Day Trading Tools

There are some basic services and equipment that you'll need to get set up as a day trader. You don't want to skimp because otherwise you won't be able to compete on the same level with other day traders and market makers. You'll obviously need a good computer and monitor that have been properly configured. The higher the processor speed, the better. Make sure you also get a good quality video card and a large monitor, the bigger the better. A cable modem connection will not suffice to be a successful day trader. Get a cable modem or DSL phone line connection.

Access to real time data is of utmost importance to be in day trading. By searching the net you'll find many companies that provide online market data. You'll need access to information like stock quotes and tickers, charts, market averages and indices, and the latest price and news. For online order execution you can use online internet discount brokers which are the most commonly used. You can also use services from online systems (Electronic Direct Access Trading (EDAT)) that link you directly to relevant exchange you need via a modem or phone line. As always, make sure you do your homework before purchasing any equipment and services so you know exactly what you're getting.