Choosing the right day trading services involves a lot of key decisions when you start your trading career. Think of it this way: you are picking out your team. The players who are part of your team are completely your choice. They are there to serve you, based on the types of trading you'll be doing. These players, and the services they provide, will color how you approach your trading from the very beginning.
Let me give you some examples.
If you are going to be swing trading instead of day trading, then you probably don't need to pay for real time data feeds or the most expensive providers of charts. On the other hand, if you are going to be day trading, then paying the extra fee for real time data is essential. (You don't want to be making decisions based on 20-minute delayed data.)
If you want the input of seasoned brokers as you make your trade decisions, then you may want a full service broker who is qualified to help you manage your portfolio. On the other hand, if you are day trader managing your own account, then a deep discount online broker might be your best choice.
Some day traders, in their hurry to start trading, move hastily through this process of choosing their day trading services. They see a few ads listed and quickly determine that all services are created equal. But they are not. There is a lot of variety. And, when you are starting a day trading business, these team players make a difference.
The good news is this: if you feel like you've made a mistake with any of your team members (i.e. they are not performing up to your standards), then you can replace them. Think of it this way: your finding a dentist, not a marriage partner. These service providers are here to help you make a profit in the market. If you think you need to make a change, then don't be afraid to do so after careful consideration.
You might also find it helpful to ask other traders about their opinions regarding brokers and other service providers. Chat rooms and trader Facebook groups can be one place to do this. (If you want to join my Facebook group and see recent posts on a variety of trader topics, then click here.)
Since these services are so important to building a day trading business, I've broken them down into various components. The links in blue will take your to other pages, either on this web site or off site, for more in-depth discussion of things you should consider for each separate service.
As mentioned, you can click on the
links to read more information about those day trading services.
If you are new to day trading and you are just starting a day trading business, I encourage you to take the time to review these services. And remember this...if you feel that you've made a bad decision with any of your choices, then know that you can change vendors. This is your business. So, as you learn what it is you want from these services, keep searching until you find the ones that create your perfect team.
Here are a few books that you might also find useful as you weigh your options on these services: