As a stock trader, you know that taking time to research stocks and funds you want to trade gives you an advantage, so do you use tools and subscription services that can help you trade more effectively?
We’ve rounded up some of our favorite trading tools that can help you maximize your profits, minimize losses and master the stock market.
Quick Look: The Best Stock Research Tools to Use
- Tradespoon – Learn more (free 7-day trial for Benzinga readers)
- Finviz Stock Screener
- TradeHero App
- Yewno|Edge – Learn more
- TradingView – Learn more
- The Motley Fool Stock Advisor – Learn more (50% off for Benzinga readers)
Main Types of Stock Research Tools
There are multiple types of stock research tools available. The best ones to use will depend entirely on your trading strategy and personal preferences. Here are some of the most common types of research tools.
Stock screeners scan the entire market and give you information on average trading volume, price, chart patterns and more.
You can set a predefined set of criteria. For example, you could set for stocks trading under $1 that have an average volume of at least 1 million shares. The screener will show you stocks that fit your specifications.
Charting software shows you the performance of a stock, fund or index over time. Charts may be shown using lines or candlesticks. Many day traders use candlestick charting software to decide when they should buy or sell.
Paper trading accounts, dummy accounts, stock simulators — whatever you’d like to call them — allow you to practice your fundamental analysis or test out trading strategies without wasting actual money.
It’s a good idea to test the waters using a stock simulator first if you’re entering the market for the first time.
Trading newsletters are expertly-crafted email or print messages that tell traders about unusual market movements, new developments and innovations and offer expert opinions on how stocks will move.
Newsletters may be sent out as sparsely as every quarter or as frequently as every morning.
What to Look for in a Stock Research Tool
There are a few essential features to look for when you decide which stock research tools you want to use.
If you’re a frequent trader, having the most up-to-date information is crucial. A stock’s value can change at a second’s notice, so it’s important that you have the most recent information on price, movement, charting pattern and volume.
Look for stock research tools that offer real-time market streaming and charting. If you’re looking for a dummy account, look for one that allows you to trade in real time alongside the actual market — this will give you the most accurate and authentic experience.
Every trader is different. Because trading strategies vary so drastically, it’s possible to interview 10 traders and get 10 completely different answers when asked what makes a good research tool.
Look for research tools that allow you to customize your experience and data.
An easy-to-use format
The best research tool is useless if it’s too hard for you to use. Most major charting and scanning software providers allow you to enjoy a limited test run of their products before you invest in the full set of features.
Run a few trades or scans with the demo version first before you buy. If your tool or app doesn’t offer a free trial version, make sure to read plenty of reviews and pay special attention to what the reviewer thought about the platform.
See if you can find a free version or sample issue online. Read through it to see if you enjoy the tone and subject of the newsletter.
Our Top Picks
Now that you know what you’re looking for, consider testing out one of these top picks for stock research.
- Who it’s for: All levels
- Price: Educational videos are free and subscriptions start at $83/month – Learn more
Whether you’re a beginning or advanced investor – Tradespoon has something to you. The company offers dozens of tools and products that they called a trade intelligence platform, including stock and options screeners, educational resources, trader mentoring and coaching at a wallet-friendly price point.
Tradespoon’s Recommendation Services will be the most valuable for beginning traders. The product recommends three bull and 3 bear stocks every day. This also includes two entry prices, stop-loss levels and target gain prices, giving actionable insights for all.
If you’re happy with the service, you can upgrade to Premium for even more ideas. Premium members will get access to Member Stock and Options Picks.
Finviz Stock Screener
- Who it’s for: All levels
- Price: Free for the basic version, $25 a month for Finviz Elite
By far one of the most intuitive and easiest stock screening tools available on the market, Finviz is an asset for both beginning traders and seasoned professionals alike.
The name Finviz comes from a combination of the words financial and visualization, referring to the site’s wide array of candlestick charts and easy-to-comprehend visuals that tell you how the market is doing with a single glance.
Finviz’s stock screener is impressive, sorting and scanning stocks with over 60 technical, descriptive, and fundamental characteristics.
