The Software Of The Daytrading Trade
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.
So let’s cover a few of these questions.
Brokers: There are only one or two stock software 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. 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. 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.
Check out our reviews:
FAP Turbo Review
Forex Megadroid Review
Forex Autopilot Review
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. The easiest (and probably best) thing to do in that situation is find out what the broker recommends. 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.
From The Archive
