DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: fftrader who wrote (3725)	9/11/1999 1:01:00 PM
From: Paul Viapiano	Read Replies (1) of 18137

Also was wondering if you or other folks out there think I can start daytrading(no scalping)with just a discount broker and a real time charting service(have IQ Charts)only, or do I not stand a chance without Level II,etc? thanks Level 2 can be very misleading, especially with internet and momo-of-the-day stocks. Sometimes I'll see a huge buildup of offers, only to see them vanish quickly due either to heavy buying or lifting. What looks like a wall of sellers many times gives way; the stock just chews through the levels. And vice-versa on the bid side on the way down. Level 2 may not be necessary, but it helps to see the action unfold along with a time-and-sales trade window beside it. Real-time charts are very important. I used IQC for a short while but the problem with them is that the charts only refresh every minute; they are not real time. Whether you are scalping or not, the free flow of information is important for getting a "feel" for the action. I trade with an online broker and eSignal and have found it extremely reliable...the next step would be a dedicated connect with a broker like Executioner, etc allowing access to ECNs, etc... Paul

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