To be successful as a day trader, you need actionable information about the market, analysis tools you can rely on, and up-to-the-minute news. While you might get some of this from your broker’s trading platform, it can often be helpful to supplement your platform with online trading tools. Thankfully, there are sites online built from the ground up to help you day trade stocks and other assets as effectively as possible.
In this guide, we’ll highlight the different types of trading websites and review four of the best day trading sites you can use today.
Types of Day Trading Sites
Every day trading site is unique in the tools it offers and how it aims to improve your trading. When choosing a day trading website, it’s important to think about what tools you already have through your broker’s trading platform and what features can give you an edge over the market.
With that in mind, let’s take a broad look at some of the different types of day trading sites.
Education and Interaction
Educational day trading sites are designed to help you build a winning strategy. Typically, educational sites are different from day trading courses. They focus less on the fundamentals of day trading and more on specific strategies or setups.
In many cases, educational sites give you access to a live chat room where you can watch a professional trader work in real-time and ask questions throughout the day. Ultimately, the goal is for you to learn that trader’s methodology and to be able to practice it on your own.
Chat room-style educational sites also typically have a social element to them. You can interact with other day traders and share information about your successes and setbacks. If you’re primarily interested in sharing strategy details, you can also turn to popular social media networks like Twitter, Facebook, and Reddit to connect with other day traders.
Charting and Scanning
Most brokers’ day trading platforms include a suite of charting tools and a basic stock scanner. But if you find yourself in need of more advanced technical analysis, turning to a day trading site can help.
Charting websites typically offer a wide range of technical indicators, which can help you build a custom strategy. In addition, some sites have their own custom scripting language to or indicator builder that you can use to create custom alerts and indicators. Unique chart types are another benefit to using a day trading website – some sites offer non-standard charts based on volume or price action in addition to candlestick charts.
Stock scanner websites can be especially helpful for finding day trading opportunities. Often, dedicated scanner sites have a wider variety of indicators that you can use to search for setups compared to broker’s trading suites. Many scanner websites also give you access to fundamental screen parameters, so you can easily narrow your search to a specific market sector.
News and Analysis
News sites are critical for many day traders. Even if your broker’s platform offers a news feed, there’s a good chance that the headlines are slow to arrive – so any trading opportunities have long since disappeared.
Day trading news sites are typically among the first to get headlines out to traders. They have dedicated teams pushing alerts and story summaries so you can digest the necessary information as quickly as possible. Top news sites also offer an audio squawk feature, which lets you listen to headlines so you never have to leave your charting screen. When considering news sites, make sure that you get customizable alerts so that you can monitor stocks on your watchlist.
Best Day Trading Sites
There are dozens of excellent trading sites available, and deciding which ones are right for you will ultimately depend on your trading style. But to help you get started, we’ve rounded up four of our favorite day trading sites.
Best Education Site: Investors Underground
Investors Underground is an educational site and chat room built specifically for day traders. The site is run by a team of professional momentum traders, who rotate through the chat room every trading day with a live feed of their charting, analysis, and trades. The team also provides a nightly watchlist and runs a pre-market broadcast to prepare you for the trading day.
You can also use the chat room to connect with other day traders to share tips and strategies. Investors Underground also has more than 1,000 video lessons, which you can watch at any time to learn about new setups.
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An Investors Underground membership costs $297 per month or $1,897 per year.
Best Online Charting Site: TradingView
TradingView is a powerful, social-driven charting site that puts a lot of different tools at your disposal. Some features of this site that stand out are that you can create custom indicators using the built-in scripting language and apply indicators on top of indicators. In addition, TradingView allows you to instantly replay intraday price activity to hone your strategy and supports bars at one-second intervals.
Another key feature of TradingView is that it brings a social aspect to technical analysis. Any TradingView users can publish their custom indicators or chart screenshots that highlight a particular setup. So, this platform offers a good way to connect with other day traders and explore new strategies.
TradingView offers a limited feature set for free, but fully unlocking this charting site’s toolset costs $59.95 per month.
Best Online News Streaming: Benzinga Pro
Benzinga Pro is an indispensable website for day traders who want to trade around market headlines. This professional market news service is often the first to push out headlines. The site’s interface is built around helping you take in information quickly, too. For example, you can preview the first paragraph of an article from the news feed and see at a glance which direction a stock’s price is expected to move.
Benzinga Pro offers a number of other useful features for day traders, including a chat room and a news-based stock screener. The site supports audio squawk and customizable alerts, so you can monitor headlines without leaving your trading platform.
Benzinga Pro plans start at $99 per month.
Best Online Scanning Site: FinViz
FinViz gives day traders access to a highly versatile stock screener that seamlessly blends fundamental and technical parameters. The online scanner includes more than 65 different parameters and updates the results in real time to reflect changing price data. FinViz doesn’t support custom indicators, although this ends up making the screener faster to use for running intraday scans.
Another reason we like FinViz is that it’s no slouch when it comes to charting. This site offers advanced intraday charts and has a module specifically for strategy backtesting. FinViz also supports complex alerts, which can be set either from the charting interface or based on your screener parameters.
The FinViz screener is free to use for the most part. If you want to unlock additional, advanced technical indicators for stock screening, you’ll need a FinViz Elite subscription for $24.96 per month.
Conclusion
Using a day trading website to supplement your broker’s trading platform can help you get access to actionable information and advanced trading tools. There is a wide range of sites built for day traders covering everything from education and news to charting and screening. If you’re looking to improve your win rate, the four top day trading sites we highlighted are great places to start.
