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As the moderator of MarketSmith, one of the net’s top real-time, live, chat room dedicated to stock trading, I receive many requests and questions on a daily basis. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?” Many subscribers want to know what broker to use, what kind of computer, how many monitors etc., etc.

So let’s cover a few of these questions.

Brokers: I strongly suggest you look into using one of these two day trading software programs: MBTrading or CyberTrader, with a strong personal bias for MBTrading. I really only prefer MBTrading because it was what I started with. Keep in mind we are talking day trading here, not investing. When you’re daytrading the two main criteria on which I evaluate software is execution speed and customer service. Commissions are really not as important as you would think. Since the market for brokerage is so competitive there is little differance in costs, and where there is additional cost there is additional benifit. Having a trade go through slowly, or even worse incorrectly, can end up costing you hundreds of dollars in time and money compared to the slight additional cost of choosing the right broker.

For a long time I’ve been telling people that when you attempt to trade stocks intraday with software that isn’t fast and simple is like trying to win a marathon as a person with no limbs. Be cautious also of people who make recommendations of their own discount broker. Many are given incentives to have their friends sign up and I’ve heard of people making more money that way then in stocks. It’s easy enough to say that the differences between programs in major.

Quotes and Data Feed: Depending on which broker you choose, you may also need a stand-alone quote/data feed. The easiest (and probably best) thing to do in that situation is find out what the broker recommends. They have worked closely with different data suppliers and should be able to tell you which one is doing the best job with their service. No matter what service you get, two things you need need need is Level II quotes for both the NASDAQ and Dow stock exchanges.

You will find that stock trading software can make your efforts more successful, it may be the answer that you are looking for to help you boost your earnings. In the old days people interested in the stock market had to evaluate the history and the future of stocks by going over mountains of paperwork. With the use of technology one can do hundreds of computations a minute benefiting the user.

There are a lot of options out there when it comes to stock market programs that you can have your choice between. What you will also notice is that they aren’t all created the same. You want to invest your time and money in a program that meets your specific needs. Take some time to assess what it is that you really want to gain from such materials.

You definitely want to buy stock trading software that allows you to get free updates. In that what you know for sure that you have up to date information. This can have a huge impact on your profits from trading efforts. One thing to look for is the ability to change dimensions, colors, and format of charts and graphs. That allows you to read it in a format that is acceptable for you.

There are plenty of on-line sites out there that allow you to use a demo of their stock trading software. It is a good idea to take advantage of these offers. While you may not get to access all of the features you will get most of the basics. You can see how the software works, and make sure it has a good user interface for you.

You will find that with the help of {investing platforms|market programs} you are able to get successful results. You can keep track of your portfolio, buy and sell stocks, and take a good look at charts and graphs. It’s important that you can make the program look and work how you want so that you can take the most from it. By taking the time to compare features, navigation abilities, and the cost you can invest in the program that is right for you. Your skill doesn’t really matter, investing programs can give you a leg up and help you maximize your profit and efficacy.

Joshua Hayes' Market Wrap Up

As far as I am concerned Joshua Hayes is an investor who someday will be remembered as one of the great investors of our time. It’s been well over 10 years that Joshua has been graciously sharing his investing knowledge with the world helping people achieve success. He has done this on his Maui Trader blogger blog, when he was an active member at Investor’s Paradise, and now does so on his paid site BigWaveTrading.com and free site BigWaveTrading.net.

So now you ask yourself what can the sites he’s on now offer to me and other investors? Joshua Hayes’ paid site, BigWaveTrading.com, gives people access to Joshua’s daily stock picks for varying prices depending on the level of access. If you don’t think that paying for stock advice is worthwhile then there is a free option as well. Joshua also gives people his daily commentary for free at BigWaveTrading.net where he gives stock market investing advice focusing on the markets more generally.

Investor’s Business Daily, Worden Telechart, and CANSLIM are the tools Joshua uses in pursuit of the almighty dollar (and he provides great info on each of these tools on his sites). He has been a contributor at Real Money, Seeking Alpha, Best Way To Invest, Miny Anville, Straight Stocks, and I Stock Analyst. So as you can see he has a wealth of experience.

It’s been 3 years since I was introduced to Joshua and thank God I found him when I did. He has helped me progress far more quickly than I would have alone in the investing world learning through trial and error. If I hadn’t found him I don’t know where I’d be today, bankrupt maybe, but certainly a lot worse off. I don’t know why someone would not take advantage of his free offer of help at BigWaveTrading.net, and I bet if you do you’ll get hooked and see the value that BigWaveTrading.com offers and sign up. Joshua Hayes is my hero.