First off, let me be very clear about this…
There is no holy grail or magic pill when it comes to the tools you are using.
I am not trying to imply that any of the following “is the secret” to trading success.
If you want to know the secret to success in trading, here’s a hint… it’s between your ears.
In the spirit of being honest and transparent, some of the links below are affiliate links.
I’ve broken down the tools into two categories: What I Use and Quality Alternatives
Brokers
If you want to be able to trade or invest cost effectively, you need an online broker.
Who I Use
For Trading:
Lightspeed Trading
I’ve used Lightspeed Trading for years. I love their customer service and the ease/speed at which I can place and cancel stock orders. This broker is geared more towards someone who trades a high volume. They over several platforms you can choose from, the one I use is called Lightspeed Trader.
For Trading (Under $25,000 Account):
WeBull
If you want the entire package as a trader, then WeBull is the broker to use. They offer $0 commission and $0 platform fees. For the active trader, their platform can be used on your computer/tablet/etc. As someone who relies upon technical charts to help with my trading decisions, WeBull offers very respectable charts as part of their online platform. By CLICKING HERE, signing up, and depositing only $100 into your account, you will receive a free stock from WeBull as a “thank you”.
Australian Traders
I know through experience over the years those of you in Australia have very little choices for broker, WeBull is available to you though! CLICK HERE.
UK Traders
For those of you in the UK who want to use WeBull, CLICK HERE
For Investing:
M1 Finance
If you have a smaller amount of money or are simply looking to get started with investing, this is my number 1 choice. They sound too good to be true, but they are not. Not only do they offer $0 commissions, but they also allow you to buy partial shares (which is huge). On top of this, they offer tax-friendly accounts which others (such as Robinhood) do not offer. Over the long term, tax-friendly structures add up in big positive ways! CLICK HERE to sign up and you get $10!
Note: while I do have an MI Finance account, my main investing is through Merrill Edge (Bank of America). I get 100 free trades per month because I qualify for their Platinum Honors program.
If You Live OUTSIDE the USA or Canada:
FirstTrade
If you are wanting to trade (or invest) into the US markets, but live outside the US, is it possible? Absolutely! CLICK HERE to learn more about this broker and how they will give you the opportunity to trade and invest into the US stock market.
For Forex (Currency) Trading:
Coinbase
If you have been around crypto at all there’s no way you haven’t hear of coinbase, and for good reason. This is who I use to trade crypto. Find out more about coinbase here.
Quality Alternatives:
For Trading:
Interactive Brokers
Trailing right behind Lightspeed in terms of commissions, Interactive Brokers offers options commissions starting at $0.70. They offer fast and responsive customer support, a wide variety of platforms to execute through, and many powerful tools in the platform.
For Options Trading:
TastyWorks
A broker that opens the door for many of you traders who will be starting with a smaller amount of capital. With no minimum funding requirements for a cash account and only $2,000 for a margin account, you really can’t go that wrong. While the charting features may not be complex, they have every indicator that most of us in the ClayTrader community use including moving averages and various oscillators. The platform is also extremely lightweight for those of you on older computers or laptop users. Learn More
Track and Review Your Trades
Tradervue
An extremely important part of trading is using data to find what you’re good at, and what you’re not (which is not nearly as obvious as it seems). A great way to do this is to use a site that tells you everything you could possible want/need to know about the trades you make. Use the following link with coupon code CT25 to receive 25% off of the yearly gold plan. Sign Up.
Technical Chart Providers
Technical stock charts play a massive role in my trading strategies and are the single most important factor in eliminating stress and emotions from my trading. If you want to add clarity and confidence to your trading strategy, you need to learn how to not only read a chart, but also how to properly apply it.
With this being said, finding a “chart provider” is an extremely important area for you as a trader.
The first place you should check is with your broker. Most brokers will offer technical charts with their trading platform, but in some cases, the charts may not meet your personal preference. Take me for example; I do not like Lightspeed’s charts that are provided, so I use a 3rd party provider.
At the end of the day, it is up to you to weigh the pros and cons of each broker in combination with the quality of the stock charts they provide. For me, it is worth paying extra for chart data because my brokerage has so many other pros relative to their chart data.
