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As a partial owner of InvestingGuruMinotor, a stock information site, I get asked questions on a daily basis about programs I use to trade better. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?” Many subscribers want to know what broker to use, what kind of computer, how many monitors etc., etc.

So let’s cover a few of these questions.

Brokers: There are only one or two stock software that I really feel that I can strongly back: MBTrading or cybertrader pro, with a strong personal bias for MBTrading. My bias is based simply on past experience. Keep in mind we are talking day trading here, not investing. The major things you need to look for is speed of execution and customer service when you’re choosing a provider for daytrading. Commissions are really not as important as you would think. Since the market for brokerage is so competitive there is little differance in costs, and where there is additional cost there is additional benifit. Having a trade go through slowly, or even worse incorrectly, can end up costing you hundreds of dollars in time and money compared to the slight additional cost of choosing the right 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. 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.

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