Day Trading

It all depends on the security traded. If you are trading LEH for instance (usually .01 spread), market orders are sufficient for quick entry/exits. But for something like POT (which has spreads of up to .40 at times), limits are a much better method to reduce slippage.

Most day traders that I know always limit however. But they "limit through". Limiting through means they are limiting through the market, which will usually give them the same result as a market order, but helps in one particular area: "the bad print". Sometimes if you go market, you may receive a bit out of the spread, especially if you route through ECNs (and even NYSE at times). But if you limit through, you might catch an ECN for a good fill (sometimes better than the best bid/offer). By limiting through, you also limit the price at which you want (so don't overpay and such).

Also, if you don't know what limiting through is…..if the market is say 29.10 x 29.12 …and you want to buy….you limit buy at something like 29.15. This way, the worst fill you could receive is 29.15. I've seen some terrible prints before, so I definitely suggest doing this.

Thin issues are most prone for the bad print, but even thick issues are a problem at times. With LEH yesterday, I see a print of 13.98 when the market was 13.84 x 13.85 (because of a bad market print). With POT a few days ago, I say a print of 219.55 when the market was 218.95 x 219.10.

As for sources, check with your brokerage. Many of them make learning tools available to their clients.

Best of success.

As far as day trading it could be really sketchy at best because the trend is on a 24hr schedule but reading the news on recals product safety that sort of thing or what ever the news.

Ok case in point XM is doing great

Howard stern says hes signed a 5 year contract with serrius

Overnight 10's of thousands signed up for service.

I'm willing to be XM's stock slid nearly as much as sirrius's went up.

If this is more than idle boasting – you should take your results in the real world to a publisher and get a book out that allows the ignorant masses to understand your superior techniques and live off the royalties!

As far as day trading it could be really sketchy at best because the trend is on a 24hr schedule but reading the news on recals product safety that sort of thing or what ever the news.

Ok case in point XM is doing great

Howard stern says hes signed a 5 year contract with serrius

Overnight 10's of thousands signed up for service.

I'm willing to be XM's stock slid nearly as much as sirrius's went up.

The NASDAQ is a fully automated computer system. The tons of brokers instead of talking to the specialist just input their orders. The array of buy and sell orders form the bid/ask. When there's a match, the trade executes by computer.

There's not really a big problem in beginning to daytrade, but you need to be cautious. I'd advise you read this http://www.nyse.com/pdfs/im01-9Microsoft%20Word%20-%20Document%20in%2001-9.pdf

Then, you may want to continue paper trading, but you can trade for real if you set up strict losses. When I kick up my live account, I will close all my positions immediately if I lose 20%. Then, I will go back through my journals, the charts, and more paper trading until I get it right.

You can get all expenses lists from the individual sites under their fees + comissions and/or pricing tabs. If you are unclear of what they all are, just email the brokerage (I did this with several of tradeking's fees). You will need to get used to emailing and contacting people and services you will use or look into. Half of the battle of trading is finding everything you need — brokerage, information resources, software, data feeds, etc.

I've probably spent about half my time doing those kinds of things.