Basic Day Trading Software Package

Whilst amateur traders may be able to get away with using free, or discounted, software applications to assist them in their trading, the serious day trader really needs to ensure that they have the latest up-to-the-minute state of the art day trading software package. At minimum, this should include:

•  market data provided on a real-time basis

•  Nasdaq Level II screens

•  Market news and stories

•  Stock market charts, bar-charts, candle charts, etc.

•  Stock quotes and ticker

•  Market averages and indices

•  Price and news alert service

Whilst some of these may well be provided to you when you open an account with a broker, it is likely that certain software applications will cost you additional membership fees; for example, access to market date provided on a real-time basis is usually an added fee. Nonetheless, keeping in mind that you will be day trading following minute-by-minute fluctuations in the market, these are essential applications if you are to stand a chance in your day trading career.

Moreover, as time is of the essence in day trading, beside the software application(s) your have to assist you in your day trading endeavors, you'll also need to make sure that you have Internet access with, at minimum cable modem connection or DSL phone line connection.

All of the above should be run off your 1.0GHz computer with 512 MB of RAM and a 100 Gigabyte hard drive. Remember, with the software applications you going to be running, and with the Internet connection you'll need, the approach to hardware should be the higher the processor speed the better!

Finally, in order to execute your online day trading orders you'll need to ensure that you have internet access to online discount brokers such as E*trade or Waterhouse Securities. Failure to have access to either of these two may not result in your being out of the day trading game, but it will seriously jeopardize your ability to execute rapid instructions into orders; which may cause you to lose money! As such, get it right.

All told your software programs and hardware accessories should run to an initial outlay of in the region of $200 - $5,000. If you are getting much change out this sum, it's as likely as not that you have inadequate materials to start your day trading career!

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