The Best Tools For Traders


Over my short years of trading (7 to be exact) I've discovered some of the best tools for trading that I use everyday. They may be of help to you too if you don't already know about them. I also mention some great little freebie options for those just beginning.

When I started out, I wanted to keep my costs down. I understand the need for this but what I didn't realize is spending some money actually was better for me in the long run.

Trading is hard enough as it is and without appropriate tools, it makes your life even harder.

Don't get me wrong, your strategy means you might not need these tools but some of you may find some useful tools to incorporate into your own trading business.



A great piece of software for journalling. I truly love this. You can analyze so much in detail. This is a great video with the owner of Edgewonk to get an idea of how much information you can get from this software. The devil is in the detail and you will definitely spot potential problems in your trading when you plug your stats into it. 

If you want more information, go to their website and follow the instructions. They have some great offers where the owner will also go through your trading stats with you to spot any weaknesses you may have missed yourself. (trader development program)

They also have a free trial you can download here.


Tradervue vs Edgewonk

Ah yes, the great debate on which journalling software is the best. Based on my glowing Edgewonk review above, I would have to say that Edgewonk wins hands down.

Don't get me wrong, Tradervue has some great features but for me personally, Edgewonk has everything you need to go into every little detail of your trading statistics.

I also prefer the software layout as it's much easier to follow especially from a visual perspective.  Analyzing many markets on Edgewonk is easier from Forex trade journalling to stocks, the sky is the limit.  ( I have no affiliation with Edgewonk for what it's worth)


Trading view

A great free tool for charting is tradingview. They have brilliant charting software with an abundance of trading indicators. I use this daily and it has always been great. Clear, fast charting software and great for me.


Trade Ideas

A truly brilliant piece of software for scanning, viewing trading strategies and much more. You can custom filter searches for almost everything. Want to find bull flags?, you can easily do it. Want to find stocks with increasing volume? simple.

Here's a list of pre made scans in their website.  This really helped transform my trading and take it to the next level. I was able to cut down a massive amount of research with their filters. 

They have a list of products to use from an Artificial Intelligence robot which consists of several dozen different investment algorithms to an Odds Maker window. I only use the scanning software so I cannot say how good the other products are.


Benzinga Pro

I use this for my news alerts. They are super fast and have sometimes gotten me out of hole with their timely alerts. There audio squawk feature is great if you prefer hearing news announcements being read out through audio instead of reading it yourself. (much faster in my opinion) 

For me, they are useful for any rumors that may be out in any stocks I'm holding. When I was doing more day trading, they were excellent to have. They have a free trial for 14 days to check them out.

Here are some tutorial videos on getting the best from their platform.


Trading Computer

This is unique to the individual and their needs but a great website for getting the perfect computer/laptop or tablet for your trading needs is trading computers. You can customize what you want or get their packaged all inclusive deals.

A typical computer bundle with screens from their site. Prices vary depending on what you need.

I use them for my computing needs and it has been great. They also have a great support system should something go wrong or you have an installation issue. Definitely worth it if you want proper computer solutions specific to trading.


A Good Broker

Honestly, this is also unique to the individual and their needs but a good broker is crucial. Things to look out for include trading fees, customer support, overall software experience, reliability of broker, good short list etc.

Here's a list of some popular brokers :

You can look through some of these brokers and see if any would meet your requirements. They all have their own pros and cons  so find the perfect solution for you. Some have cheap commissions, others great customer service, it all depends on whats most important to you.  I have no affiliate links with any of these.


Great Freebie Tools

There are also some great freebie tools you might find useful as a trader.  I don't use all of these but I've read good reviews on the ones I don't use. They may be helpful to you in some way.


Charting Software  


As mentioned above, tradingview's free version is a great tool for your charting needs. They have tons of markets available to chart with lots of indicators.


Stockcharts is another great free tool for charting daily and weekly charts. They also have some useful free trading educational options to learn how to read charts.


This has some great charts for everything from forex to futures trading. You can also rad commitment of traders reports and dig through it and find other useful features.



- Finviz

This is a great free option for scanning through thousands of stocks easily. You can filter for eps, revenue growth, technical analysis  etc. When I started, this was my go to scanner and might be of use to you too.

They also have an awesome heat map. Heres an example of how it looks.

You can filter specifically for prices above/below moving averages, RSI oversold or overbought, the list goes on.

One thing to note is their earnings dates. There have been occasions where the wrong date was on their site for earnings of a company. This may be remedied now but just be aware of it and double check. Still not too bad considering what you get for free.



This is a great website for forex traders looking to see where the action is. There heat map is great and they also have journalling software included within their platform. You can also scan through there strategy section and view other traders performance on leader boards.

traders tools


Backtesting Software


This is a great option for people with little to no programming skills. You can use the free version and get a limited amount of scans per day. You can scan pretty basic stuff but are restricted to that as more advanced testing required the paid version


A basic version of backtesting for stocks and ETFS, this platform offers great tools for the beginner wanting to backtest moving averages through the years.

News Calendars

Stock earnings


Nasdaq has all the nasdaq stocks earning dates on their page. Just type the company you are looking forward and it will pull up the relevant information. A simple but effective tool for more accurate earning date information

-Yahoo Finance

Another great free website for getting earning information on stocks. You can also get other data including volume, option chain etc of stocks.

Forex News


This website has great calendars of all the latest news announcements out around the world that might effect a currency or currencies. They also rank the news by level of importance.

-Forex Factory

Similar to Daily Fx, they have a great news calendar with the level of importance marked on every announcement and the potential effect it may have on the market in question.

Trading Journal


They have a great free version for journalling your stock trades.  You can input 100 trades per month on their free version.

 You can also go into great detail of your trading stats to spot weaknesses and strength. A lot of equity prop firms use this software for their traders.


Market Holidays

-Nasdaq Calendar

Great to check when the market holidays are within a trading year. I've been guilty of occasionally forgetting that the market would be closed on a particular day so it might come in handy for you too.

-NYSE Calender

Another great holidays calendar to keep track of when you get a day off and can chill out or lie in.



-Position Sizing Calculator for FX

This is particularly good for calculating position sizing in forex market. Simple and easy to use.

-Position Sizing Calculator for Stocks

This is brilliant for all the stock traders wanting to calculator correct position sizes for their accounts. It is also simple and easy to use.

-Volatility Calculator

This is great for measuring the historical volatility of a stock.


Trader Tests

Van Tharp What type of trader are you ?

This is an awesome test you can do online for free. Answer the questions and discover what type of trader you are. You can also compare your personality to the most successful trader/investor with a similar personality to yours.


Trading books

I've compiled a list of my favorite trading books that might also be something you'd like to add to your trading business.


News Outlets

Wall Street Journal


Yahoo Finance



That's a list of both the best overall tools and free tools available to traders today. You don;t need to use every single one of them , just have a look through them and find the ones that suit you best.

You do not want to overwhelm yourself with tons of tools, just keep it simple and add the most necessary ones to your trading toolbox.

Hope it helps



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