Who I Use
WeBull
What I like about WeBull charts is they are totally free. In fact, you actually get paid to sign up with them given they are always running promotions to new customers. Are their charts the absolute best in the industry? No. Is this difference enough to affect your trading? Absolutely not! Along with this, they are constantly updating their platform and adding in more and more features.
They also serve as a zero commission broker, so if you want your charting and brokerage all under one umbrella, WeBull is highly recommended to consider. By CLICKING HERE, signing up, and depositing only $100 into your account (which you can use to trade, the $100 is NOT a cost), you will receive a free stock from WeBull as a “thank you”.
Quality Alternative
TradingView
This is another great source for charts. The very impressive aspect about this site is their charts are streaming, meaning, you can watch the chart be “created” in real time. They are definitely a site that should be considered as a lower priced alternative. Learn More
Level 2 Data Providers
Trading with Level 2 data is not a “please consider” type tool; it is literally a “must have” tool if you are planning on day trading or doing penny stocks.
If you are not using Level 2 in your trading, you might as well tie a blindfold around your eyes. That is essentially what you are doing to yourself in regard to accessing all the possible information you can receive for making a well informed and clarified decision.
The best place to go for Level 2 data is with your online brokerage. I don’t know of any broker that does not offer Level 2 as a choice. If your broker does not offer Level 2, then run away…. fast!
Usually the difference between brokers is whether you need to pay extra for it. Some brokers will give it to you for free if you make a certain number of trades each month or keep a minimum amount of money in your account, others will charge you extra no matter what.
Level 2’s may look different from various providers (colors, format, etc.), however, at the end of the day, they are all showing you the same information… it just boils down to personal preference of what you feel most comfortable using.
I use the Level 2 data provided by Lightspeed, my broker, and pay a small extra fee each month.
Stock Scanners and Screener
If you don’t have the tools to “find something to trade” … well…. you will not last very long as a trader.
I’m not trying to insult your intelligence, but you can’t be a trader if you can’t find stuff to trade. In other words, a scanner (or some call them screeners) is an extremely important tool.
Who I Use
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 as 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. Or, they are so chaotic with clutter and randomness they actually work against the trader and are completely counterproductive in regard to “providing clarity”.
When it comes to my private “living breathing organism” scanner known as The Inner Circle the thought process you need to use…
$99 For 3 Month Membership
3 Months = 12 Weeks
$99 / 12 Weeks = $8.25
Which brings up the key question – can the $99 investment to use this living breathing scanner make me more than $8.25 per week?
I’m self admittedly biased, but the math speaks for itself. I’m very confident you have a great chance (remember, as with anything in life, there are no guarantees) at making more than $8.25 each week, and there is plenty of reviews to back that up. Here is just a couple of many more (which you can see HERE).
Quality Alternatives
TradeIdeas
I’ve used this scanner in the past, and they’re really solid. I stopped using them because The Inner Circle replaced them. As already said, it is very hard to beat a scanner that is made up of other humans compared with software. With that being said, I have nothing to bad to say about them. Their monthly fees compared to The Inner Circle are much… much… much higher, but that’ll be a choice you need to make.
Some members of our community I know use both, so it truly is up to you as a trader.
Trade-Ideas is a streaming scanner, meaning, it runs scans in real time and alerts you immediately when a piece of scan criteria is met. The amount of scan criteria at your fingertips is extremely impressive.
Finviz.com
This site offers an excellent free scanner with many options. Whether you’re looking for fundamental or technical criteria to screen for, odds are, this scanner will be able to accommodate you. Learn More
Trader Information Sources
As a trader, you need to keep up-to-date on what is going around throughout the world and markets. While I’m not saying you should be spending hours upon hours with this sort of stuff, a quick browsing of the headlines is a great way to stay informed with dynamics that may influence the markets and your trade ideas. Here are some of the sites I use to browse headlines and news.
Business / Market News
Securities and Exchange Commission (SEC) News
- Press Releases
- Company Public Filings
- Trading Suspensions
- Litigation Releases
- Administration Proceedings
Technology
Check out all of my technology guides here.
