A wide variety of tools can help you make better trading decisions.
Tools You Can Use to Help Find Your Next Trade
Finding the one or two solid trading opportunities amid thousands of publicly traded stocks – or exchange-traded funds, in some cases – can be daunting. Plus, there are scores of ways you can attempt to identify trade opportunities, from fundamental analysis of individual companies to broad technical analysis of the entire market.
Before you give up and turn to a dart board or your Uncle Richie for a “hot tip,” it might make more sense to develop a repeatable plan for identifying your next trade.
As a starting point, you can screen or filter for potential trade opportunities and then monitor financial news of companies or sectors that you’re following. Below are a few tools that can help you find your next trade for your trading portfolio. All of the tools outlined below are available on the ScottradeELITE® platform.
Scottrade’s Sector Trends tool can help you identify momentum among securities. In addition, it helps measure the strength of the trend. You can use Sector Trends to evaluate the following:
- Industry groups
- Individual stocks
As an added benefit, Sector Trends can help you identify momentum with your current holdings. Traders sometimes forget that some of the best potential opportunities might lie with the securities they already own.
If you’re looking for help finding and analyzing a trade, Trade Ideas™ might be able to help. Trade Ideas is a subscription service, available through ScottradeELITE for a fee, that publishes real-time, custom-filtered market data. Before placing a trade, you can use Trade Ideas to filter ideas that match your trading patterns and preferences.
The tool can help you estimate market risk, identify trends, determine bullish, bearish or neutral trading strategies, and develop trading scenarios.
Utilizing Recognia® Tools
Scottrade offers access to several Recognia tools that might be able to help find trade opportunities.
- Value Analyzer™ can help you find value-based stocks, based on the principles of value investing. You also can screen for stocks based on certain critiera or explore the list of featured value stocks.Strategy Builder™ is a stock screening tool that helps identify investment opportunities based on both fundamental and technical analysis.. You can explore investment strategies from a list of pre-built expert strategies, or create and customize your own strategy to fit in with your personal investing style.
- Technical Insight™ is a chart pattern tool that identifies both bullish and bearish events based on technical and fundamental analysis. With the Event Lookup feature, you can search for a specific securities and quickly see their technical perspectives.
Advanced Screening for Securities
Scottrade offers the Advanced Scanner, which provides you with the ability to screen for stocks or ETFs based on your own trading criteria, including price, volume and sector or industry. Among the scan types available:
- Reversal signals
- Daily bullish and bearish candlesticks
- Gappers and special strategy
Tools of Trading
Finding trade opportunities can be simplified if you find screeners, analysis and evaluation tools that work for your particular trading style and for your trading plan.
What tools do you find helpful in researching potential trade opportunities?
Next Step: Scottrade clients can access ScottradeELITE by logging in and clicking on ScottradeELITE from the home page. It’s Available for Scottrade clients with $25,000 in their primary account, or $15,000 minimum in their primary account and combined linked account assets of $25,000 or more, as well as traders placing nine or more stock or option trades during the previous three months. Not a client? You can open a new account.
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