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Interested in Short-Term Online Stock Trading, But Not Sure Where to Start?
Having the right investing tools and resources can make your trading experience easier and more enjoyable. They can also mean the difference between success and failure.
In order to trade stocks or options, you will need five key tools:
To short-term trade stock or options, you really should have real-time quotes. In the past this has been costly. These days it's amazingly affordable, with real-time software and monthly exchange fees costing no more than a couple of commissions. And worth every dollar invested swap free account.
Don't trade without it.
To try and accomplish trading in the short-term without being aware of where the market is in real-time is one of the bigger mistakes any trader can make. You cannot rely on the bid/ask data at your broker, you certainly cannot rely on delayed data, and it is important to visually be able to see a price chart in addition to just the current real-time price.
Real-time quoting and charting solves several problems with ease. You know how critical gap entry rules are, and that they filter out countless trades every month, thus saving investors from entering into numerous transactions that end up not being profitable. With real-time charting you can easily visualize this basic trading rule and you will save yourself hundreds and even thousands of dollars per month if trading actively.
How about alerting yourself during the day to when a stock is approaching a profit target or a sell signal? You can set up the portfolio of stocks you are trading and new set-ups you are monitoring with these alerts. In real-time when the action prices approach, you will get your alert.
The only question remaining at this time should be "How do I get this real-time quoting and charting?"
MyTrackThe best deal out there in real-time stock and option quotes. Free trial is available and then if you go for their real-time service, the monthly charges are extremely reasonable compared to most on the market.
Money.net Make sure you have access to real-time quote and charting software. NetPicks offers a free two week trial that is just $14.95 a month thereafter that includes everything - realtime quotes, charting, portfolio tracking and alert service for the Nasdaq, NYSE and the American Exchange. You can start immediately by clicking the banner below:
2. Managing Your Portfolio
OptionMoney A Complete Portfolio System Designed for Stock and Option Traders. Option Money is a comprehensive Portfolio Management and Tracking System for Stocks, Options & Mutual Funds. Option Money allows both novice and sophisticated investors to manage their portfolio positions, create stock & option strategies, analyze portfolio risk, determine short & long term capital Gain/Loss and compile numerous useful reports, including a year-end schedule-D IRS tax report.
Option Money is an essential and powerful tool for all stock & option traders. Option Money gives you a clear trading and money making advantage by allowing you to be better organized, understand portfolio risk, investment strategies and tax planning.
OptionAll Boost your trading returns 50% to 400%! We would all like to have bought a Cisco or a Dell back when they were trading at a $1 per share many, many stock splits ago. But how can you get the same stellar returns in your trading with the trades you make on a regular basis?
Stock picking is just one part of the equation. What most people fail to realize is that smart money management can mean more to your portfolio than finding the next JDS Uniphase. What if you could take the same trades you have made over the last few months. Make no changes at all in what you bought and sold. Yes, include all the losers as well as the winners. And end up increasing your returns 50%, 100% or more?
It can be done and can be done with just a little extra investment of your time. For those types of results, wouldn't you be interested in adding a few extra minutes to your investing plan? Using sophisticated money management software called Option-All will immediately allow you to power your portfolio returns. The best thing about the software, besides the fact that your profits can accelerate so quickly, is that it is very easy to use. We're not talking some challenging and difficult process full of decisions. No, this is a solution that takes just a few minutes a day, and you'll be using cutting edge technology to determine what size of shares and options you should be trading, and it will guide you through every step of the process.
If you had a relatively easy and painless way to simply take your past trades and dramatically enhance your returns, would you consider it? Seems to be an easy answer. You work hard and make difficult decision on which stocks to buy and sell. Take a few extra minutes and look into Option-All. Take those same trades that are giving you modest returns and power up your portfolio. You'll even get 30 days of free access to the software so you can see how powerful it is. Click on the Option-All link and you'll be within a few minutes of dramatically improving your investing performance.
3. Finding the Trading Strategy That's Right For You
There are a thousand different trading systems, software packages and newsletters out there, but these are four of the very best.
NetPicks Stock & Option Advisory Newsletter This is a solid service with a winning track record and a methodical approach to trading. Published on the internet daily since 1996, NetPicks' online stock trading system uses stock investments, stock option picks and index options and is intended for serious investors who are online trading for aggressive returns.
