Narrowing the Market With Stock Screeners:
With close to 20,000 tickers available to trade on US stock exchanges each-and-every day, it’s critical that traders have a platform they can use to narrow their focus. Even following 100 stocks at a time can be overwhelming. A more realistic number is in the 5-10 range.
Screeners can help you narrow down high-potential opportunities based on various fundamental and technical criteria, such as price, sector, market cap, short float, earnings per share, insider ownership, volatility, and even specific chart patterns. From there, watch lists can be built and trade plans can be created. My top 2 favorite stock screening platforms are StocksToTrade and Finviz Elite.
StocksToTrade is a revolutionary screening platform that aims to provide the absolute best capabilities for every type of investor, but is most valuable for active day and swing traders. The idea for the StocksToTrade platform was generated by millionaire penny stock trader, Timothy Sykes, in an attempt to create a robust screening tool that he wishes he had when he first started trading over a decade ago. Some of the best features of StocksToTrade include a filterable Twitter feed, paper trading capabilities, and a proprietary predictive algorithm called Oracle. In Spring 2017, StocksToTrade is set to launch full brokerage interaction, making it a legitimate one-stop-shop for all possible trading needs. [Read StocksToTrade Review]
Finviz Elite is a dynamic stock trading platform that seeks to provide both traders and investors with superior financial analysis. You can’t actually execute trades within the platform, but you can do pretty much anything else: scan for chart setups based on specific criteria, track your portfolio, view sector heat maps, follow news, run backtests, set up email alerts, and more. The platform lacks information on OTCBB stocks completely, but what’s most appealing, however, is that Finviz offers two free options for beginners looking to test it out. Stock data will be slightly delayed and a handful of capabilities will be limited, but most of the other features are still provided at no cost. For real-time data, you have to be a Finviz Elite subscriber. [Read Finviz Elite Review]
Check Out Some of My Other Favorite Trading Tools.
Written by Matt Thomas (@MattThomasTP)
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