Tom,
Thanks for checking in. You asked some questions that don't have exact answers: ie. 'good or not good'. There are varying levels given what you are looking to do.
There are also varying levels of trading/day trading. I know individuals who do 2 tickets a day, maybe 5 a week, and individuals who do 100 a week and each calls themselves a daytrader. Some people love PCQUOTE, some SPCOmstock, Some quotron.
A few words, though:
1. If you are looking to make a living out of this, and I dont know what kind of money you make now that you would be looking to replace it with something as risky as day trading, spending a few more bucks a month for a good, really good quote service should not make or break you. ie...if you spend a $100 more per month for all the bells and whistles, its less than an 1/8th point per month. YOu make the 1/8th one time because of the extras, it pays for itself.
I would look to SPComstock because they have plugins for various software developes, but I would also give Reuters QUotron internet a good luck. I know a lot of people that REALLY like that system but are hestitant to use for day trading as they dont have l2 setup yet...soon.
2. As for a broker, Obviously, if you have been reading this thread, you can guess my approach. First, though, I would say that your use of Fidelity and AMeritrade is way off base for active day trading, IMO. Fidelity makes markets and Ameritrade nondiscrimintorily routes to market makers, third market pariticiapnts. Forget these firms for day trading.
I have heard great things, but have yet to experience, the services of MBTrading...check them out at mbtrading.com. Ross will get that home.html out of there one of these days! :).
As well, if you are not looking to do 20 or more tickets a day, but will take your time learning and developing skills, doing more reasonable quantities in the 4 to 10 tickets a day, a firm like ours, would be a great choice. Our commissions are in line, although slightly more than most online trading shops, yet we generally make it up and then some in quality of executions. As well, you can learn an heck of a lot from some experienced traders which can keep you out of trouble and pay for itself time and time again as you develop your skills. check our site at yamner.com
Lastly, as I am sometimes criticized for, I stronly suggest you spend a lot of time pondering whether day trading is something you should be even doing. Only about 1 in 30 , if that, traders succeed day trading and the risks are tremendous. Why would you expect the rate of success to be any less in a business where someone could $thousands per day? The point being, you could be that 1 in 30, or whatever the odds are, but also realize that the odds say you might be the 29 in 30 who should stick to quality longer term and position trading.
Regards,
Steve@yamner.com |
