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Stock Trading Tools

Stock Trading Tools List

  • Updated May 17, 2024
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Stock trading tools such as scanners, charting platforms, journaling, simulators, and trading apps can be useful for traders. They are great for finding stocks to trade, charting, and giving traders an edge. However, it’s important to understand that tools are meant to assist traders rather than make trading decisions for them. We’ve listed some of the most popular trading tools and companies. Just click any of the links under our menu to the left on a desktop or at the top of the page on mobile to read our reviews.

List of the Best Stock Trading Tools

Stock Trading Tools

Types of Trading Tools

The Bullish Bears team uses stock trading tools such as charting platforms, scanners, and news websites to help us make informed trading decisions. If you’re new to trading, it’s important not to jump in and buy any tools until you have a proven trading strategy. We want you to save your money. StockCharts.com, Finviz, and Barchart have really good free trading tools. Our team shows how to use tools on our daily live streams within our trading service and community.

Stock Scanner Tool

The picture above is of Trade Ideas morning gappers. They are our favorite scanner.

1. Scanners

One of the most important trading tools is scanners. Scanners hunt for stocks that are running and have momentum. They are helpful for both day trading and swing trading. You can customize them to search for stocks based on your criteria. Trading would be almost impossible if you didn't have a scanner because you would have to search through thousands of stocks each day manually. 

The Bullish Bears are fans of Trade Ideas, ThinkorSwim, Finviz, and Barchart for scanners. Trade Ideas is our favorite paid scanner because it allows for much customization. However, it’s expensive if you’re new and on a budget. ThinkorSwim is free and allows for much customization, but getting set up requires more knowledge. Finviz and Barchart are a bit simpler to use. We share our Trade Ideas layout and several customized ThinkorSwim scanner settings within our Next Level membership.

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2. Charting Software

Charting is the name of the game when trading. Candlesticks tell a story. Group them, and you get patterns. Those patterns tell you whether or not a stock could continue, break out, or reverse. Stock charts show you a stock's technicals, which helps determine your entry and exit levels and manage risk when trading. 

The Bullish Bear’s favorite paid charting platforms are TrendSpider and TradingView. TrendSpider is the most advanced charting platform, including artificial intelligence, automated trendlines, and scanners. TradingView is known for its ease of use and budget-friendly pricing. eSignal is our favorite top-tier charting platform if you’re looking to day trade because it allows for micro-second charts. However, they are one of the most expensive.

ThinkorSwim is also great for charting most trading styles. Their charting platform is free if you have a brokerage account set up with them. They have a fantastic platform geared towards swing and long-term traders. Their platform is lacking for day traders.

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3. News Services

News sites can be helpful trading tools that let you know what is happening in the markets and what stocks have momentum on the day or maybe looking to break out shortly. This could be due to news catalysts such as earnings or economic events. Typically, traders will use these new tools to find stocks to trade, and often, these tools will give traders a leg up before they hit the scanners. 

The Bullish Bears are fans of Benzinga for a news service. They offer more than just breaking news. They also have options alerts, chat rooms, analyst ratings, and more. Benzinga offers so many stock market tools that you’ll always be up-to-date on what is happening. 

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4. Trading Simulators

It's important to always use a simulator before trading with real money. It's the best way to get comfortable practicing your trading style. Yes, it's different from using a real account; however, if you can't discipline yourself in a virtual account first, then it will be even harder in a real account.

ThinkorSwim, TradeStation, and NinjaTrader are good free platforms if you have an account with them. TradingSim is a reliable paid service.

ThinkorSwim is hands down our favorite stock simulator, and best of all; it’s free to use if you have a TD Ameritrade account. TD Ameritrade used to allow customers to add real-time data to their paper account for free, but now they ask customers to fund an account. You should be able to open an account for $500, but contact them to confirm.

