When you trade a small account, you have to pay very close attention to your overhead.
Costs like charting services, stock picking subscription services and stock screeners can all add up pretty quickly and seriously eat into any profits you might make.
More than anything you want to save your money for trading and add as much money to your trading account as you can in order to build up equity.
That’s why I spend a lot of time hunting down the best free trading resources for small account traders. First, because I like seeking out new tools. Second, because I like helping and sharing with other traders.
One of the best free trading resources I’ve found online is www.finviz.com and in particular their free stock screener.
For me — it accomplishes my daily screening as effective as anything I’ve ever paid for. I’m pretty sure you will dig it as well.
NAVIGATING THE FINVIZ.COM STOCK SCREENER
When it comes to the finviz.com screener there is a wealth of inputs you can screen for. There are fundamental inputs for traders who like to look for strong or weak fundamentals.
In addition you can filter by index, sector, industry or exchange.
For me, the real treat are the technical and price performance screening tools. I can look for stocks making new highs, stocks up on the day, the week, the month or the year (it’s up to you to know which combination provides your edge).
I can also search for stocks above or below their 20, 50 or 200 day moving averages.
Each time you make one of these changes the number of matching stocks updates so you can see the effect on the total universe of available stocks to trade.
Once you have your list of possible stocks you can view details such as performance, fundamentals, insider ownership, valuation, technical analysis or (what I like best) charts.
That’s because the Finviz Stock Screener allows you to see multiple small charts of your selections all on one page.
This allows you to quickly scan a large amount of charts and if you are a purely technical trader like myself, screening a lot of charts is a large part of your process.
Do you use the Finviz screener? If so, in what way do you use it? Leave a comment and let me know.