When you’re day trading, you may need a lot of information to trade. However, if you’re day trading your own account and want access to various tools, it could be costly. For example, you might not have access to a scanning tool for technical analysis or other research. If you don’t have access to these tools, it could affect your trading.
The good news is, there are a lot of free day trading resources out there. Of course, they may not be as great as paid resources, but they get the job done and day traders use these resources all the time. That said, let’s look at 5 free day trading resources, which could help when you’re analyzing potential trades.
What Are Free Day Trading Resources
- Finviz: scan for potential stocks to trade and filter through descriptive statistics, fundamentals, and technicals
- TradingView: free charting software
- SEC Edgar Company Filings: research on fundamentals, press releases, and any other corporate events
- EarningsWhispers: keeps an updated list of stocks reporting earnings
- Morningstar: provides fundamental data, key ratios, and short interest data, as well as new day trading information
5 Free Resources for Day Trading
Many traders in the community use Finviz.com. The best part is, the website is free to use and there are a plethora of tools on it. I personally like to use Finviz to scan for potential stocks to trade. For example, when you go to the website, you can click on the “Screener” tab.
With Finviz, You can filter through descriptive statistics, fundamentals and technicals. Let’s say you want to trade liquid names with a market capitalization of more than $2B, and trading in a strong up channel on the daily. You can do all that.
Not only that, but Finviz has “News”, insider trading activity and much more.
TradingView is a great tool for those who don’t have access to charting software. Keep in mind, it’s free to use, but the free version may not have all the necessary tools. If you want to use more than 3 technical indicators and have access to pre- and post-market data, then you’ll have to pay for a subscription. Other than that, it’s still a great website for charting.
Here’s a look at just some of the indicators you could use for day trading help:
There are plenty of built-in indicators to use, and if you don’t think that’s enough, you can even build your own using their technology.
SEC Edgar Company Filings
When you’re day trading, you need to know any press releases that may come out. For example, let’s say you’re short a stock and have a stop and notice the stock explodes. You would want to know if that was just someone who made a mistake and swept the order book, or if it was a news event. SEC Edgar is a helpful tool to research on fundamentals, press releases, and any other corporate events.
Now, even if your day trading strategy primarily involves technical analysis, this is free day trading information you should always use. It makes sense to combine catalysts and technicals. For example, if you’re looking for a break out play and notice a stock gapping above resistance, you should see whether it had any corporate news.
All you have to do is type in the company name and you’re able to see press releases and other information.
Source: SEC Edgar
When you’re day trading, you need to know whether a stock released earnings or not. A lot of times, you’ll see stocks gapping up or down significantly, and if it’s earnings season, you might want to avoid those, depending on your style of trading.
That said, you should keep a list of stocks reporting earnings before you get into a day trade. Additionally, you want to take note of when the conference call is. You can go to the company website to find this information, but who wants to look through all those stocks?
EarningsWhipsers keeps an updated list of upcoming earnings.
You can also search specific tickers to see whether they’re announcing earnings any time soon. There are a lot of traders who use this free resource for day trading. Again, it helps to stay up to date on any upcoming earnings because they will most likely affect the price action.
Morningstar is another great free resource for day trading help. There’s fundamental data, key ratios, short interest data, as well as new day trading information. There’s also a paid version of this resource, but the free resource should have enough information for you.
Now, Morningstar has updated short interest data (this is updated every 2 weeks, depending on the symbol). Short interest is highly important if you’re day trading low float stocks.
For example, here’s a look at short interest data for Facebook (FB).
Again, depending on the stock, this data is fairly up to date and is reliable. However, you may want to check with another free source, like Finviz from earlier, just to see if the data matches.
The Bottom Line
There are a plethora of free day trading resources, but these 5 are some of the most widely used tools in the trading community. You don’t have to use all of these tools, but they may offer day trading help. Pick the ones you find useful and maybe combine these resources with any other trading tools you use.
Kyle Dennis runs Kyle Dennis’ Biotech Breakouts (biotechbreakouts.com). He is an event-based trader, who prefers low-priced and small-cap biotech stocks. He’s also using his knowledge and looking to multiply his capital through options trades.