The internet is littered with a large number of programs, newsletters, and websites purporting to own something to provide a stock trader an advantage in finding stock trading picks that work better than what they can find on the own. A number of it is free, but many it takes some form of payment. Either way does not matter, what actually matters is if the equipment have any merit at all in finding good day trading picks. Sometimes this is easy to figure out, but most likely it will be rather difficult and takes a bit of research.
What you need to avoid are any tools or software that is highly user dependent. What I am talking about by this is if you place the tool in the hands of the developer or expert, they can tell the nuances of when it must be used and when it must be ignored, given a particular set of circumstances. This type of tool is quite difficult to understand because as a brand new user, you have no idea about these nuances. All of the time, it is this little fact which makes a tool work, or more likely, NOT WORK. Types of this abound all around the net. Most any software with trading tools and indicators falls into this category. This really is how you could have a tool that seemingly have “proof” but whenever you attempt to utilize it, it generally does not live up to expectations. This does not mean the tool is not any good, but its highly determined by the skills of an individual of the tool for any sort of real success.
On the other hand, you’ve a set of websites and newsletters that do all the task for you. No guesswork involved, nor user skill involved much. Simple and straightforward. This type of tool is very good IF it may be determined beforehand that the website or tool ACTUALLY works as its advertised to. Whilst the stock market is really a constantly changing beast, a tool or method of picking day trading picks should be somewhat consistent no real matter what is certainly going on. Sure you will have times where its really in sync with the market, and times where its off. But there ought to be no times where it performs so poorly as to totally nullify any gains made during the nice times. These types of tools fall into 3 categories: stock picking websites and newsletters, where a skilled person is sharing their personal picks, market scanners such as market screen, trade ideas brokerage plus review trade ideas and others, and fully automated day trading systems of just one sort or another which use a computer exclusively to broadcast trade ideas.
With this particular said, it takes a decent amount of research prior to using any outside tool to help in finding trading ideas. After all, you’re available in the market with real cash, and can lose real cash quickly if you do not know that which you are doing or are relying on a thing that just does not hold up over time. Just before engaging any tool, it is definitely best to accomplish just as much research as you can, including looking for review sites, and forums where current users are chatting about the tool.