Top stock scanners are used by both swing and position traders. The quality of these tools depends on what they can do for you. These programs can narrow down the field dramatically and alert you to potential pattern triggers faster. Some can only scan certain sectors or watch lists, while others can scan the entire market. There are many options for both types of stock scanners, so choosing the best one for you depends on your preferences and your trading style.
The best stock scanners have the following features:
- They scan multiple markets and sectors.
- They scan the watch list that you set up and alert you to potential trades.
- They have a back testing feature so you can see how they would have performed in the past.
- They have a built-in profit/loss calculator so you can make sure that your trades are profitable before pulling the trigger on a buy or sell order.
- They allow you to customize your settings for each watch list or market, so you can make sure that each scan fits your criteria for buying or selling a stock or commodity.
- Free trials are available so that new users can try before they buy.
The main difference between the two types of stock scanners is the way they work. Some are point-and-click, while others require statistical and programming knowledge. Many stock scanners can be used for long-term investing, while others are best suited for swing trading.
You can also choose a scanner that runs in your browser if you do not have a powerful computer. Choosing a platform-based scanner is more convenient than using a desktop scanner because you can customize the settings to your liking.
A stock scanner that can scan intra-day stocks should output stocks that have made significant price moves. To profit from volatility, the program must be able to identify other participants who are putting their money to work.
A stock scanner that can scan multiple stocks with minimal effort will produce more candidates than a customized desktop scanner. However, a customized desktop scanner will produce three candidates within seconds while a universal scanner can produce 50 in a matter of minutes.
Conventional stock scanners use common market data, while proprietary stock scanners have their own proprietary scanning criteria. If you are a swing trader or long-term investor, you might not need the ability to use real-time data. In that case, you should consider using the free version. Otherwise, you might want to check out the paid version. However, you might not be able to use the free version, which has limited features.
It is really hard to find a stock scanner for the stock market that is easy to use. It may seem like you need to spend a lot of time just to get started. However, with this program, you can easily download the data and get started on your investment research. The program has a simple interface that will allow you to set up your account in just seconds.
This program is an excellent choice if you want a quick and easy way to scan stocks in order to find potential investments. It also makes it easier for traders who are not full-time investors because they can combine their own criteria with those of other investors who are looking for short-term opportunities.