Because I’m the owner of StockJumper, a big message board on the Internet, people ask me about many topics every day. Something a lot of people inquire about is “What stock trading software do I use, and what other resources do I recommend?” Many subscribers want to know what broker to use, what kind of computer, how many monitors etc., etc.
I figured I would answer a few of these questions in a public form so hopefully I wont have to answer them repeatedly.
Brokers: I strongly suggest you look into using one of these two day trading software programs: The two that I really like are cybertrader pro and MBTrading, with a preference for MBTrading. I really only prefer MBTrading because it was what I started with. 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. Commissions are really not as important as you would think. Since the market for brokerage is so competitive there is little differance in costs, and where there is additional cost there is additional benifit. Having a trade go through slowly, or even worse incorrectly, can end up costing you hundreds of dollars in time and money compared to the slight additional cost of choosing the right 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. Most have never even seen an MBTrading or CyberTrader system. Suffice to say, the differences are drastic.
Quotes and Data Feed: Depending on which broker you choose, you may also need a stand-alone quote/data feed. I suggest you ask the broker you choose to make a recommendation here. It’s likely that they have had experience with a lot of different data feeds and know what works best with their system. However, who ever you do choose, make sure you have real time charting, Level II quotes for both the NASDAQ “and” the Dow listed stocks.
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