I’ve been trading with EquityFeed’s platform for the past two years and the longer I’ve used it the more I’ve been able to take advantage of it and utilize the different tools. I am trying to become less dependent on Equity Feed and since have started investing in penny stocks solely based on fundamentals, rather than just using technical analysis. A lot of traders would be in big trouble if they woke up tomorrow morning and found out they couldn’t use this screener to find penny stocks to add to their watch-lists. The monthly fee will turn some people off initially, it would be pretty easy to justify paying $99 a month (cost of the “Stocks Under $5″ full package) when literally every stock you trade you find using this service. If you can’t afford the monthly fee start off using free stock screening software like Yahoo Finance, MarketWatch, Google Finance, Morning Star or the free version of Finviz.
I’ll preface this by saying that this software isn’t for everyone. If you’re still new to trading and don’t have a clue as to what you’d even be looking for in a chart setup, then I recommend continuing to get more trading experience and then checking this out when you’re further along in your education. After you’ve got the basics down though and you have a good idea of what you’re looking for, then I’d highly recommend at least trying out this program.
When I first started using this program, I wasn’t using it to its full potential. During trading hours I was using the charts and L2 quotes mainly, and after the market I’d run a simple scan to find stuff to add to my watchlist. (I also use this to find stocks before they get pumped/promoted) Even then it was still effective and worthwhile enough for me to continue paying the monthly fee, but there were times were I’d wonder if I could find a cheaper alternative that was equally as effective. Charts and L2s I knew I could find somewhere else for much cheaper, but I had a hard time finding a filter program that was as useful and still penny stock friendly.
The one aspect that I appreciated the most, as simple as it may seem, was the ability to click on a stock in a filter list and have the chart for it pop up immediately. I’d have a chart window open with the settings to my specifications, then I’d run a filter and run the list through my chart window. Literally as fast as my brain could process a chart, that’s how quickly I could flip through each stock. On average I only needed two seconds to either pass it up or go in for a deeper look, and because of this I was able to scan through hundreds of stocks in a matter of minutes. So even though I wasn’t taking advantage of all the power of the software, I still always felt I was getting my money’s worth.
It wasn’t until using the software for a year I really found out how to take advantage of it, and the sad part is it’s not because it was too complicated for me to figure out, it’s just I never really took the time or initiative to explore it. One of the tools I was missing out on was the limit alerts, where you set an audio alert if the price, bid, or ask, hits a certain price. Simple enough, and I can’t tell you how many times I’ve been able to catch a breakout play that I had otherwise forgotten about, thanks to an audio alert that went off when the stock finally broke through resistance. How many times have you had your eye on a stock that you thought was going to breakout soon, watched it for a week or two, and then forgotten about it until you were reminded when it broke out and ran a few hundred percent? Do you want to be alerted when a stock falls to a certain price? Limit alerts do exactly that.
Another one of the functions I wasn’t implementing was the news filter, which informs you via an audio alert every time a company has a press release. There is simply no other way to get your news any quicker. Within seconds of any news coming out, you can have the article right in front of you and easily beat the crowd when you find those rare news gems. Good news plays are trades that you won’t be finding every day, but when a good one comes along, you don’t want to miss it. Having a news filter running in the background while you’re trading allows you to stay active doing whatever else you need to do, while still being able to pounce on a press release the second it comes out.
The last option I want to mention is arguably the handiest and useful aspect to their platform, and the funny thing is I was using this from the start, just not at the right time and to the same degree. I mentioned earlier how I would run a simple filter after market hours to find plays to add to my watchlist, but now I’m running numerous scans constantly during market hours. I have a whole screen with nothing but filters running, and during the day I am continuously clicking on different tickers that pop up on my radar. I already mentioned how thanks to the chart window synchronization, I can view the chart for a ticker just as quickly as I can click it, so during the day I easily am looking at hundreds of charts with minimal effort. If something is moving in the penny world, I have it on one of my filters.
That’s EquityFeed in a nutshell, but if you click the link at the bottom of this writeup it’ll take you to video tutorials that will further explain the platform and it’s functions. They offer a trial promotion for the first month, where the package without L2s will only cost you $1 and the one with L2s is $20. If you don’t have access to level 2 quotes, I’d recommend you get the package that includes them. This platform won’t trade for you or turn a bad trader into a good one, so I’m not promising miracles, but I absolutely stand behind this software as well as the company and their customer service. They’ve steadily improved the product and have fixed virtually any issue I can remember them having. I apologize if this is coming off as sounding like a late night infomercial, but the people who know me from HSM and my previous website know that I’m not here to scam anyone. If you’re looking for a tool that can help you day after day catch those stocks that are moving, then give it a try.