If you don’t have a stock to trade, you aren’t going to be a very successful trader. Finding stocks that are “in play”, and therefore good for trading, can require a significant amount of your precious time if you are not using the right tools. This list covers the five tools I use to hunt down stocks that are either already or soon-to-be “in play.

The tools are listed in order from my least favorite to most favorite.

Disclosure: I do not get paid a referral in any way, shape, or form if you decide to use any of these 3rd party websites and the services they offer.

Honorable Mention: StockFetcher.com
While I’ve used the paid service for this site in the past, I have since transitioned to their free service. Their free package is very nice with all types of search criteria for locating the stocks you want, particularly with technical charting components. The one downside with the free package is that it only shows you a very limited number of results. If you want to see all of the scan results… you need to pay.
#5: StockCharts.com
Besides offering free technical stock charts, they also have some predefined scans that I find pretty useful for a starting point (all completely free). In the past I’ve used their paid service which allows for custom scans, so depending on how detailed you want your scans to be, their premium service may be a great option for you
#4: EquityFeed.com
If you plan on trading small cap and penny stocks, then this is a scanner you should at least give a try. The scanner is real time, so as soon as an event happens that you want to know about, the stock will automatically be alerted to you. It is not free; however, they do offer a 30 day risk free trial. I have used them in the past and their functions are indeed powerful, but since I no longer trade penny stocks much, I have moved on to use other tool.
#3: Trade-Ideas.com
This is another real time scanner designed for day traders. It does not collect data from penny stocks, so if you want to trade those, this is not the tool for you. As a big board scanner, the amount of scan criteria at your fingertips is mind boggling. It can be a bit overwhelming at first, but given enough time and patience in learning how it works, it will transform into a tool that will save you boatloads of time. You can test it out on their site, but if you want to keep it long term, you will have to pay.
#2: Finviz.com
This site offers an excellent free scanner with many options. Whether you’re looking for fundamental or technical chart criteria to screen for, odds are, this scanner will be able to accommodate you in one way or another. I find it to be very user friendly. They do offer a premium version; however, I have never used it due to the fact their free tools accomplish my objectives
#1: ClayTrader.com Chat Room
Am I biased when it comes to this? Absolutely. With that being said, there is nothing better than a scanner that is a living breathing organism. When you combine a group of traders together and everyone shares information in regards to what they are seeing across the market, it creates a scanner and tool that no computer can match. To be fair, there are other chat rooms out there that are free; however, from my experience (and why I created my own chat room) they are filled with people just looking to pump and dump their stocks on top of you. While my chatroom is not free, when you consider the price (less than $2 per week), I believe I offer a very fair price for membership. Don’t take my word for it though (I am biased – remember?), visit claytrader.com/testimonials/ to read some 3rd party testimonials.