We have the technology ...
So, I have my game plan. What's next? The tools to do the job.
I've downloaded the Medved QuoteTracker software. There are a myriad of third party tools that help analyze stocks. Most (including QuoteTracker) seem to be geared to the more active (day) trader. QuoteTracker is free though, and I'm a cheap bastard. I don't pay for a service to provide "real-time" stock quotes. I don't need it, I'm not doing intraday trading (buy and sell within the same day). The software offers a variety of technical analysis tools, and integrates itself with a variety of online brokerages. This isn't supposed to be an ad, just why I chose it.
There are also two very good chart analysis tools available online, Prophet.net and BigCharts.
With the software and charting tools out of the way it's time to choose a broker. Currently MB Trading looks the most appealing to me. They have some of the lowest commission rates, but I need to call them and find out what sort of strings their "0.01 per share" plan has. Usually plans like this require a certain number of trades per month, or a monthly fee. While they didn't list any such requirements on the website, they didn't specify that these requirements don't exist. In addition they support the free software I have, allowing me to do analysis and trade orders all in one place and 'offline' (aside from data input). I also looked them up at the NASD website, and they are properly registered (and located in the US as opposed to the Cayman Islands).
Next up, opening an account ....
I've downloaded the Medved QuoteTracker software. There are a myriad of third party tools that help analyze stocks. Most (including QuoteTracker) seem to be geared to the more active (day) trader. QuoteTracker is free though, and I'm a cheap bastard. I don't pay for a service to provide "real-time" stock quotes. I don't need it, I'm not doing intraday trading (buy and sell within the same day). The software offers a variety of technical analysis tools, and integrates itself with a variety of online brokerages. This isn't supposed to be an ad, just why I chose it.
There are also two very good chart analysis tools available online, Prophet.net and BigCharts.
With the software and charting tools out of the way it's time to choose a broker. Currently MB Trading looks the most appealing to me. They have some of the lowest commission rates, but I need to call them and find out what sort of strings their "0.01 per share" plan has. Usually plans like this require a certain number of trades per month, or a monthly fee. While they didn't list any such requirements on the website, they didn't specify that these requirements don't exist. In addition they support the free software I have, allowing me to do analysis and trade orders all in one place and 'offline' (aside from data input). I also looked them up at the NASD website, and they are properly registered (and located in the US as opposed to the Cayman Islands).
Next up, opening an account ....
posted by Jeremy at 1:15 PM
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