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  • Best Daytrading software platform

    I use Scottrade to trade but there are a few things about it I don't like. In particular, at 4 pm the charts stop and do not track after hours prices. In daytrading this is bogus - I would like to find a platform that continues graphing pricing pre and post market. Does etrade do this?

    What is a good platform for this or other aspects of day trading? Thanks.

    Barry W. Chapin

  • #2
    Originally posted by Patentman View Post
    I use Scottrade to trade but there are a few things about it I don't like. In particular, at 4 pm the charts stop and do not track after hours prices. In daytrading this is bogus - I would like to find a platform that continues graphing pricing pre and post market. Does etrade do this?

    What is a good platform for this or other aspects of day trading? Thanks.

    Barry W. Chapin
    Hi Barry,

    I've had pretty good luck with TD Ameritrade's platform. They provide a nice java based system that allows for charting pre and post market. You can configure the charts to either track market hours or also extending hours. You can also configure the charts for tick by tick over several days, which is nice when daytrading. Also, their fees are very low, yet the trade executions rival many of the much higher price brokers out there that provide professional level executions and direct access trading platforms.

    Additionally, if you sign up under an individual account, the Level II data is free of charge. I have used them for trading options and was very happy with the service. I placed a few trades for $100K+ (i.e. large blocks of stocks and/or large numbers of contracts) and had no problems with the executions. The Java applet allows you to configure a full screen with real time watch list, multiple level II screens, stock alerts based on triggers and also real time portfolio tracking. I usually setup a real time tick by tick chart right in the middle to watch ever stock(s) I'm trading. You can input different tickers into the chart and it will draw the chart. It also shows the previous close line, which is nice. By switching from 1, 2 or 3, etc. days ,you can see how the stock has traded over the last few sessions. The chart is configurable so you can see it in line mode or candle stick mode, etc.

    Considering it's all free and the trades are only about $10 per trade (or whatever they charge - it's very low), I have been very pleased with it. Also, they have a private client division if you have a large account balance (I think around $500K or something). They give you a dedicated sales rep where you can all. I've been very impressed with their service. My rep always calls me back when I leave messages for him with questions about trading or stocks, etc. They also are very customer oriented when it comes to users. Any time I call in to place a trade (such as on penny stocks or something), they always make sure to give me the lower on-line price without even having to ask for it.

    I would check them out and see what you think, but I have used professional level execution platforms and what TD Ameritrade offers gives you about 95% of what they do at a fraction of the cost.

    I personally have not used etrade in a number of years, but I think they have something similar. I just can't comment on it because it's been a while since I used it. The other nice thing about TD Ameritrade is they have a nice tax center, where you can download 1099's and consolidated trade information into a spreadsheet. This makes doing your taxes at the end of the year pretty easy (and makes my CPA happy as well :-)

    Ray

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    • #3
      Any other thoughts?

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      • #4
        I dont know if there is any brokers in US that allow you to use ORC. If there is then i would recomend you to try it out. One of the best softwares.

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        • #5
          Originally posted by SwedishDaytrader View Post
          I dont know if there is any brokers in US that allow you to use ORC. If there is then i would recomend you to try it out. One of the best softwares.
          do you have a link for that? I'm not sure what ORC is.

          Ray

          Comment


          • #6
            Originally posted by RayJohns View Post
            do you have a link for that? I'm not sure what ORC is.

            Ray
            http://www.orcsoftware.com/Solutions...g/Orc-Trading/


            Etrade.com allows you to use ORC and if im not mistaking etrade is avaliable in the US?

            Comment


            • #7
              Originally posted by SwedishDaytrader View Post
              http://www.orcsoftware.com/Solutions...g/Orc-Trading/


              Etrade.com allows you to use ORC and if im not mistaking etrade is avaliable in the US?
              Yes, etrade.com is popular in the USA.

              Ray

              Comment


              • #8
                Originally posted by Patentman View Post
                What is a good platform for this or other aspects of day trading?
                I would definitly recomend a true scalping platform such as x-trader, cqg, or ninja-trader.
                Ninja is great because it is free while you're learning (in sim mode).

                There are plenty of platforms out there to choose from but these are the ones I'd recomend right now.

                Chicago

                Comment


                • #9
                  I use Think or Swim. They only charge $5 per trade ...or per completed order ($10 to open and close a trade).

