Is it necessary to buy software like Wizetrade in order to day trade?
October 21st, 2009
I am interested in day trading, and I am seeing tons of informercials that claim to help and reduce the risk of losing money. Has anyone out the day traded before, and if so what would you suggest. Can I just get an online broker and do the same thing. Will an online broker give me research about a stock, and let me set my own entry and exit points? Help!!!
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Posted in Stock Trading Robots | 
Tags: Buy Software, day trading, exit points, informercials, money, Online Broker, risk, stock, Wizetrade
You can get real time charts which cost more money. The higher the level, the more real time info you get. Most free charts are 20 to 30 minutes old. You will have to plot your own buy and sell points. You will have to beat your own buys and sell fees plus taxes. I ran across a guy that spent $64,000 in just buy and sell fees and ended up breaking even for the year.
infoscams is more like it
seriously though your broker you currently have has what you need BUT some have "special rules" for day traders (meaning a higher account balance) while I am not a fan of day trading (because of all the fees you get buying/selling I do not codone either you have to be really sharp know your stuff and have about six months of cash in RESERVE in case your trades go sour on you so you have something to fall back on. Also income taxes are very unfriendly to day traders as well.
1) No.
2) I have been daytrading for over a decade.
3) If you don’t have at least a $25,000.00 USD car (Paid in full) and at least a $75,000.00 USD house (Paid in full) and at least $25,000.00 USD in your brokerage account then you should not daytrade.
4) Yes, you can get an online broker and do the same thing.
5) Discount Online Brokers like E*Trade, Scottrade or TD Ameritrade won’t give you research. For that you need to hire a FULL SERVICE ONLINE BROKER like Charles Schwab, Merrill Lynch or Fidelity.
6) Reasearch Firms only give advice. You still have to set your own trades. If you don’t want to do that then you need to hire a Financial Advisor, Portfolio Manager, Private Bank or Wealth Management Firm.
Hi,
If you want to by a day trader you really have open online trading account. The reason is that you would have charts and some technical indicators that are very useful in day trading. But you may trade too as you have traded before.
If you are interesting I could introduce you to one brokerage company in Austria that allows to trade online from same account currency (forex), commodities, metals and cfd on shares. Total 500 instruments available; spread from 1 pip for currency pairs and from 5 pip for cfd.
If you are interesting and/or have any question please pm or e-mail me (press on my name) and I provide you with further information.
Good luck!