Getting Started in Day Trading

There are a few basic necessities you need to get set up for day trading. First off you obviously need a computer that has been configured properly and a good monitor, the bigger the better. The faster your processor is the better and you'll need a good video card. A dial-up connection will not suffice. If you want to be an active and successful day trader you'll need a cable modem connection or a DSL phone line connection. You also need to have access to real-time market data like stock quotes and tickers, market averages and indices, the latest market news, Nasdaq level II screens, charting, and price and news alerts. You can find companies who offer data services online. In addition you'll need an online order execution service. There are two types: the most common for online traders are offered by internet-based online discount brokers such as E*trade or Waterhouse Securities. The second kind of service is offered through online systems that link the trader directly to the relevant exchange through a modem or dedicated phone line. These systems are generally referred to as Electronic Direct Access Trading (EDAT).