Day Trading

Etrade is supposed to allow you to trade on 4 or 5 stock marktes around the world – a huge advantage for a really smart investor or one that wants to focus on international stocks, but useless to most smaller investors (or most that want to focus on mutual funds – like you, maybe).

There are some other good ones. You'll find that OptionExpress is very good (never used this one myself, but they are well rated). More expensive that scottrade but margin rates are lower and maybe they are faster at filling trades.

Anyhow, thats my take on 3 of them but there are many more out there. Of course only used ones that are sipc insured, and again – I'd advise searching for more specifics on this via an online search. FYI, I think kiplingers had an areticle about this about 1-2 years ago. good article but alot can change in 2 years (and I'm not positive it was Kiplingers)

Best luck.

There's a special address for Canadians, https://www.thinkorswimcanada.com/.

Simply the best for swing trading stocks and options. There's even an audio program all day (9:15-11:30AM & 1:30-4:00PM, EST) . The program also answers questions on specific technical questions (on specific stocks) & there's a video/chart which you can see the "ShadowTrader" actually show what he's referring to.

The platform is great (really great!!!). Charts are great (both TOS and Profet). Service is great.

They have many conditional order types including;
Blast 6
One Cancells Other (great for putting in a stop and limit price at the same time).
1st Triggers next
Chose by time & date execution.
Market Close
and many more

There graphs art great. Service is great. You'll be amazed. This platform was rated #1 by Barron's in their March 2007 best online broker article ((for software based brokers).
They were an incredible hit in Las vegas at the TradersExpo this past November. More people were checking them out more than any other broker.

I've been with them since April 2007.
(I have used Schwab (active trader program), Ameritrade, Scottrade and Fidelity).

The only thing they lack is "BackTesting" and that's coming out in this month.

Other ideas for good platforms;
TradeStation (good charting, backtesting + much more)
Iinteractive Brokers (fair charting, over 40 order types).

In order to understand how markets work it is always better to have a good knowledge of the markets themselves. Few traders actually know this and this explains why a lot lose money on the derivative markets. One of the key ingredients to success is to understand the fundamental basics of supply and demand. Chartism also plays its role if you take the time to undestand it.

What I don't like about the programs that give people technical analysis information and "buy" and "sell" signals is that despite their claims of instant riches why is it that most people who make money on the market NEVER use them? There is the old saying "if something seems too good to be true isn't it the case it usually is?"

Many years ago I received a maling shot through the post about a program that could predict the exact peaks and troughs of the FTSE and other major indices. It said it had 90% accuracy and went back as far as 1901 predicting the 1930's slump! You just push in numbers and like magic instant wealth is produced. Now that's amazing software!

A few months later the entire company were exposed as a fraud on BBC television – which hardly surprised me!

The truth is that there are so many variables to the movements in stock prices and commodities that having a clear set mathematical formula for success is almost impossible. If you understand the correct method of trading and how to use derivatives correctly you can be on the way to a small fortune but this requires intelligence, vigilance and patience – qualities that most traders don't have.

I have found Tradindex to a a superb company which have given me one of the easiest trading platforms imaginable. However, a lot boils down to personal taste.

Another company I highly recommend is this one:

http://www.finspreads.com

Also try this brilliant authoress:

Toni Turner (http://www.toniturner.com/)

Good luck with your trading!

I use this broker (one of two),their platform is difficult to master, but certainly is the best priced and has more markets than any other retail broker.

I would suggest that trading on "international markets" be done after years of trading domestically. This broker can be trusted…… but to tell you what to watch out for would take too long.

Genesis provides the Laser platform, which offers direct access through all major US exchanges and ECNs. That is what I have had luck with. I felt it was very user friendly. At my last job I also worked with clients that use the Cybertrader platform, which is also a good Level II platform. The only other platform that I have worked with in addition to those two was HammerTrade, through Assent Clearing. At the time I used it (2004-2005) I found it to be relatively primitive, although I think they have advanced it since then. Other discount brokers like Etrade, etc. offer relatively good Level II platforms and even the major bulge bracket firms have tools available, if you meet capital requirements.

Oftentimes, you will find that it is trial and error-whatever works for you is the best. Different programs have different perks. If you are just looking at charting, I think ESignal is relatively good. You may want to check out Metastock too. Often charting systems will give you a free trial period to check out the software first. Good luck trading.

You're probably wanting to do it for the money, not for the process of trading. Or maybe you're good at analyzing the markets and setting up the computer to analyze and evaluate, but that doesn't make a trader.

If you're just doing it for the money, you will not approach the market properly, you will be impatient, and you will tire easily. Really, there are lots of better ways to make money. You probably already expect to earn an income from such a small investment of $2,500. If these are true, you have unrealistic expectations, and you will not succeed.

PremiereTrade is one of the best trading platforms for the Forex beginner, because they have such a great community of others to help you get going. It costs $3,000. But they will tell you up front to paper trade in the Demo Account for a year before you actually commit money.

Neither does a brain surgeon walk out of school and pick up a scapel and begin operating, or an engineer walk out of class and begin building skyscrapers. And you have not even begun to learn, let alone apply the rules of trading, or to master your fears and emotions, or even know what they are.

I think most people come to trading expecting to "Get rich quick." Doctors and lawyers are the worst traders in existence, because they are used to being in control. Almost all professionals do poorly at first, because they have succeeded elsewhere, and expect it to be easy.

Trading is the most difficult challenge you will ever face. If it were easy, we would all be rich. But instead, 80% of all traders blow out their account within the first year.

Personally, I have lost everything three times, trading the stock market index futures. Now I have finally settled on Forex, and am doing quite well after 17 years of learning.

If you buy PremiereTrade, they will charge you $100/mo for the data feed. For one year, that is another $1,200. You can trade a simulator for free here and learn as you go:

http://www.expertworx.com/pm/Forex%20Market%20Educational%20Game.htm

Here is the broker I use:

http://fxdd.com/

You can do similar screens for various technical criteria using various software packages out there. Some brokers even have free screening software built into their platforms.

Buy and Sell orders are usually executed within a few seconds for all trading platforms. But the order entry may be easier and faster on some platforms than on others.

Not all day-traders trade the same way. If you trade only once or twice a day. Then any platform might be suitable for you. But if you trade many times a day. Then you might need a platform where it's easy to enter Buy and Sell orders.

TD Ameritrade & E-Trade are not true “day trading” platforms.