What resources I use to Trade.
I have two brokers, Goldman Sachs, where I keep most of my investments which are mainly Income generating stocks and reits. Their commissions are really steep $250 plus per 1000 shares traded.
I use E Schwab for my margin day trading account, commissions are
$29 per 1000 shares traded. They are not the cheapest even though they were when I first opened an account in the early 80's. I feel, as in many things in life you get what you pay for. The execution at Scwawb is good, not as good as Goldman. But I would go broke with Goldman's commissions sched...
As for Quotes, I use Pc Quotes, I get the second level service which includes basic charts and RT quotes for $150 per month. I have a ISDN data feed, so the data is pretty timely.
I tried a lot of services, before I chose PC Quote.. I like RT quotes the best, but they were too expensive for my needs. They also wanted $400-500 just to set up an account.
I have a 21" Viewsonic P815 Monitor to make viewing easier for my eyes. Also I can load a lot of data on the screen at once. I usually use both IE 4.0 and Net Communicator 4.0 at the same time So I can read news article and follow the market at the same time. My computer which I build as a hobby..Is a Pentium II 266 w/128mb of Ram running NT 4.0. I like NT, but it limits you from a lot of multimedia resources... But it is very stable, and needs a lot or RAM....
I watch CNBC and CNNFn all day long. Using PinP to display both shows and I often switch back and forth all day long.
I get up each morning at 5am here on the west coast to watch Sqwak Box on CNBC.. My favorite business show. Market open at 6:30 am here... I use to live in Hawaii and it started there at 4am, what a pain...
I also read the WSJ/Barons online each morning. I usually don't trade until the market has settle down, and is maybe showing some direction.. 11am est.. I also trade a lot in the late day, when I know there is a lot of short covering.. Earning reporting days are usually quite profitable. As I stated I follow mainly the high techs favorites. such as AMAT,ASNS,COMS,CPQ,DELL,MU,SUNW etc... Why, becuase they moving up and down all day long, and have high volume the two keys to day trading.
I don't read many newsletters.. In the past, I think I read them all.
I prefer the ones that are digests or other newsletters.
I read Business Week, Fortune and Forbes, and of course browse the web.
Sorry for the long post...
Regards
Don Green |
