There are many different ways to find stocks for day trading. Some people prefer to trade stocks that are familiar to them, or that they like, such as Facebook, Apple and Netflix. Other people keep a watchlist of the different markets such as the indexes, Forex pairs and different commodities.
However other people, myself included, like to keep a watchlist of different stocks based on their technicals, which match their strategy. This is what we are going to look at today…
How To Find The Best Stocks For Day Trading
Please note that this article contains affiliate links.
1. Finviz Scanner
The first piece of software that you can use to find the best stocks for day trading is Finviz.
Finviz features a stock screener as well as resources for other trading features. They offer both a paid and free subscription. Click to find out more about Finviz!
On their home page, you can find a list of different top stocks such as; overbought, top gainers, unusual volume etc.
On the right-hand side of their home page, you can see a map of the performance by sector for the stock market. Including; technology, industrial goods and financials. This map gives an insight into the performance of each sector based on volume and whether the stocks are up or down.
Furthermore, in the menu, you can click through to the groups page to see the performance of the different sectors over the previous month, week etc.
Back in the menu, you can click through to the screener page which shows data for over 7000 stocks. There are many filters for the different data to help find specific stocks within your strategy.
However, there are limitations under the free subscription such as limitations on filters when searching for a price.
2. Trading View Screener
The second piece of software to find the best stocks for day trading is Trading View.
Trading View offer both a free and paid subscription. I use Trading View for their charting software and they have lots of extra features as well as the stock screener and charts.
Once you land on the home page, you can access the stock screener from the top menu. I find this more of an intuitive platform compared with Finviz.
From the screener, you have the ability to select different filters and also to save your settings. Which makes it quicker for you to return to this page and load your stock scanner settings.
Within filters, you can search for a specific filter, alternatively, you can scroll and look at the different options available.
3. Trade Ideas Scanner
The final piece of software to find the best stocks for day trading is Trade Ideas. Trade Ideas is a very sophisticated technical platform, which is a little more superior to the two previous platforms shared above.
However, their prices also reflect their high-quality products and they are a little more money than the two options shared above. Although I do not currently have an active subscription with Trade Ideas, I have used their software and I would certainly recommend their product.
On the other hand, I currently use a demo account with Trade Ideas, which, although contains some limitations such as delayed market data, it still meets my current needs for trading.
From the home page, you can scroll to the bottom and click on the link to download Trade Ideas. It is free to download the software and allows you to try out the demo version before you purchase a subscription.
When you log in, you can log in with either your Google or Facebook account to access their demo version. I have already uploaded my saved scanner settings which are set up to scan for stocks with specific criteria matching my strategy.
If you want to subscribe to their paid platform, they offer either a yearly package or a monthly package, which is a little more expensive. Find out more information about Trade Ideas here!
Bonus Tips To Find Stocks For Day Trading
Firstly, you can look at news sites. Depending on your strategy, you can find out what is trending from any breaking news, which may lead to potential stocks to trade.
thefly.com is a great website to use to access breaking news in the stock market.
Secondly, you can find stocks to trade from your broker. I personally don’t use my current broker, Trade Zero, to find stocks to trade because I prefer using the different scanners listed above.
However, different brokers such as Robinhood, include a watch list on their platform. This may include top volume gainers or a stocks hot list.
I hope that you have enjoyed this video article and that you can utilise these methods to help find stocks to trade for your own trading strategy. Let me know in the comments below which one you prefer, or if you use a different method that I haven’t included.
Until next time!
Emily
