Tools and DayTrading101 info needed

Discussion in 'Trading' started by newcomer, Jan 21, 2003.

  1. newcomer


    Hi, I am new to day trading, and need recomendatiotions for:
    1. Best combination of Datafeed/ Software/ Brokerage ; and any other 'tool' for day trading.
    2. Some basic DayTrading101 for a beginner.
    Please help.
    Sincerely, Dominik
  2. Sittas


    Hi Newcomer,

    Here's my recommendation:

    1. Use a DAT broker, preferably using realitick
    2. Have a backup quote provider, like qcharts
    3. have a backup isp
    4. get some training (books, seminars etc.)
    5. Pick a strategy that fits your personality
    6. Use a simulator until you're successful for at least 2 months

    Happy trading,
  3. newcomer


    Thanks for reply, Dom
  4. Shaman


    trade small: 100 shares. Do not increase your size until you can show consistent profits. All you are doing in the beginning is learning and education costs money. if you keep your size small you lose less and increase your chances to stay in the game long enough to learn how to make money.

    spend a afternoon or a couple to go through the archives here. There are some excellent posts around, you just have to put a little effort in to find em.
  5. bobcathy1

    bobcathy1 Guest

    I like TradeStation for charts and use it for stocks.
    IB for futures until TradeStation gets it's act together.

    For learning.... is a good free site.

    Go to the thread on Cathy's Chimp Charts for a simple system that works on ET. I also like The Surf Report on ET as he has quite a track record.

    A good daytrading site is for $195 a year. I learned a lot from it. You can get a free 2 week trial and see if it is for you.
  6. balda


    keep a daily log of your trades with explanations on your own decisions (why you make that trade).
    most of the beginners don't do it - BIG mistake. (and I am one of them), you can learn a lot from yourself.
    at least you will not make same mistake twice.
  7. balda


    and read all Super-Ego's posts, that dude knows what he is talking about, a lot of people don't like him for that.
  8. When is the sales pitch?
  9. nitro


    1) TradeStation 6 (TS6) would take care of all of these, but I would not use them for brokerage. I use to like theTS6 software and datafeed alot, but recently, the quotes on the minis are horrible. They claim they will be ordering a direct line from the exchange at the end of this month, let's see...Otherwise, as far as brokerage goes, I woul choose Interactive Brokers to start.

    2) I would say one of the best places to start as a beginner is to go to a daytrading firm like Bright or Echo an go through their one week course. Some people here have liked it, others say it is too elementary. If 101 is what you need, I would certainly say that it fills that bill.