                  I think part of the problem trying to trade after hours -- especially if it is a foreign stock --- if you live in the United States is market makers will charge higher fees than they would if you actually had a foreign brokerage account. At least that is what Peter Schiff says in his book Crash Proof

                  Comment


                  • #10
                    Licensed & Unlicensed Trader Option

                    I work with a firm that is ideal for both licensed and UNLICENSED traders looking for better leverage than offered with retail. My experience with them has been very good, and they are very well funded. But most of all...they are a broker-dealer and set up LEGALLY unlike many other firms out there providing illegal leverage to non-licensed traders. They offer both Sterling and Lightspeed trading platforms and in my opinion, if you are unlicensed, there is no better platform than Lightspeed. Assent's Anvil is a close second but their rates are higher and they only give retail leverage to non-licensed traders.

                    PM me if you have questions.

                    Comment


                    • #11
                      I've used Scottrade and Ameritrade for the last 16 months. Ameritrade is very easy to deal with and has a nice web site that is very easy to use. Their website chart is a minute slow compared to their java program, that works well on Linux, and their 24/7 support line is excellent. A disadvantage is their trades are $20 each, $10 for each side.

                      RayJohn, how did you get a tick chart on Ameritrade's platform? I've looked all over their site and not been able to find one.

                      Scottrade is hard to deal with and I'm planning to transfer that account somewhere else, possibly IB or ThinkorSwim but haven't decided where yet. My understanding is that IB has 30 second data and you can't get true tick charts with them. I'm not all that comfortable with ThinkorSwim, and would like to hear how people feel about trading with either of them.

                      Comment


                      • #12
                        Originally posted by johnlvs2run View Post
                        I've used Scottrade and Ameritrade for the last 16 months. Ameritrade is very easy to deal with and has a nice web site that is very easy to use. Their website chart is a minute slow compared to their java program, that works well on Linux, and their 24/7 support line is excellent. A disadvantage is their trades are $20 each, $10 for each side.

                        RayJohn, how did you get a tick chart on Ameritrade's platform? I've looked all over their site and not been able to find one.

                        Scottrade is hard to deal with and I'm planning to transfer that account somewhere else, possibly IB or ThinkorSwim but haven't decided where yet. My understanding is that IB has 30 second data and you can't get true tick charts with them. I'm not all that comfortable with ThinkorSwim, and would like to hear how people feel about trading with either of them.
                        I'm actually having a problem with Ameritrade's Java applet (i.e. command center 2.0) locking up my system, so I can't get in there right this second to check. I may have said tick by tick, when I was thinking of their 1 minute charts. I'll check from another computer and get back to you. The setting I'm thinking of is in the chart in CC 2.0 - you select whatever the smallest time increment is. It may be 1 minute now that I think about it.

                        Ray

                        Comment


                        • #13
                          Originally posted by RayJohns View Post
                          I'm actually having a problem with Ameritrade's Java applet (i.e. command center 2.0) locking up my system, so I can't get in there right this second to check. I may have said tick by tick, when I was thinking of their 1 minute charts. I'll check from another computer and get back to you. The setting I'm thinking of is in the chart in CC 2.0 - you select whatever the smallest time increment is. It may be 1 minute now that I think about it.

                          Ray
                          Hey guys just looked on CC and the smallest time increment is 1 minute...

                          Comment


                          • #14
                            All depends on what you are daytrading....I trade ES Futures and use PFGbest and very happy with them. I do around 100-150 trades per day and they have competitive commissions.

                            As for software...I use Metastock Pro with E-signal feed. The software is a killer (drop and drag) platform that allows you to do custom stuff.

                            If you are just getting into daytrading, I would suggest trading only 1 thing.....not 10 stocks, this and that...1 thing and get good at it.

                            Here is post of my setup that I use to trade the Emini. (to the editors, there is no link to website here...just an image)
                            http://2.bp.blogspot.com/_cuOqqJaAgb...mini012309.gif

                            Here is Fridays trades, was a slo day (again no link to website, just image)

                            http://4.bp.blogspot.com/_cuOqqJaAgb...rade012309.gif


                            Best
                            Regards

                            Comment


                            • #15
                              Any thoughts on TradeStation, moving to them on Friday, anything over 30 trades is 6.99 but for there top chart and executions platform there is a 90.00 per month fee. I don't have a problem with that as long when I hit the buy/sell button I get what I saw and not a .03 to .04 difference and sometimes more from Scott Trade.

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