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5. Fundamental Analysis Tools

Fundamental analysis tools are typically used by swing and long-term traders. They are used to look at a security's underlying fundamentals, which helps traders determine if they want to invest in a particular stock. These tools can show traders important details such as market capitalization, earnings per share, revenue, P/E ratio, Current dividend/ex-date, price performance, and short interest.

Stock Rover is a solid paid fundamental analysis tool. Their platform is built around the demand from real investors. TipRanks is a fantastic trading tool that shows analyst ratings. Investopedia is a great free website that covers any topic you can think of when investing and trading.

Fidelity offers a lot of free fundamental analysis tools on their website. Their research and quotes section provides a lot of great information on the fundamentals of a stock. Other good tools are Zack’s and Investors Business Daily. Fidelity has a solid free research tool as well. 

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6. Trading Apps

Apps can be used to place trades or as a tool for trading research. As a tool, they can chart stocks, tell you what stocks are running, and tell you worldwide news. ThinkorSwim, Robinhood, and Webull are some of the best trading apps for placing trades.

Please be careful when you are on an app. Doing technical analysis can be more challenging, and you rely on a cellular connection to make trades. This type of trading is better for options or swing trading. 

Investing.com is a really good app for trading research. They are simple to use and offer a lot of features. 

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7. Trading Journals

Seeing your historical wins and losses is an invaluable tool to help you grow as a trader. Automated tools are a very convenient way to save time when tracking trades. You don't need a paid journaling tool if you're new or on a budget.

The Bullish Bears are big fans of tracking your trades and progress. Please be careful when you are on an app. Doing technical analysis can be more challenging, and you rely on a cellular connection to make trades. This type of trading is better for options or swing trading. 

Investing.com is a really good app for trading research. They are simple to use and offer a lot of features. 

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Additional Stock Trading Tools

Finding a Trading Edge

What do stock trading tools get you? Are they worth it? Every trader is looking for an edge. We all want to make a profit. This is why we have stock trading tools to help us find the best setups. Trading is all about the battle of the bulls and the bears. You want your side to win. 

That’s where tools come in. They can be great for confirmation of what you’re seeing. Then, you can use them to record your trades. A trading journal is a highly underrated trading tool. You never realize how it helps to keep track of trades until you hit a rough patch. Then, you can go back and look at what was successful and what wasn’t.

Stock trading tools help give you a leg up on the competition. Tools shouldn’t be the be-all end, however. There’s a lot more to trading than just the tools you have. However, they do a lot to help you out. 

Don’t go crazy buying many tools if you lack the budget. Use that capital to build up a nice cushion. 

Final Thoughts: Stock Trading Tools

It takes time, study, and practice to become a consistent trader. Trading is like becoming a doctor. It takes years of schooling to become a good doctor. You don’t expect to be a world-renowned surgeon on your first day of college. Instead, you take the time to learn and study your profession. 

Trading is the same way. You may not need eight years of school plus a residency before becoming a profitable trader. Learning to read charts and patterns is critical to becoming a profitable trader. Also, placing hundreds of practice trades is important to being comfortable with your trading style.

Again, back to the surgery metaphor. You wouldn’t want a surgeon who hadn’t practiced for years to operate on you. Treat your money like it’s precious. Don’t be afraid to trade it. But don’t trade it without taking the proper time to learn.

*Please do your research before purchasing any stock trading tools. The ratings above are our opinions and do not constitute a recommendation to go with any of these companies. The reviews on the Bullish Bears website are our opinions, and we may be compensated through affiliate programs. 

Frequently Asked Questions

  • Stock Scanners
  • Trading Journals
  • Charting Software
  • Fundamental Analysis Research
  • Technical Analysis Research
  • Stock Simulators
  • Trading Apps
  • Portfolio Management Software
  • High-speed Internet - needed to execute orders
  • Broker - Choose a broker with high-speed order executions
  • Stock Scanners - day traders use scanners to find gap and go and momentum stocks
  • Breaking News - News tools are helpful to confirm why a stock is breaking out
  • Simulator - Stock simulators are helpful for day traders to practice their trading strategies
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