Best App for Day Trading

Day trading offers the best possibility of generating extraordinarily high returns on investment (ROI). Utilizing the best day trading apps can significantly impact your level of success as a day trader.

However, day trading is a demanding and potentially stressful profession. Where there’s the chance of big profits, there’s also the chance of significant losses. Day traders must make split-second decisions on whether to buy or sell, often in highly volatile markets, with stock prices changing rapidly.

To be a super-successful day trader, you need to have access to the very best available online resources for research, analysis, and trading. With that in mind, we’re giving you our top five picks of the best apps for day trading.

Transparency: We may get compensated when you click on links in this article.

5 Best Apps for Day Trading

We’ve carefully selected five of the best day trading apps that serve various needs that day traders have, such as a good stock screener or an excellent trading platform. Armed with these top-notch trading resources, you should be in the best position to shut down your computer at the closing bell of the day with more money in your pocket.

1. Cobra Trading: Best Direct Access Broker and Trading Platforms for Day Trading

cobra trading day trading brokerage app

Cobra Trading is a direct-access broker that supplies the most critical needs of active traders – a choice of exceptional trading platforms, flexible order routing, hotkey-trading and lightning-fast trade execution.

Cobra Trading stands out with something that many online brokers lack.

Excellent customer service.

One of Cobra’s company slogans is, “When you need answers, we answer the phone.” Did you ever try to reach a retail broker by phone recently? Or did you ever hold a position with thousands of shares when the internet disconnected? Well, then you know exactly how important it is to have someone answering the phone immediately when it is necessary.

Advantages

  1. Flexible order routing and instant order execution via ECN or the best available exchange
  2. Multiple account type choices, including Roth IRA and Trust accounts
  3. Short sellers have access to trading many stocks that are hard to borrow
  4. Choice of three reliable, feature-rich trading platforms that include extras such as real-time Level 2 market data, basket trading, advanced order types, and portfolio and multi-account management all in one place
  5. Rebates available to high-volume traders

Costs

Cobra Trading offers competitive direct market access broker commission starting as low as $0.004 per share for beginner traders. Higher-volume tiers go as low as $0.002 per share. Broker-assisted trades are free of charge, while other brokers charge up to $25.

Best Offer

With this offer, daytradingz.com readers can trade with a discount of 25% on commissions plus free access to a trading platform.


2. Trade Ideas: Best Stock Trading Scanner App for Day Traders

trade ideas scanner app

Trade Ideas is the home of the world’s best stock scanner and offers access to trading signals generated by its proprietary artificial intelligence (A.I.) trading program.

Trade Ideas’ integrated artificial intelligence software – nicknamed “Holly” – runs algorithms that scan through thousands of possible trade scenarios. Holly arms clients with a list of the highest-probability trading setups before the stock market opens.

Active traders can set up multiple scans to run continuously during the trading day, refreshed every few seconds.

Advantages

The stock screener comes pre-loaded with over 20 creative scanner setups. In addition, over 400 individual filters and alerts, such as:

  • Leading gappers
  • Stocks on high relative volume
  • New highs
  • Running up fast
  • Down big yesterday
  • Up big today, and more are included.

Traders can also create and save their scans and scan all U.S.-listed stocks on Nasdaq, NYSE AMEX and OTC stocks. The scanner even provides an “Unusual Options Activity” scan that alerts to significant changes in options trading volume or the put-call ratio for an option.

Trade Ideas has also integrated charts and the capability to

  • Backtest trading strategies,
  • Compare performance between strategies live, and do
  • Automated trading through direct brokerage connections to brokers like Interactive Brokers.

In addition, traders can see market- and company news right within a stock chart. Specific stock trade alerts can be set up within either the charts or scanning programs.

Trade Ideas is an ideal resource for experienced day traders. However, it’s also an excellent resource for novice traders, offering daily training, webinars, and a comprehensive 36-module course in stock trading.

Costs

Trade Ideas standard membership costs $1,068 annually and comes with scanner access, charting, live trading room access and real-time data.

A premium subscription is $2,268 annually and gets you access to the A.I. daily stock picks, complete with trade risk assessment, and to the “Oddsmaker” backtesting software.

Best Offer

You can reduce the subscription costs by a minimum of 15% using this link. Various times per year, Trade Ideas increases the discount to 25% and the linked page updates automatically to the highest discount.


