Best Free Trading Tools Every Trader Should Use

When I was about to begin trading, I thought that trading was an easy game and said it loud that I will be a millionaire in a few years.

Yes, but I didn’t realise it until I stepped into this complex mesh. After my first loss, I understood that trading seems glittery from a distance, but actually, it can feel like trying to solve a Rubik’s cube blindfolded when you know nothing about the technicalities and just believe in your gut.

I mean, one minute you are up and the next you are left wondering if our charts are messing with you or what.

And, if you are also in the same boat, then there is nothing to be ashamed of. Almost every trader starts like this.

Wait! Wait! This doesn’t mean that there is no solution to it, or that you end up making the same mistakes again and again. Today, there are multiple tools available out there that can help you as a guide in the financial markets. And, for this, you do not need to break the bank on fancy software or paid platforms to get your trading game in shape.

Yes! There are a number of free tools out. So, if you are someone who is just stepping into trading or looking to level up without swiping your credit card, then below we have a list of the best free trading tools for you.

Why do we use tools in trading?

First, let’s see why we need to use tools while trading.

This is because trading without tools is like driving blind. They help you make sense of market chaos, analyse trends, read chart patterns, maybe (just maybe) make smarter moves with your money, and even automate decisions. No matter if you are into forex, crypto, or stock trading, tools make your journey smoother and smarter.

Here are a few of the best free trading tools that can help you in trading:

Trading View

You can say that TradingView is like the Swiss Army knife of free trading tools.

And, why So?

It is because you get real-time charts, drawing tools, indicators, news, community ideas, and more, that too without spending a dime.

And the best part is that, though it is at the top of the list, it doesn’t let traders pull their hair while using it. It is super easy to use. It doesn’t matter if you want to mark up your favourite chart patterns or test out different best forex indicators, all you need to do is drag and drop.

Yes! That simple.

This is not the only highlight. It also one of the first choice for traders as it has clean interface, slick design, and a whole community of traders sharing their setups.

Isn’t it a Win-win?

Investing.com

You must have a super smart friend who always has the inside scoop.

Ok! So, you can say that Investing.com is kind of like that smart friend.

From economic calendars to news, stock screeners, technical summaries, and even a section for cryptocurrencies, you name any and it is all stacked here.

If you want to know what the big players are watching this week?

Not that hard now! Just check their economic calendar and that’s it. Investing’s economic calendar breaks down upcoming events and how they might affect the markets. This means you can get a heads-up before stuff hits the fan.

MetaTrader 4/5 (MT4/ MT5)  

Yes, this is the old classic, but the OG trading platform known forever.

But if you want something more powerful and modern, MetaTrader 5 (MT5) is here too.

MT 4 is still one of the most used trading platforms out there. It is especially great for forex trading and technical analysis.

MT5 takes it a notch higher with more timeframes, more order types, an integrated economic calendar, and even support for stocks and commodities.

And, obviously, the plus is that both are free.

Also, you can use custom indicators, back test strategies, or even let robots trade for you (if you’re into that kind of thing). 

Finviz

Are you a visual trader who loves seeing things in colour and heatmaps?

If you are nodding in a yes, then my fellow trader, you will love Finviz. (For sure!)

You can see this tool as a complete scanner and screener that helps you find opportunities in the stock market.

Whether you are a momentum chaser or a patient trend follower, with Finviz, you can filter stocks based on their price action, fundamentals, or even specific forex chart patterns like triangles, wedges, and head-and-shoulders.

And, their heat maps?

They are seriously addictive. Be warned, you will lose hours clicking around.

Myfxbook

Leave everything and tell me, what is the point of trading if you do not even know how you are doing?

With Myfxbook, you can track and analyse your trading performance. It can be easily connected to your trading account. What does it mean to you? This means that it will automatically log every trade entry, exit, win/loss, profit/loss, and whatnot.

When you will be able to see your trading stats in black and white, it can be useful for you as you will know exactly where you mess up and what is genuinely working like magic.

Conclusion

To conclude, you don’t need to throw cash at every shiny tool that promises to 10x your profits. The truth is that to gain success in the market, you really need to understand the market, follow a few solid strategies, learn about the chart patterns, and use the tools that actually make your life easier, not more complicated.

The above-mentioned free tools are more than enough to help you build your trading foundation, tweak your strategy, and stay informed. Start by try a few. Mix, match, and build your toolkit.