Access to Finviz’s real-time market data comes with its $25-a-month Elite version — but for professional traders, this is money well spent for a gold mine of data.
- Who it’s for: Advanced traders
- Price: Free to $17 per month, depending on package choice
You’ll love the endless number of possibilities and combinations of scans you can see with StockFetcher.com if you know exactly what you’re looking for.
Using a format that’s similar to a coder’s dashboard, you can enter exact characteristics you’d like to search for and your criteria can be as specific as a charting pattern formed within the hour or an exact volume if you’d like.
StockFetcher.com will show you candlestick patterns for any stock that meets your criteria. The first 5 are viewable for free. Beyond that, you’ll need to upgrade to a paid account. You’ll also need to upgrade for real-time data.
It will likely be overwhelming and confusing for new traders who don’t know what indicators they value. However, advanced traders will love playing with the endless number of combinations the site allows.
- Who it’s for: Intermediate traders
- Price: Free
TradeHero is a unique combination of a social media website and dummy account platform. Though it’s possible to invest in limited funds with as little as $50 though TradeHero, the app is most useful using its free play “virtual” trading mode.
Load up your dummy account with up to $100,000 virtual USD, buy stocks and track your portfolio and strategy over time.
New versions of TradeHero also feature forex trading and commodities tracking as well. Though some users have complained about withdrawing money from the app, using only the virtual mode is a risk-free way to test out your trading strategies without losing money.
- Who it’s for: Beginner to advanced traders who want customizable workspaces
- Price: Basic package starts at $59/month, but you can try it free for 14 days
Looking for a new, affordable, and non-traditional way to enhance your trading? Enter Yewno|Edge.
The AI-driven platform will help you save timewhile uncovering opportunities using altnerative data. Some capabilities allow you to click of a button.
Basic components include access to the following:
- A stock watchlist complete with custom fields
- Today’s top movers
- Stock screener with fundamental and alternative data
- News with options to filter based on keywords
- Company profiles and overviews
- Advanced charting to look at curret and historical prices
- Filings for public companies
Premium and pro features allow for users to access a custom strategy builder, key developments for stocks you may be watching, and portfolio and concept exposures, among others.
- Who it’s for: All skill levels
- Price: Free to about $40 a month for the most in-depth packages
Featuring a clean and easy-to-master format with over 100 indicators, both new traders and veterans will be able to use TradingView on a day-to-day basis. It even offers cryptocurrency and forex screeners.
Like most other screeners and charting software, TradingView follows a freemium model that offers some tools for free and the most advanced features for a monthly fee.
Novice and moderate traders won’t need to buy a subscription to get some great use out of TradingView’s charting and screening software.
The Motley Fool Stock Advisor
- Who it’s for: New to intermediate traderse
- Price: $19 per month
Many investors don’t have the time to run their own stock research tools and instead focus on expert selections. Motley Fool’s Stock Advisor newsletter is an easy-to-read monthly subscription that provides 2 new monthly stock picks.
They come from David and Tom Gardner the founders of the Motley Fool.
You’ll also get the 10 best buys now stock list monthly as well as 10 starter stocks for your new portfolio. If that doesn’t sound like much, know that Fool’s marketing team claims that their recommendations regularly beat the S&P 500. This can offer busy investors a chance to get a closer seat in on the action.
Stock Advisor doesn’t just tell you which stocks you should buy, it also tells you why they chose them, information on each selection’s risk profile and 24/7 monitoring to make sure the investment is still viable.
A great learning tool for both new and experienced investors alike, the Stock Advisor newsletter delivers all of this for less than the price of a monthly gym membership.
Read Benzinga’s full Motley Fool Review or sign up and get 50% off a new Stock Advisor subscription
Research Tools to Drive Growth
No matter which research tool and trading strategy you use, remember that there are certain rules of thumb:
- When investing, always be sure to keep your overall asset allocation in mind.
- Don’t be afraid to take calculated risks after you’ve done your research.
- Make sure that you don’t trade more than you can afford to lose.