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Things That Can Make Your Life As A DayTrader More Fun

By plrprousers | November 28, 2008

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?” They ask about a whole range of other things too, like brokers, my picks, and even general interest about my family.

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. Keep in mind we are talking day trading here, not investing. When you’re daytrading the two main criteria on which I evaluate software is execution speed and customer service. 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. Poor execution and inadequate customer service can cost you many times more than the savings you might realize by using the wrong broker.

I often make the somewhat silly analogy of “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.” 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: Depending on which broker you choose, you may also need a stand-alone quote/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.

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