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Things That Can Make Your Life As An Investor More Fun
Because I’m the owner of StockJumper, a big message board on the Internet, people ask me about many topics every day. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?” They ask about a whole range of other things too, like brokers, my picks, and even general interest about my family.
So let’s cover a few of these questions.
Brokers: There are only one or two investing program that I really feel that I can strongly back: MBTrading or cybertrader pro, 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. 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.” The other thing you need to be cautious of is people recommending “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.
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