Things That Make My Life As A DayTrader Easier

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?" Many subscribers want to know what broker to use, what kind of computer, how many monitors etc., etc.

So let’s cover a few of these questions.

Brokers: I strongly suggest you look into using one of these two day trading software programs: 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. For day trading, fast execution and customer service are the two most important considerations on which you need to base your decision. 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.

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. 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.