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. Something a lot of people inquire about is “What stock trading software do I use, and what other resources do I recommend?”

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. Make sure you remember we’re talking about daytrading, if you are a non-intraday investor there are different tools that will be better for you. When you’re daytrading the two main criteria on which I evaluate software is execution speed and customer service. Commissions are really not as important as you would think. These companies are very competitive now, and the fee structures are not that varied any longer. 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.

For a long time I’ve been telling people that when you attempt to trade stocks intraday with software that isn’t fast and simple is like trying to win a marathon as a person with no limbs. The other thing you need to be cautious of is people recommending “their own” discount broker. Many are given incentives to have their friends sign up and I’ve heard of people making more money that way then in stocks. It’s easy enough to say that the differences between programs in major.

Quotes and Data Feed: Certain brokers that you choose will require that you provide your own live 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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