Online trading has lowered commissions to the point where they are no longer the primary consideration. Ditto for good execution, if indeed they are Direct Access. If you decide later to trade commodities, options, futures, or currencies, TerraNova may be the only one that you can trade everything, real time, online, direct access. A lot of online brokerages claim to give you direct access, but if they take more than a second to execute your trade, it aint direct.
What you probably should be concentrating on is the best trading software or trading platform. But even then, everyone's criteria are different.
Find the articles online that have evaluated and compared online brokerages. I found a good one online in Barron's, but you'll find others in the trading magazines. Active Trader, Futures Mag, etc.
This is worth putting a little time and effort into, because it's a pain to switch, so once you choose, you're kinda stuck with it.
Townsend Electronics, the Parent company of TerraNova, is the one that digitized and electronified the Nasdaq. They are technological industry leaders and have a powerful and well built trading system.
I use RealTick at TerraNovaOnline, but it costs $275/mo. I think the Investor package is free to use, and just uses one screen.
What you should try is a free trial of their Investor platform, which is free. Their rates are good also, but of course, it depends on how often you trade. It will take you months to learn all the bells and whistles of what this program can do.
The other top-of-the line program is TradeStation, but it costs big bucks to join and operate. Some people consider it the Cadillac of trading and technical analysis.
TerraNova is the home of the Day Trader, so they think nothing of you making several hundred trades a day. You don't have to do that, but it's okay here if you do.
Here are this month's best traders:
http://www.top10traders.com/Top10Standings.aspx
Hope this helps.
Look into the Investor platform at TerraNovaOnline.com
I think this one is free if you open an account there. I use the full-blown package called RealTick for $250/mo. The Investor platform is the same software, sized down to one screen. I use five monitors. This is very technologically advanced softwarefrom Townsend Analytics, the one that digitized the entire Nasdaq last year. Cutting edge technology. If you make some money, then definately upgrade to RealTick.
First there are two books you should read. Way better than textbooks. The first is called "the math behind wall street".
http://www.amazon.com/Math-Behind-Wall-Street-Market/dp/1568581602/ref=pd_bbs_sr_1/002-9307096-4545628?ie=UTF8&s=books&qid=1177570772&sr=8-1
Then read this one;
http://www.amazon.com/Investing-Dummies-Business-Personal-Finance/dp/0764599038/ref=pd_bbs_1/002-9307096-4545628?ie=UTF8&s=books&qid=1177570661&sr=8-1
If you want to jump into it right away, the University of Arizona has a lot of good materials online. The books are better, but here is the link;
http://www.studyfinance.com/
Read the books. Read the Wall Street Journal every day, highlight the terms you don't understand & look them up online. Google the term "_____ definition".
Finally play the fantasy stock market. It is a cheap way to learn.
Here is that link.
http://www.investopedia.com/
And the guide.
http://simulator.investopedia.com/stock/game/
Buy a Hewlett Packard financial calculator ($40 bucks), & READ THE MANUAL.
If you do this and like it, I'd recommend finance as a major. Although it is pretty intense.
Very cool that you want to learn.
Good luck
Pros First:
Work when you want
You are your own boss
Holidays off
If successful, you can make a ton of money
Work wherever you want as long as you have a pc and internet connection
Very low economic barriers to entry
Unlimited growth potential
Your ego will get a stroke when you tell people that you trade for a living
You'll learn more about your inner self than you would joining a convent
I'm sure there's more, but those are the big ones.
Now the Cons:
The educational learning curve is very steep.
You need to have at least $30,000 that you can afford to lose as well as 6-12 months of living expenses.
Inconsistent income with no benefits.
You will lose money for at least 6-12 months, period.
Everyone you know will think you're crazy, especially until you turn a profit which could realistically take years.
All of your personal flaws will be magnified, thrown in your face, and cost you money.
Its a very lonely job with little social interaction.
You may spend years of very hard work & study and still lose everything, can you handle that emotionally?
Just when you think you've got it, the markets will change and you're system will no longer work.
You are competing against the best professionals in the world, why would you have a chance?
There are a lot of really good pros to day trading but you need to be realistic in your expectations. Though you get to set your own hours, if you want to be successful, you must be willing to work at it just like any other job.
When things go well, don't get cocky, when things go bad, don't get down.
The odds are that you will fail, but don't let that discourage you from trying. Get as much education as you can and if possible, hook up with a profitable mentor to show you the ropes. And if you can't stand to loose everything and still be sane at the end, walk away now.
Hope this helps
you are not just investing here, but have a business operations to take care of. without proper tools, how can you expect to compete with all the professional traders worldwide? and on Daily Basis??
Example, if you bought 100 shares at $10, and the fee is $9.95, your adjusted cost basis is $1,009.95
If you then sold at $12, your proceeds from sale are $1,200 less trading fee of $9.95 = $1,190.05
So your trading profit is $180.10