What is a good day trading software and how much does it cost to start day trading?

Answer 1

Usually the software platform is part of the account itself. so if you get an account from Scottrade or E-Trade you will use their software. With new regulations forcing cleared funds to be in suspense for 72 hours, today's day trader needs about 40-50K in liquid funds if you want to bring home a few hundred dollars a day. Scottrade is the best platform I've seen if you have a powerful computer, but they all work about the same.

Answer 2

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Answer 3

As A day trader you only need real-time quotes, right? They are available free, with most trading accounts. You must believe in some trading format I've never heard of Good Luck! The less who know the better off you'll be.

Answer 4

I agree with the first two answers.

You also need to differentiate between execution and stock picking. In my opinion, good execution software (Schwab, Scottrade) is important. But you you have to be careful with stock picking software. If there is money lying around, nobody is going to stuf it into your pockets. You need to develop your own system which takes time. Execution platforms can help but they offer so much you need to know how to choose what's right for you. You may want to talk to experienced traders to see what's working for them. Try:

http://finance.groups.yahoo.com/group/TradingZoom/

Answer 5

There are less expensive ways to start day trading. It is much more risky and you will need a proven system to make it successful.

Have you considered spread-betting or CFD's (Contracts for difference)

IG Index is one such company that offeres such facilities.

Make sure that you understand everything about this BEFORE you make any investments.

Answer 6

The previous answer is a good one. I just wanted to add that many brokers will let you try a demo version before you actually open your account. I know Schwab does with their StreetSmartPro package.