Things That Have Made My Life As A DayTrader More Fun
As a partial owner of InvestingGuruMinotor, a stock information site, I get asked questions on a daily basis about programs I use to trade better. 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.
I figured I would answer a few of these questions in a public form so hopefully I wont have to answer them repeatedly.
Brokers: There are only one or two investing programs that I really feel that I can strongly back: MBTrading or CyberTrader, with a strong personal bias for MBTrading. My bias is based simply on past experience. Keep in mind we are talking day trading here, not investing. 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.
For a long time I′ve been telling people that when you attempt to trade stocks intraday with software that isn’t fast and simple is like trying to win a marathon as a person with no limbs. Be cautious also of people who make recommendations of their own discount broker. Many are given incentives to have their friends sign up and I′ve heard of people making more money that way then in stocks. It’s easy enough to say that the differences between programs in major.
Quotes 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. No matter what service you get, two things you need need need is Level II quotes for both the NASDAQ and Dow stock exchanges.