- Trading Computer: I have a custom built trading computer, for information on building your own see this guide. I also have guides about purchasing a trading computer and trading with a laptop.
- Computer Power Backup: CyberPower CP1500AVRLCD UPS – You can sit back, trade, and have zero worries about any kind of power outage affecting you. The last thing we want as traders are getting stuck in a trade without knowing what is going on because the power goes out.
- Nest Wifi – for quite a while my wireless internet around my house (where my office is) was average at best. I decided to make an investment in this technology and I couldn’t be any more pleased. My wireless internet is blazing fast and I am 100% confident in recommending this if you feel as though your wireless internet at home or office is lacking.
Comfort
- Trading/Office Chair: Steelcase Gesture Office Chair
- Trading Desk: I have sit-stand desk from upliftdesk.com with a custom wood top from a local carpenter. See the desk here.
Books
All the books I recommend have nothing to do with “trading strategies”. When I was first getting started, I bought numerous books and, to be blunt, they all sucked! This is one of the reasons why I decided to make stock trading training courses as I feel there was a huge “gap” out there in the education space. Nonetheless, the books below are great for motivation and teaching you about psychology and how to deal with the tough times.
- Trading in the Zone – a great book on trader psychology and dealing with the losers.
- Confessions of a Street Addict – I’ve read this book three times now I believe. I love it.
- How I Made $2,000,000 in the Stock Market – this is an old book, but it’s still cool to read how things “used to be.”
- Cold Hard Truth – written by Kevin O’ Leary, as I said, I enjoy reading about successful people in the financial world.
Movies / Documentaries
I’m a sucker for a good movie or documentary that revolves around the financial markets. Needing some Friday night entertainment? Consider the below…
- Million Dollar Traders: a documentary about attempting to turn people into actual traders. It does an excellent job of showing how trading, when you don’t have a plan, can truly mentally torture you.
- Floored: Into the Pit: a documentary discussing more commodities trading, but still very enjoyable.
- Wall Street: the classic Oliver Stone move form the 1980’s. A must watch for anyone who enjoys the stock market.
- Enron: The Smartest Guys in the Room: a documentary about what is probably one of the largest scam companies ever. Crazy stuff!
- Trading Places: a comedy that revolves around the stock market. While I can’t say I loved it, it was still entertaining.
- Boiler Room: a movie about penny stocks and the brokers attempting to sell them. One of the first movies I ever watched about the stock market.
- Wolf of Wall Street: definitely a movie you don’t want playing while any children are around, but given it is based on a true story, it’s some pretty wild stuff to think it all happened.
Personal Finance and Wealth Building Lifestyle
If you are looking to take control of your finances and/or life in general, give it a look. Whether you want to pay off debt or create new streams of income (such as real estate investing for example), I want to assist you with this.
The sign of true wealth is being able to sleep like a baby at night. When you take control of your money, you eliminate stress and can begin building your legacy. At it’s peak, I had $163,000 of debt in my life, but I am proud and relieved to say I am now 100% debt free! How did I get this done in an efficient manner? What steps did I take? I go over all of this in great detail so you can get to the freeing feeling of being debt free as fast as possible! Click HERE to learn more.
Plan and Profit Real Estate Investing:
Trading is not my only revenue stream. In order to diversify my wealth building streams of income, I have been involved in real estate investing for many years. I’ve learned, through down-and-dirty experience, of what “to do” and what NOT to do. I will not only show you all I have learned but also share with you the exact systems and strategies I have developed and use that keep me on track and prevent me from becoming distracted with dynamics that lead to financial pain and heartache. If you already have your personal finances under control but are now looking to diversify and add more income streams to your wealth building goals, real estate investing is a great way to do it (assuming you are strategic about it). Click HERE to learn more.
Join me as I talk about all things wealth. To me wealth is about more than money, it’s about living your life in a way that gives you maximum peace of mind. Let’s focus on a lifestyle that will lower stress and raise the overall quality of life. Look it up on any podcast player or simply click HERE to listen via the site itself.