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.

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.

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.

Democratising trading
and investment for
more than 25 years.

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900 Hellerup
Denmark

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Across

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

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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!

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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.

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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.

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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.

Trading Websites Every Day Trader Should Know

Great Resources and Day Trading Tools

Looking for day trading resources to help you out with your day trading? These trading websites deliver some great tools for analyzing trades, finding trades and tracking your trades.

TradingView Provides Quick Research

TradingView.com is a site providing real-time prices on stocks, electronically traded funds (ETF), and foreign exchange (forex) pairs. It also provides delayed data on futures markets (most futures trade via contract for difference (CFD), and CFD data is real-time). If you are new to trading and want to practice watching the market in real-time, this site allows you to do so.

If you’re an experienced trader, it’s a quick and easy site to pull up to do some research, as it works well while on the road or if not near your normal trading terminal. TradingView also works well as a “backup” data feed, in case you lose quotes or get disconnected from your trading terminal or broker.

The charts themselves are of high quality, providing all of the popular indicators, comparison tools and chart types traders use (such as candlesticks and Heiken Ashi).

Other features include a stock screener, watch lists, paper trading (to test your strategies or learn) and alerts. A community chat portal also exists for discussing your trading ideas with other traders on TradingView.

StockCharts is Useful for Analysis

StockCharts.com offers a ton of free resources, and you’ll likely find yourself spending a fair bit of time on the site as you explore the high-quality trading articles as well.

The Sector Summary shows which sectors are hot over various time frames. Many day traders like to focus on buying strong stocks in strong sectors in a bull market (rising prices), and short selling weak stocks in weak sectors in a bear market (falling prices). This tool can help you easily find such stocks. Click on the sectors, and then the sub-sectors within to get a list of stocks ranked by performance.

The StockCharts SCTR Report lists large-capitalization stocks from strongest to weakest, so you have a quick list of stocks moving well to the upside or downside at either end of the list.

The DecisionPoint Market Analysis Gallery (DP Chart Gallery) breaks down how the stock market is performing by using various daily charts and technical indicators on different time frames. It’s a quick way to learn about analyzing price actions or grab a snapshot of the market direction and potential turning points.

Normal price charts can be changed to “seasonality charts,” which show how a particular asset performs during different seasons.

Finviz Provides Trading Research

The homepage of Finviz.com offers a host of stocks which are potential day trading candidates. Quickly view the day’s top gainers and losers, see which stocks are breaking out and look at the day’s most volatile stocks.

Use the other pages to dig up more data on stocks, forex pairs or futures. The News page provides timely reports and analysis from major news vendors. The Screener tab allows you to find stocks that match your criteria for trading. The Map option shows how stocks are performing during the trading day.

Price data is delayed on the free version of the site, which is still useful for research, but as a day trader, you may want more timely information, especially if using the home page for trade ideas. Finviz Elite is the site’s premium subscription tool, which offers real-time quotes, pre-market data, alerts and more.

StockTwits, a Social Media Platform for Traders

If you’re an active trader and want a constant stream of stocks (or other assets) that are moving well or breaking out, then this social media platform is one of the best free resources out there.

Search for day traders on StockTwits, and follow them if they provide timely information on stocks (or other assets) that are moving well for day trading purposes. Utilize your own strategy for trading the assets mentioned. StockTwits is just an idea generator not a trade signal service, or at least it isn’t recommended for that.

StockTwits can be distracting, so while day trading keeps the focus on market research related to your specific trade parameters and market.

Trading Simulators

For traders starting out, a trading simulator is the best free resource available. While a simulator won’t replicate the emotional ups and downs of making and losing real money, it will let you know if your trading methods are sound or not. Simulations allow you to test your knowledge, strategies, and abilities without risk.

There are many trading simulators available. It might be a good idea to use one offered by a broker you would consider using in real trades. This allows you to become familiar with the broker, their fees, and their platform while developing your trading skills.

Some Final Words on Free Trading Websites

Whether for research or generating trade ideas, these free trading websites offer tools to help in your day trading endeavors. These are resources to help you trade in a more informed manner because ultimately, the more information you have the better you will trade.

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  • Binomo
    Binomo

    Good Broker. Only For Experienced Traders!

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