3. Benzinga Pro: The Best Market News Day Trading App

benzinga pro newsfeed app

Real-time news are another essential resource for day traders, and Benzinga Pro is one of the best tools in this segment.

The brand Benzinga was created in 2010 by Jason Raznick. It has succeeded in establishing itself as a source of timely and reliable market news, gaining quite a following in just 10 years in business and is now a competitor to Bloomberg and MarketWatch.

Advantages

Benzinga Pro is primarily known for being a one-stop shop for market news and data delivered in a timely fashion. You can completely customizable it to suit your preferences by utilizing lots of extra features.

Benzinga’s primary product – its newsfeed – is designed to get the news you’re interested in delivered to you as quickly as possible. You can customize the newsfeed in multiple ways with the many filters Benzinga provides:

  • Get the news that’s relevant to a single industry or to any of the stocks you specify in your watchlist
  • News from a specific source (e.g., Federal Reserve or other central bank issued or related news), or
  • News of a certain type, such as analyst ratings or insider trades.

The stock scanner is another great Benzinga Pro feature. It is not as good for day traders as Trade Ideas, but it is outstanding for swing traders and investors. It does allow you to set up custom scans or choose from pre-loaded scans such as “After Hours Gainers.” A separate screener also offers longer term analysis from angles such as “valuation” and “trend following.” You can also filter and list based on key financial figures like market cap, earnings per share and more.

The left side menu in Benzinga’s main screen allows you to easily toggle back and forth between features – Newsfeed, Calendar, Details, Watchlist, Trading Signals, etc. And clicking on any stock brings up all the latest news, data, and analysis immediately.

Costs

Benzinga’s “Basic” subscription is $99 a month and includes the main newsfeed, the “Movers” feature, and the Calendar(s). However, some stock price quotes are delayed – totally unsatisfactory for active day traders. Still, you likely have another source for real-time prices, such as your trading platform. The “Essential” subscription, $177 monthly, adds sentiment indicators, chat rooms, and “Squawk.”

There’s also a separate “Options Mentorship” program – $347 monthly gets you all the features in the Basic and Essential packages. In addition, access to the Options Inner Circle Chat Room, plus ongoing hands-on education and coaching from Benzinga’s resident stock options expert, Nic Chahine.

Best Offer

Use this link for a 14-day free trial, 40% Off Benzinga Pro Essentials, 40% Off Benzinga Options Mentorship.


4. BlackBoxStocks: Best Unusual Options Scanner App

black box stocks options scanner app

BlackBoxStocks advertises itself as “the most user-friendly stock and options tool on the internet.”

I’ll let BlackBox itself describe just how its service works:

“Long before the market opens, our trading system uses proprietary algorithms that alert you to the most active stocks and options.”

Once a trade alert for stocks and options is posted, you can click on the ticker symbol or options contract and find out why the stock or option received an alert.

You can also use the live charting tool and proprietary volatility indicator to see which stocks break out and show the biggest gainers.

BlackBox claims that its trading algorithms operate much like those used by large institutional traders that engage in high frequency trading (HFT).

Advantages

BlackBoxStocks is a valuable trading community. You can follow, chat with, or subscribe to other members. In addition, live channels of the current top-performing members of the BlackBox social network enable subscribers to get trade ideas and strategies.

If you’ve got a hot trading strategy, then you might end up with a channel of your own at BlackBoxStocks. Subscribers also receive ongoing instruction and education in trading stocks and options.

Essentially, BlackBoxStocks aims to help traders identify the trading actions of large institutional traders and then follow the “big money” by screening for unusual options activity, such as notable volume or volatility increases or rapid increases/decreases in option prices.

Costs

BlackBox offers a single subscription plan that includes access to all its features. The only difference is whether you pay for your subscription monthly, $99.97/month, or yearly, $959 a year (about a $250 annual savings over the monthly payment plan).

Best Offer

Using this link unlocks a discount of 20%. It gets automatically applied during the subscription process.


5. BearBull Traders: Best Day Trading Education

bearbulltraders community

It should be enough to say that Investopedia voted BearBull Traders among the “Best Day Trading Courses of 2021”.

BearBull’s purpose is to provide a thorough education in day trading.

Its courses, webinars, the BearBull blog and chat room, discussion forums, and its own YouTube channel offer instruction and training on everything related to trading.

