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Wednesday, July 16, 2008

Investing tools I use every day

Every day I go through my stock checking routine, which varies from day to day depending on what computer I am on. Here are the tools that I use:

  • Sogo Elite - This is my broker and trading platform. Sogo Elite (by SogoTrade, formerly SogoInvest) is Sogo's advanced trading platform, which is still lacking if you are a really serious trader, in which case you should go to a direct access broker with a more featured platform and level 2 quotes. However, Sogo Elite has all the features I need, like real time level 1 data, charting, and the most popular indicators such as MACD, RSI, and Stochastics. You can execute orders from the platform as well. One other reason I use Sogo is because of their dirt cheap trades. Check them out to learn more.
  • Zecco - This is my backup broker. I use Zecco because it is very cheap (if you maintain a $2500 balance, you get 10 FREE trades per month, otherwise trades are just $4.50). Zecco has a nice web interface and is usually very fast as far as trade execution. I've entered some pretty bizarre orders, sometimes well below the bid, with an AON (all or none) order, and got a fill with Zecco when I couldn't with my other broker. Plus, you can trade OTCBB and pink sheet stocks with Zecco. Check them out!
  • Think or Swim paper money - Think or Swim's popular trading platform is available for free to use with their paper money program - a simulated trading environment. Along with being able to test strategies without taking on any risk, you can use their real time data, charts, and other tools all for free. The platform is exactly the same as a real account. The charting in TOS is great because you can annotate and draw on charts, which allows you to easily define channels and patterns, as well as support, resistance, and trend lines. You can also set up fibonacci lines very easily. TOS paper money is easily worth getting just for that one feature alone.
  • Bigcharts.com - very nice charts here, and you can save your preferences to a cookie so you don't have to set them every time (this includes chart line style, indicators, color scheme, time window, etc)
  • Yahoo finance - I use Yahoo Finance for company news. Every now and then I will use their charting as well.
  • stockta.com - Excellent website for stock technical analysis. Type in a stock symbol and instantly see all resistance/support levels as well as bearish/bullish sentiment for the overall stock for the short and long term, as well as sentiment according to each of the popular indicators.
  • stockhouse.com screener - an outstanding technical screener for finding stocks based on technical rules such as candlesticks, moving averages, and abnormal volume.
There are many more resources that I use, but this list could easily get way too long. If you have any tools or resources that you use every day, feel free to leave them in the comments.

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