One of the best traders I know uses CNBC and E-trade. His monthly outlay is same as yours. He calls me for quotes and to watch his options fills. Not my style but hey, whatever works for you.
Some people need all the bells and whistles they can get to trade efectively...and that takes money...others do not need this...which takes less money...different strokes for different folks...either way is ok...just for the record I pay nothing...zero...thats right zero...of course I pay commissions...but thats it....am I gonna criticize the guy who pays $1000 a month....nope! Why?...because I see the forest through the trees and understand how this would work for them...if you take pride in the fact that your not going to pay a lot for this MUFFLER then great for you...if you take great pride in riding around in your Lamborghani then great for you...what ever works for you
Vinigar zero is pretty low. And i have spent over $1,000 a month for what i thought i needed. MY point is how munch is needed?
I hate to say this, but if you trade intraday, there is just no way in the world you can make top tier money without a top tier set-up. Swing trading is a different story, but in day trading you need to spend serious money on a (or have a firm provide) good set-up. I don't consider anyone a truly profitable trader unless they make 100K a year trading (no having 10 million in your account and get that via money market doesn't count, neither is someone who make one or two trades a month and hits a few lucky shots with a substantial account). I don't consider anyone a good trader unless they hit 250K. I don't consider anyone a great trader unless they hit 500K. I don't consider anyone a legend unless they break a million. Before you call yourself doing good, use my measuring stick and see where you stack up. As I said, if you happen to be a swing trader, I can see you getting away with IB/56K modem/One Monitor, but a professional calling others for quotes and stickng with CNBC/E-Trade, I don't think anyone can call himself a professional if he does that. I don't mean spending $1000 a month on stuff you don't need, but $20 is too little. A DSL costs more than that and if you use IB (since your commission rate suggests it) you probably need to throw in a data feed. I honestly don't believe you can do it for less can't you?
LOL Well Mr. Gary, I believe the answer to your question lies with the fish on the bottom of the ocean. There is no right answer to each and everyone of us. It is all individual. Besides, some of us like to spend money on things we don't even need. Although my ex-wife will argue until we are both deaf that she does need the new Bogner outfit she bought (she buys at least two every year and only ski one day on average). So in short, whatever works for you my friend. Bill PS, one thing my ex-wife was right about is that she always said that you need to spend money in order to make money. PSS, when Tony Oz suffered his biggest loss in the market, Jodi (his wife) said, "You have to be able to lose this kind of money if you want to make this kind of money." Tony always tells me this story with a big grin. He will be the first to admit that his career as a trader was on the line, and Jodi made the difference. Well I have to tell myself the same thing next week, because I just had my biggest losing day/week.
Hitman, yes your probably right...if your in the top teir you need a top teir setup to make money...the more bells and whistles you have and the better equipment you have ...is sure to give you an edge over the next guy...Gary is asking what is needed at a minimum...I am not sure where to draw the line...how about $700.00 a month...this seems like middle ground...what do you think?
$700 sounds excessive, although everything I use is provided by the firm so I have no idea what stuff costs in those days, but I do know $20 sounds like way too little if it includes ISP.
ok, lets see ...relatick three...level two fees...data fees...broadband fees...screener fees...news fees... I know you know I can keep going....ok...how about $400 a month for a middle of the road figure...do ya think you would have all that you would need? Is that enough money? Gary what do you say? I use Quotetracker.....cost $0.00 I use IB.......................cost $0.01 per share Broadband fee $40.00 per month I have three monitor set up, two cpu, which I built myself with windows pro 2000...I have a min amount balance only in a Merl Lynch account so I can get the news for free..S&P. Quite Frankly thats abiet,abeit,abeit,abeit thats all folks.
Hitman Never claimed to be a legend or great just said i do quite well. I have never called anyone for a quote. I sure understand where you are coming from. I Have paid for all the goodies ISDN, DSL, even T1, realtick3 ,UUNet, News, and much much more! The more i spent the more i traded. At my peek i was averaging 50 trips a day, long hard days. I really enjoy trading with a small nut to cover.