I thought it would be helpful to create a resource page that is always available to you. A place where you can come for all your stock trading needs. I plan for this page to always be evolving with new links, so to ensure you are kept up-to-date with it, I recommend bookmarking it for your reference and convenience. Enjoy!
If you want to be able to trade stocks cost effectively, you need an online broker. This is probably the biggest headache in all of stock trading. Not because it is difficult to be approved for an account, nor is the sign up process difficult. The biggest pain is figuring out “whom to choose” given the vast amount of choices now available in this day and age.
This is the broker I personally use. I use their direct access platform; however, they offer different choices depending on your account size. Click here to see a breakdown of all the different choices along with accompanying fees and commissions. 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.
Trailing right behind Lightspeed in terms of commissions, Interactive Brokers offers options commissions starting at .70c . A much more established broker compared to MB trading but they do require a much larger minimum deposit. 10,000+ is required for those over the age of 25 but only 3,000+ if you are 25 and under. They offer fast and responsive customer support, a wide variety of platforms to execute through, and many powerful tools in the platforms similar to Thinkorswim.
Need help choosing a broker? I have a guide to help you choose the broker that will best fit you trading goals strategy, check it out here.
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. 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 my broker’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.
I have been using them since 2008 and unless they drastically change something, I don’t foresee myself ever getting rid of them. They are pretty pricey, but you get what you pay for. The charts that you see in my live trade videos are provided by eSignal.
This is a great resource for free charts. The free package is limited in regards to the amount of indicators you can add to the chart, but in regards to getting a nice clean looking chart, it’s hard to do any better. I use these charts in my weekly Power Profit Scan newsletter.
This is another great source for free 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. Their paid package gives you more choices of course, but as far as free packages go, they are solid.
This is another provider that has free streaming charts. I can’t say I have much experience with them; however, I’ve heard good things from people, and they’re free, so they're worth at least giving a try.
Trading with Level 2 data is not a “please consider” type tool; it is literally a “must have” tool. 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 regards to accessing all the possible information you can receive for a stock.
Like with the stock charts, the first place to start for Level 2 data is with your brokerage. I don’t know of any broker that does not offer Level 2 as a choice, but usually the difference is whether or not you need to pay extra for it. Some brokers will give it to you for free as long as you make a certain amount of trades each month, 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 and pay a small extra fee each month.
If you are interested in learning more about Level 2 check out my course: Trading with Level 2.
Once again, the first place you should start is with your broker (notice a trend?). Each and every broker I’ve ever encountered had at least some type of scanner/screener. Are they good? Well, that’s too broad of a question for me to answer because I don’t know what your strategies and goals are. One type of scanner might be called “bad” by one trader, but another trade may think that very same scanner is “great”.
The good news is that along with your broker’s scanner, there are many 3rd party sites that offer some type of free package for scanning (or of course if you want more data, they offer paid packages).
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.
This is the scanner I use. It is a streaming scanner, meaning, it runs scans in real time and alerts me immediately when a piece of my scan criteria is met. The amount of scan criteria at your fingertips is mind boggling.
Besides offering free stock charts, they also have some predefined scans that I find pretty useful for a starting point. In the past I’ve used their paid service which allows for custom scans, so depending on what you are trying to accomplish, this may be a great option for you.
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.
I’ve also used the paid service for this site in the past. Their free package is very nice with all types of search criteria; however, they only show you a very limited number of results. If you want to see all of the scan results… you need to pay.
This is an excellent streaming scanner. If you are an active trader, give this one a try, especially if you like to trade penny stocks.
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.
Check out all of my technology guides here.
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.”
The Art of the Deal – written by Donald Trump, I simply enjoy reading about successful people and their journeys.
Cold Hard Truth – written by Kevin O’ Leary, like I said, I enjoy reading about successful people in the financial world.
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 about 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: 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.
The Big Short: a longer, but interesting moving on how people on Wall Street foresaw the real estate bubble pop, before it happened, and what they did to make a lot of money from it.
Too Big to Fail: after the real estate bubble popped and the financial markets began to crumble, lots of "behind-the-scene" decisions and strategies needed to be put into place. This is what the movie covers in an entertaining fashion.
Learn about the 5 tools I use to find trading setups (including 3 that are completely free).