built upon a huge number of filtering criteria that enable traders to scan and select stocks per their desired parameter; advocates claim it’s some of the best stock screening software around. Level 2 market data is also available, and coverage includes OTC and PinkSheet markets. However, it offers limited technical indicators and no backtesting or automated trading. Its product-specific search tools like ETFView, SectorView, etc. rank among the best stock screening software. And it even offers free trading platforms – during the two-week trial period, that is.

ProfitSource

Targeted at active, short-term traders with precise entry and exit strategies, ProfitSource claims to have an edge with complex technical indicators, especially Elliot Wave analysis and backtesting functionality with more than 40+ automated technical indicators built-in. Its asset class coverage spans across equities, forex, options, futures, and funds at the global level.

VectorVest

With trading platforms and analytics software that cover different geographic regions (for the U.S., UK, Australia, Canada, Singapore, Europe, Hong Kong, India, and South Africa), VectorVest is the one for the intercontinental crowd. Its program offers comprehensive coverage for common technical indicators across major stocks and funds all around the world. VectorVest also offers strong backtesting capabilities, customization, real-time filtering, watch lists, and charting tools.

INO MarketClub

For users specifically looking for charting software, INO’s MarketClub offers technical indicators, trend lines, quantitative analysis tools, and filtering functionality integrated with a charting and trading system — not just stocks, but futures, forex, ETFs and precious metals.

The Bottom Line

The decision to go beyond free trading platforms and pay extra for software should be based on the product functionality best fitting your trading needs. You can often test-drive for nothing: Many market software companies offer no-cost trial periods, sometimes for as long as five weeks. Novice traders who are entering the trading world can select software applications that have a good reputation with required basic functionality at a nominal cost — perhaps a monthly subscription instead of outright purchase — while experienced traders can explore individual products selectively to meet their more specific criteria.

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