How to Setup a Stock Screener and Begin Trading Like a Pro
Trading is something that has exploded over the past years and more and more people are getting involved. What is interesting enough is that you don’t have to have any particular knowledge regarding trading to start. Don’t get us wrong you need to know the basics but anything else besides that is easily obtainable over online courses and tutorage.
Now trading is somewhat familiar to you. You need some money; you need an application on a PC or smartphone or tablet and you need a stock that you will buy and sell. Now what is interesting to all beginners and what we all want from the get-go is those fancy screeners that traders use. If you didn’t know screener is a tool that helps you track your stocks, companies and track your progress over time. There are plenty of those on the web, some are free and some are pay to use but when it comes to versatility it is out there.
The most important thing to someone who is starting to trade is to understand the game. After you have mastered that you need a very good and very simple stock screener that will make your job of stock trading easy. Stock screening isn’t hard and if you opt for a decent one like vig.io, you will have no issues tracking and trading your stocks.
As far as the title of the article goes, we will try to tell you how you should prepare your stock screeners to trade instantly and more importantly like a true professional.
The most important thing regarding these tools is that they are simple and effective especially to new users. Besides the simplicity, it also has to have filters and criteria that you can use to set your targets up. Another thing that needs to be balanced is clutter on your screen. With these stock screeners you will have a lot of options and a lot of info that you would want to track but cluttering your screen with all of them might be counterproductive.
The easiest way to do this is to have several custom screens that can be adapted to your liking, each with different info you need and with that less clutter, more organization that will make you highly productive and effective. But before you invest in this type of equipment you need to pace yourself. Choose a good trading screener that will allow you a lot of filters, flexibility and functionality and you are set.
At first glance stock screeners are a handful because you will see a lot of data and info all at once, but if you know what you need and what you are looking for it is easy to fight your way to glory. Every screener offers a few basic things that you need to start with but those that you pay will offer you more in terms of filters and charts. Having to opt for a stock on the set parameter of market cap is great and time-saving. You don’t need to scroll through the lists numerous times looking for what you need. With the filters in stock screeners, you can set the market cap that interest you and you will get all the stocks that respond to that command. You can also filter stocks by their gross margin, operating or profit margin. These are some aspects you get in stock screeners that help you a whole lot.
Imagine if you had Filters that show you price action in stocks, trend following, volatility corporate ownership and much, much more? Imagine what that kind of information might help you achieve.
Vig offers two types of these stock screeners – free and PRO versions. Whatever you choose you will not be disappointed. The free version will offer you things like Real-Time Stock & ETF Prices, Plus Global Crypto Prices, Fantasy Stock Games, Market Overview Dashboard, Unlimited Watchlists, Basic Market Indicators, Explore Search Screener, Fundamental and Technical Data, while the PRO version will give you all of this free stuff plus PRO Market Indicators, All-in-One Terminal, Real-Time Trade Alerts for Stocks, Options & ETFs, OptionsMatrix, Radar Stock Scanner Powered by Morningstar Data, Live Charting With Built-In Volume & Money Flow Indicators.
As we already mentioned there are numerous stock screeners available for you and as in this case you need to pay some while some are free. What is important is to choose the one that has the best scores and results as well as a good community that constantly works on updating the platform according to user feedback. Since trading is a live process and is always changing you have to have a platform that will manage to follow through with these changes. You need to have the dev team as well as the company behind it all the time because this might be your bread and butter in the future, and you need to rely on them all the time.
Stock screeners are not too difficult to set up and use. You do need a platform that is highly customizable and you need some hardware for that. After you are on the platform let your instinct’s guide you toward the things you choose and set up for yourself. As we mentioned before it is highly advisable to not clutter too much if you have a one-screen setup and use those filters provided to see what you need and what is important at that moment.
Go through the stock screener of your choice very thoroughly and very slowly. This way you will familiarize yourself with it and learn where things are and what they do and show. After that decide what you need and what you want and you should be all set. Every decent stock screener provider will also have customers service and tutorial videos that will help you set up optimally and efficiently. If it is your first time don’t be scared to ask for help and advice and keep it simple. You wouldn’t believe how much simplicity makes a difference.