Most day traders lose money.
In fact, a 2020 study in Brazil showed that the dream of quitting your day job and achieving financial freedom through day trading is almost total nonsense. “Virtually impossible,” the authors wrote.
Out of the 1,600 day traders, only 3% of them made money after a year. And over time, new traders lost more and more money. Only 0.4% of them earned more than what a bank teller earns (US$54 per day) and top day traders earned only $310 daily.
Do you know what makes the recent study more interesting and controversial? It was conducted in Brazil, the third most traded equity index futures and options contracts in the world.
Does this mean day trading is a losing game? I beg to disagree. There are certain mistakes that keep traders from achieving their trading goals, like failure to adapt to the market. That’s where the value of a market scanning platform comes into play.
One stock screening application that comes to mind is the Scanz. Thus, this review. It is a stock scanning platform for traders like you. And obviously, traders want to scan.
By the end of this article you’re going to learn:
- What Scanz is
- Is it worth it for day and swing traders?
- What does it offer?
- What are its pros and cons?
- And whether I, who’s been using swing trading strategy for years now, would recommend you to use this platform
What is Scanz (formerly EquityFeed)?
Scanz is a real-time stock screening application and serves as a news scanner too. Sure, there are a lot of scanners in the industry. So, what you’re probably wondering is whether Scanz is worth it or if it’s the best stock screener. I let you be the judge with these features.
Pro Scanner and Easy Scanner
Scanz Pro Scanner gives you the ability to find the best trading opportunities in seconds. No exaggeration here. It works fast and real-time so that you can potentially profit as trade happens.
The Pro Scanner feature of this intuitive scanning platform likewise allows you to create any custom scan that is imagination by using the mixture of volume, over 100 price, and the fundamental and technical variables.
If you want to use the app the way it is, simply choose the pre-built scan so you can view the stock scan that is designed by the Scanz professional trading team.
As for the Easy Scanner feature, this provides total market transparency in a single click. Just as the name suggests, it’s easy to determine and pounce on the active stocks that are making active moves from 5 am to 8 pm EST, or in the pre-market.
The Promise of Scanz for those planning to use this feature is that you can view the US equity markets in one window and right at your fingertips!
This feature is ideal for news traders, which are considered as traders or investors who make investment decisions by following the news announcements. They are often classified as a day trader and they enter and close a trade in one day.
Scanz’ news scanner delivers advanced news feeds and you can even sort or filter the news sources, financial blogs, or press release wires. You can also receive notifications both for news and SEC filings.
Breakouts (Real-Time Trading Signals)
For this function, you can customize the real-time trading signal so you get notified of stocks that are making highs or lows. You can also receive trade signals on auto-pilot.
It incorporates pre and post-market data so that you can be well-prepared by the time the market opens. Of course, I suggest that you still have to check the market direction, sentiment, and movement, before starting your trading.
Level 2 (Level II data)
If you want to get the most benefit of the Scanz platform, Level 2 contains proprietary features that are not found in other features. This can even be used both by rookies and pros in the stock market trading or those already familiar with stock technical analysis.
Good alternatives for day traders: Benzinga Pro and Trade Ideas Stock Screener
But if you ask me for any good alternatives for the features I mentioned above, then I would say it would be the Benzinga Pro and Trade Ideas Stock Screener.
First, the Benzinga Pro is a real-time news service that also delivers a fast news feed. There’s also a dedicated Squawk Box Feed that is the pre-market morning news. It announces market-moving exclusives, volume spikes, and rumors, as well as option alerts.
There is also the Trade Ideas stock scanner. It promises to deliver automated chart analysis at affordable pricing. The trading platform even utilizes an artificial intelligence-powered robot-advisor for streaming charts and chart analysis.
What others are saying: Scanz vs. Benzinga Pro vs.Trade-Ideas
Of course, this Scanz review would not be complete without knowing what other people are saying about these platforms
One Reddit user shared, “I signed up for Trade Ideas fairly early on when I started trading, but I didn’t use it enough to justify [the] cost… Benzinga Pro offers a free trial. I liked it during the trial, but again I personally couldn’t justify the cost with my current strategy.”
In another conversation thread, one Reddit user shared, “So much evidence of manipulation. This crash was recorded on Scanz.” He was referring to this screenshot:
Axis Investors also shared on his personal Scanz review on YouTube, “They had this news feed and this stock scanning. So, I wouldn’t have to get two different platforms to do one task.”
One downside he mentioned, though, is that “the news kind of pops up on some different monitors that I have… Even if I keep it on one monitor or change it, it’s always gonna open up at different places… This is something that’s quite annoying.”
Prices for the Scanz Stock Scanner Packages
The Pricing Truth: How much is Scanz monthly?
After trying the 7-day free trial, Scanz scanner will be available at $99 per month and for the news scanner, it will be $79. You can scan a combination of AMEX, NYSE, and NASDAQ on a trade scanner and stream SEC filings and news on the same market.
To avail of both, the price would be $149 monthly.
Scanz Review: Pros and Cons
- Powerful scanning platform from your dashboard in just a few clicks
- Versatile scanning software
- Delivers real-time data and notification alerts using technical filters and liquidity
- You can use custom filters to focus only on foreign stocks or news alerts, for instance
- Comes with broker integrations so you can integrate about 10 brokerage platforms (popular brokers like Interactive Brokers, ) and connect them to Scanz platform for easy viewing
- Easy cancellation procedure after 7-day trial if you are not satisfied with what this platform can offer
- Good data speed (US data coverage)
- High price point for the full scanning and news package
- Extra costs for the over-the-counter (OTC) market data
- Pre-configured scans are not available yet
Scanz mission is to provide day traders like you with the most intuitive scanning platform and help teach you to identify opportunities by using technical analysis so you eventually become a systematic day or swing trader.
True enough, it is an interesting stock screener and comes with great functionalities. But for its price point (which is even not too high nor affordable but just in the middle when compared to its competitors), I wouldn’t say it’s my favorite.
While you are provided with charts, you still have to understand the pre-market, regular market, and even post-market so you can develop a strategy that works for you. Regardless of how good a scanner is, you still have to know how to interpret the data.
Would I recommend this? Yes. If you have the budget and you’re interested to minimize your losses and increase your profitability, start with the 7-day trial.
If you like this article, you might want to check out our other articles at FoxyTrades.com.