The Top 3 Tools I Use to Find New Stocks to Trade


There are a few tools I use on a regular basis to help identify potential stock trades. I work within a stock trading plan that works for me, so the stocks I end up picking work within the frame of my personal trading plan.

These tools are free for you to explore to look for potential trade setups. Use them to your advantage.

FinViz – FinViz is a tool I learned to use following my time trading for a prop firm. This has been particularly useful following the top down approach to trading.

The top down method basically means that 60% of a stock’s success depends on the overall market, 30% on the sector the stock is in, and 10% on the actual stock itself. Now, this isn’t a strict approach, there are always exceptions, but its good to follow as a general rule.

You can have a great stock, with great technicals, and great fundamentals, but if the market is tanking the stock is likely to go down with it.

FinViz allows me to do great general market and sector research.

Screenshot 2015-03-09 20.40.49Thinkorswim – Yes, I know it’s a broker. Their analysis tools are amazing.

Thinkorswim is my favorite tool to use for researching options trading. I use it hand-in-hand with FinViz once I’ve narrowed down potential stocks to examine option setups.

It wasn’t until I started trading using TOS that I started to understand the importance of risk analysis and probabilities. This is particularly useful when you trade options. You can tinker with various strike prices, examine profit/loss points, and calculate your probability of profit.

With options, you have the potential of trading combinations, which can become more complicated. The analysis tools available on TOS allow you to review all of the possibilities.

I go into depth on the research tools in this video.

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The truth is, you can find a ton of great trade setups and stock alerts from Tim. I don’t recommend chasing his stock alerts, but it can be a great tool for finding penny stock pump and dumps to short sell.

When you sign up for Pennystocking Silver, you’ll get daily watch lists, trade alerts, and access to the chatroom. The chatroom is filled with tons of traders, many of them openly share their own watch lists. This is a great resource to see what other traders are actively trading. You can steal their watch list and make it your own.

I like to keep my list of resources short and simple. There’s a ton of other great products out there. Which ones do you like to use to find trade setups?

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  1. L says

    great post.
    i use Finviz for screening and TOS for chart analysis.
    which kind of filter do you use on Finviz for stock picking?

    • says

      I’ll look for high volume (1Million +), high dividend yield, optionable. I’ll also use the Group Performance tab to see sector performance, and look for potentially discounted stocks based on performance relative to the sector.

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