Things That Have Made My Life As A Daytrader More Fun

Posted on November 25, 2008
Filed Under Brokerage Firms |

As the moderator of MarketSmith, one of the netrsquo;s top real-time, live, chat room dedicated to stock trading, I receive many requests and questions on a daily basis. Something a lot of people inquire about is What stock trading software do I use, and what other resources do I recommend? There are lots of questions I hear over and over, and frankly it gets a little burdening.brbrI figured I would answer a few of these questions in a public form so hopefully I wont have to answer them repeatedly.brbrBrokers: There are only one or two a href=http://www.stocktradingsoftwarereviews.org target=’_blank’market platform/a that I really feel that I can strongly back: MBTrading or a href=http://www.stocktradingsoftwarereviews.org/cybertrader-pro-review/ target=’_blank’cybertrader/a, with a strong personal bias for MBTrading. My bias is based simply on past experience. Make sure you remember we’re talking about daytrading, if you are a non-intraday investor there are different tools that will be better for you. The major things you need to look for is speed of execution and customer service when you’re choosing a provider for daytrading. Many people are really concerned with commissions, but that train of thought can cost you in the end. These companies are very competitive now, and the fee structures are not that varied any longer. Poor execution and inadequate customer service can cost you many times more than the savings you might realize by using the wrong broker.brbrI often make the somewhat silly analogy of ldquo;trying to trade with anything other then a fast, point and click day trading system like MBTrading or CyberTrader, is like trying to win the Indianapolis 500 with your family mini-van.rdquo; The other thing you need to be cautious of is people recommending ldquo;their ownrdquo; discount broker. Most have never even seen an MBTrading or CyberTrader system. It’s easy enough to say that the differences between programs in major.brbrQuotes and Data Feed: Certain brokers that you choose will require that you provide your own live data feed. I suggest you ask the broker you choose to make a recommendation here. They have worked closely with different data suppliers and should be able to tell you which one is doing the best job with their service. However, who ever you do choose, make sure you have real time charting, Level II quotes for both the NASDAQ ldquo;andrdquo; the Dow listed stocks.

Tags: Brokerage Firms

Things That Have Made My Life As A Daytrader More Fun

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