The Software Of The Daytrading Trade
As the moderator of MarketSmith, one of the net’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.
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 trading program that I really feel that I can strongly back: MBTrading or cybertrader, with a strong personal bias 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. 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. 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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