What software do I need to become a day trader and how much will it cost?

Question

I want level one info - ie as up to date prices as possible. And I want to be able to deal by clicking the mouse rather than using the phone if possible (not sure if this is possible).

Answer 1

Well, there are so many different levels to this question - even at level 1 as you indicated.  The first thing you need to understand are what are the current day trading laws.  One of the most important regulations that effect day traders is the required account balance.  In order to make consecutive trades within one trade day, you are required to have a minimum balance of 25,000.  Otherwise, you are only allowed to make these types of trades (using the same funds) 3 or 4 trades out of 5 business days.

Now the other thing to consider even before you get to software is what types of trades are you going to make.  This is even more important for day traders.  What patterns will you trade?  What indicators will you use?  Where will you do your research each night?  What charting software will you use?  Where will you open your account?  All of these are components of an effective trade plan.  Without a trade plan, you are setting yourself up to lose money by making emotional and uneducated decisions.

This is also a good point to point out that following a newsletter is NOT a trade plan.  I think newsletters, blogs, etc. are good parts of a trade plan, but they are not the only part.  You must make decisions on what you will use to make your trading decisions.  Write them down as a part of your trade plan and stick to them.  If you only by rising 3 patterns, then do that.  When you stray of your plan, you again set yourself to lose money by being something that you are not.

Finally, most online brokerages will allow you to day trade.  As a previous poster mentioned, there are some brokerages that are dedicated to day traders.  They usually will also include charting software.  What might be the difference is if they will provide an effective way for you to scan for new stocks to trade.  Some brokerages will lower their fees based upon how many trades you make each month.

Here is a great review by Smart Money on the various Online Brokers which includes the #'s you seek:  http://www.smartmoney.com/brokers/index....

Hope this all helps

Answer 2

It's expensive.Day traders must have immeadiate access to news,trades and prices.An account of this kind costs approx £1,500per year.Do not attempt without it,as you will always miss out.96% of day traders lose money

Answer 3

all you have to do is call a day trading firm in your hometown.  most big daytrading firms allow remote trading if they don't have an office nearby.

most firms will require you to deposit some money in your account to hold you accountable for your losses.  the software is usually free and will be given to you.

Answer 4

Marex trading in London might help, not sure, otherwise there are ads in almost every investment magazine

Answer 5

Reuters has a top selling program that can be customized.

Prices can be $100-300+ month depending on subscriptions you want.

You will need real time if you want to trade.

"MetaStock Pro—Our premium technical analysis and charting software product for real-time traders."

"QuoteCenter—Our market data platform that uses Thomson Reuters real-time data—the most trusted and reliable data available to the individual investor. QuoteCenter is a software and data module that can stand alone or be run alongside MetaStock Pro or Pro FX to feed data into the program and take your analysis to the next level."