January 03, 2005 Day trading tool Everybody knows how difficult day trading is. Statistics show that day traders are more likely to loose than to win, but having an advantage over other day trader can be the clue of your success.
This advantage can be a combination of paid or free tools that are available on the net.
These tools generally assist you in identifying market trends and potential day trading opportunities.
Some websites like BigCharts.com offers interactive intra-day charts with many technical indicators and stock screener, but it's preferable to work with a sophisticated day trading platform.
Generally these platforms are offered brokers, but if it's not the case then it can be bought.
You can take a look at EliteTrader website to see some review of most popular trading platforms.
A lot of website provides a list of potential day trading opportunities, these stocks generally are subjected to downgrade/upgrade, earning report…(Most Active Stocks , Upgrades/Downgrades … ), but the best way to find potential trades is to invest in a day trading scanner or screener.
Day trading tools as I said at the top can be divided into two categories:
Tools to assist you identifying trends.
Tools to assist you identifying potential trades.
Day trading platform can do both, they are great when working with intra-day chart; they can assist you identifying potential trades with their integrated scanner.
But personally I find must helpful investing in a more sophisticated and specialized scanner software like Trade-Ideas.
If you want to become a successful day traders then you need to invest in day trading tools.