Things That Make My Life As A Daytrader Easier

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: 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. My bias is based simply on past experience. 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. 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. 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. 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: 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. No matter what service you get, two things you need need need is Level II quotes for both the NASDAQ and Dow stock exchanges.