Online investing (medium term holding) and online stock trading (short term trades usually one week or less) have soared in recent years. Whether it's with option trading or stock investments or even shorter timeframes with online stock day trading, there is a need for a dependable resource for individual traders to enhance their returns. NetPicks, through their stock option picks, seeks to provide you, the individual investor, with high-powered strategies for active online stock trading. In recent years, option trading and stock day trading have grown rapidly and provide a strategic complement to stock investments when it comes to online investing.
The NetPicks DayTrader now features trading of the S&P and Nasdaq E-Mini Contracts. Two to four trades per day on these
Market Traders Free 30 Day Trial to a Live Stock Trading Room! Their system boasts a return of over 359% since October, 1999, and you can enjoy the same profits and success that hundreds of other traders worldwide have found. Receive a 30-day free trial which includes full access to an interactive real-time stock picking service, nightly updates and analysis, and notifications via the internet, telephone and/or pager. Plus recommendations and advice from a top trader. Don't miss the next trade. Get your 30-day free trial today: www.stocktraderlive.com
OneDayTrades Want to day trade, but just too busy? Then this service is perfect for you.
OneDayTrades utilizes a unique strategy of having one set-up per trading day for each of 10 momentum stocks. It's about the simplest way to "day trade" that we have ever discovered. You simply enter your order - even the night before - and if the trade fills, then you look to take a quick 5% profit that same day. If the trade doesn't fill, then you simply wait on the next one. In all cases you have absolutely no overnight exposure. You can actually rest easy and not worry about what happens overnight. And these days, given the worldwide economic concerns and steady pace of earnings warnings, that means a lot to peace of mind.
In addition, OneDayTrades goes both long and short so they seem to be able to profit in any market conditions.
They offer a free trial where you can observe the strategy in action. We would highly recommend you consider viewing that trial and see how powerful this strategy can be. If you want to trade actively but don't want to invest the time it usually takes to day trade, not to mention all the commissions you typically have to run up trading in the traditional way, then we suggest visiting OneDayTrades at your earliest convenience.
Special Bonus: For a limited time, when you subscribe to OneDayTrades, you also receive free access to their OneWeekTrades short-term swing-trading system and their IntraDayTrades opportunities released each morning after the opening bell.
4. Choosing a Broker
TradeStationfor a long time was known as a fairly complicated technical analysis software package with testing capabilities built in. It was also very expensive - usually in the $2500 range. Now, with their new software that is connected seamlessly to the internet, you can get the software for no charge if you have a brokerage account through TradeStation Securities. The software is unique and has a lot of automation features built in. With it you could automate trailing stop strategies, get signals and warnings when certain prices approach, have trades executed at preset areas if you like, as well as a number of other features. The software does have a learning curve and is probably better for traders with at least some experience trading stocks and/or options. Commissions are competitive. Voted best "Stocks Direct-Access Brokerage" and "Professional Platform" by Barron's in 2001.
Interactive Brokers offer very low commissions ($0.01 per share of stock) lowest options commissions and also offer futures trading.
CyberTraderOwned by Charles Schwab, CyberTrader is a Direct Access Broker specializing in electronic trading and brokerage services.
5. Books, Training, and Additional Investing Resources
If you feel you need more information and instruction on how to trade, we've recommended a training facility and a bookstore with great deals on investing books.
Investor's Helper Stop gambling and start investing! The InvestorsHelper "Total Stock Investment Training Program" is your personal trainer to achieve successful stock market investing. Over four hours of easy-to-learn financial education all on one CD-ROM. Only $99.95 - start today and take charge of your financial future.
Bulletin Board Stocks
Stock Symbol Identifiers
The Federal Reserve
Learn to use:
Trend, Channel, and Level Lines
Simple Moving Average (SMA)
Exponential Moving Average (EMA)
M A Convergence-Divergence (MACD)
Relative Strength Indicator (RSI)
Income-Balance-Cash Flow (IBCs)
See what investing books are recommended at Amazon.com. You'll find a selection of our favorite books for beginner, intermediate and advanced traders.
You have just read about some of the most important tools necessary to trading successfully, and you've heard about some of the best providers in the industry.
We hope this information will prove useful to you, and we wish you the best in your trading endeavors.