Trading in financial markets can be both exciting and challenging. With so many variables at play, it’s important to access the right trading tools to help you make informed decisions and maximize your profits. Fortunately, many free trading tools can provide valuable insights and data to traders of all levels. This article will explore some of the top free trading tools every trader should know about, from a market scanner to pip calculator and more. Whether you’re a seasoned professional or just starting, these tools can help you stay on top of market trends and make better trading decisions.
Market scanners and screeners
Market scanners and screeners are potent tools that help traders find potential trading opportunities by scanning various markets and filtering stocks based on specific criteria. These tools can help traders save time and effort by automating the process of searching for profitable trades. Some market scanners and screeners offer a wide range of filters, such as technical indicators, earnings reports, and insider buying/selling activity, while others may be more focused on a specific market or asset class.
Popular market scanners and screeners includeTradingView, and Yahoo Finance. TradingView provides real-time data and a user-friendly interface. Yahoo Finance offers free stock screeners that allow traders to search for stocks based on various criteria such as market cap, dividend yield, and industry sector.
Technical analysis software
Technical analysis software helps traders analyze market data and identify trends and patterns. These tools are especially useful for traders who rely on technical analysis to make trading decisions. Technical analysis software can help traders visualize market data and make sense of complex chart patterns.
Popular technical analysis software includes MetaTrader, TC2000, and NinjaTrader. MetaTrader is a popular platform for forex trading that offers a wide range of technical analysis tools, including over 30 built-in technical indicators. TC2000 is a popular charting platform that provides real-time data and allows traders to create custom watchlists and alerts. NinjaTrader is a popular trading platform that offers a range of charting and analysis tools and a trading simulator for practice trading.
Stock charting tools
Stock charting tools allow traders to visualize and analyze market data through various chart types and indicators. These tools can help traders identify trends and patterns and make more informed trading decisions. Stock charting tools often provide various customization options, allowing traders to create personalized chart layouts and indicators.
Popular stock charting tools include TradingView, StockCharts, and ChartMill. StockCharts provides high-quality charting tools and allows traders to create custom technical alerts. ChartMill offers a range of technical analysis tools and will enable traders to create custom screening criteria.

Trading journals and portfolio trackers
Trading journals and portfolio trackers allow traders to keep track of their trading activity and portfolio performance. These tools can help traders analyze their performance over time and identify areas for improvement. Trading journals can also help traders stay disciplined by tracking their emotions and trading habits.
Popular trading journals and portfolio trackers include Myfxbook and Excel. Myfxbook is a popular tool for tracking trading activity and performance. It allows traders to create custom reports and charts. Excel is a versatile tool that can be used to create custom trading journals and portfolio trackers.
Pip calculator
A pip calculator typically requires a few inputs from the trader, including the currency pair being traded, the trade size or lot size, and the current exchange rate. Once these inputs are entered, the pip calculator will calculate the value of a single pip in the trader’s base currency. This can be useful for traders to understand the potential profit or loss on a trade and set stop-loss and take-profit levels.
For example, if a trader is trading the EUR/USD currency pair with a lot size of 1, and the current exchange rate is 1.2000, a pip calculator would calculate that the value of a single pip is $10 (assuming the trader’s base currency is USD). If the trader enters a stop-loss level of 50 pips, the pip calculator would calculate that the stop-loss level is $500.
Position size calculator
A forex position size calculator typically requires a few inputs from the trader, including their account balance, the currency pair being traded, the trade size or lot size, and the stop-loss level for the trade. Based on these inputs, the calculator will determine the appropriate position size for the trade, taking into account the trader’s desired risk per trade as a percentage of their account balance.
For example, suppose a trader has an account balance of $10,000 and wants to risk 2% of their account on a trade. In that case, a position size calculator might recommend a position size of 0.2 lots (assuming the stop-loss level and currency pair are consistent with the trader’s strategy). The calculator would consider the current market conditions, the size of the trader’s account, and the trader’s risk tolerance to make this recommendation.