All are covered in one place, from what kind of computer equipment to buy for day trading to how to navigate a trading platform, do research and analysis, trading psychology, strategies, and how to keep a trading journal.

The last step in a BearBull trading education is being personally mentored by someone in the BearBull community, including a team of over ten instructors like Andrew Aziz, Brian Pezim and Thor Young.

Advantages

The BearBull day trading educational program also includes extensive study – 18 learning modules, plus webinars and coaching sessions – on the psychology of trading.

Interestingly, BearBull’s service has connections to some of the other day trading resources we’ve reviewed here. For example, it recommends Benzinga Pro’s newsfeed service and Cobra Trading’s DAS trading platform.

Costs

A Basic membership costs $99 a month. It gives you access to a live, daily chat room throughout the trading day (9 AM – 4 PM, Eastern time) and the Essentials and Advanced Day Trading Courses. The $199 a month or $1,199 annual Elite membership (a savings of more than 50% compared to the yearly total cost of the monthly Elite membership) includes access to the Psychology of Trading training, the weekly webinars that provide ongoing education, and the mentorship program.

Special Offer

Click here to save 20% on any monthly Bear Bull Traders subscription and an additional 40% on the annual plan (code daytradingz).


Best Apps for Day Trading: Conclusion

A refrain often repeated when someone talks about becoming a consistently winning trader is the importance of having a trading edge – some advantage that helps to push your odds of success past the 50/50 coin-flip level.

Using the best available trading resources provides a definite trading edge. Each one of the day trading apps we’ve outlined here can significantly improve your trading.

There are, of course, many other day trading apps that you may find helpful and that may help you significantly increase your trading profits. However, we think that the five we’ve presented for you here are definitely among the very best and certainly at least worth looking at. Like most online trading services, they all offer some sort of introductory “try it out” deal that’s either completely free or requires just a minimal investment.

See also: Best Day Trading Software

FAQ

How much money do you need to have for day trading?

Suppose you aim to be an active day trader, making more than three trades per week. In that case, you’re subject to the Financial Industry Regulatory Authority (FINRA) “pattern day trader rule” that requires that you have a minimum of $25,000 in your trading account. If you can’t meet that requirement, you can still day trade – you can’t make more than three trades per week until you’ve built your investment account up to $25,000. Minimum day trade requirements may vary from broker to broker, but most just go by the FINRA pattern day trader rule of $25,000.

How many trades does the average day trader make on a daily, weekly, and monthly basis?

There’s a wide range of variations from trader to trader. Still, studies have shown that the average day trader does four or five trades a day, approximately 20 transactions per week; about 100 trades each month. You didn’t ask, but that comes out to about 1,200 trades a year.

What percentage of stock market day traders are profitable, and how much money does the average day trader make?

There aren’t any reliable statistics that can be used to answer these questions. However, we have listed various sources in our free Day Trading for Beginners guide. The estimated success rates range from 3% to 33%. But rare as it may be, some boys and girls are pretty successful daytraders. As far as average income, again, there’s no real way to know. The only place that might have somewhat reliable figures would be the IRS, but can we really trust that all the day traders accurately reported their earnings. We can at least say this much, quite confidently: If it were easy to make a fortune through day trading, everybody would be doing it. So, approach trading the financial markets with a healthy level of respect. You’re going up against professional and institutional traders who have the benefit of multi-million-dollar trading algorithms and high frequency trading programs. The odds of you being able to outsmart them aren’t especially good. You might, however, be able to grab a few dollars off the table when they’re not paying too much attention.

Glossary

Alerts: Alerts on stock news relevant to your investments via audio alerts, email, or pop-up browser notifications.

Squawk: Squawk radio provides up-to-the-minute economic and company news and stock tips.

Calendars: Stock calendars keep you aware of a company’s schedule for things like earnings reports, dividends, SEC filings, and stock splits, buybacks, or secondary offerings.

Trading Communities: Connect with other traders in chat rooms for trade ideas, news, or rumors you may not have heard, and get other traders’ take on the meaning, significance, or likely impact of a news report.

Movers: The “Movers” tools give a quick view of the day’s biggest winners/losers and a concise explanation of why a stock price is making a significant move.

About the author: Alexander is the founder of daytradingz.com and has 20 years of experience in the financial markets. He aims to make trading and investing easy to understand for everybody, and has been quoted on Benzinga, Business Insider and GOBankingRates.