What is a wood marker without his tools? What is a baker without his tools? What is a trader without his tools?
Without the right tools, a professional is ill-equipped to carry out his work.
I know traders who take tremendous pride in trading just the bare numbers. No scanners, no alerts, no news service, sometimes not even charts.
They feel proud, somehow, to do it all by themselves. I just have to laugh. Imagine a professional baker doing away with all the fancy modern-day tools like ovens and stoves and scales and just lighting a fire at the back of his house and baking bread.
It’s stupid. It makes no sense. There’s no source of pride there.
Tools are developed to make you more efficient and speed things up. I like to use the best of the best when it comes to trading tools and services.
In this post, I will compile all the tools I use. Some of them I use some times and some I use every single day, multiple times. Most of them are paid but they are well worth their price.
TD Ameritrade – My broker for 10 years. They don’t come cheap but their service and execution are unparalleled.
Thinkorswim – TD’s trading platform. Easy, clean and modern.
Trade-Ideas – The best scanner I know. You can program any kind of scanners that you like. It comes with many useful ones pre-built and ready to run.
TraderVue – My journaling service. Easy to set up and record notes on my traders.
FinViz – Free scanner alternative to trade ideas. Good for swing trading. It can find stocks across all international markets.
TrendTraderPRO – My main trading strategy. Simplifies trend following and provides simple entry and exit signals. Works for thinkorswim.
StockTwits – Social network for traders. Useful to see what others think of the stocks you are trading. Be careful not to get carried away with other people’s opinions though.
TrendSpider – Charting platform that can automatically draw very reliable resistance lines for you. I use it sometimes but lately more and more. Maybe I’m getting lazy?
I’ll update this list if I add or remove a tool from my arsenal. Feel free to try any of those tools and see what best suits your trading style. We are all different so just because I like to use something it doesn’t mean that it’s the right thing for you to do.
Trading is a highly personal profession.