The Services You Need to Start Day Trading

Have you ever wondered what you really need to start day trading? For the most part, the growth of the internet as a trading platform has meant that people can get involved with trading online using nothing more than their computer, and maybe a spreadsheet where they can make notes. However, that doesn’t mean that there aren’t tools and services out there that can make your trading experience a little better. If you’re the kind of person who looks for the latest StockTwits review to make sure that they’re getting the most out of their day trading strategy, then it’s important to ensure that you have all the services you need for an exceptional experience. Here are the services we recommend.

A Back-Up Internet Connection

When you’re trading in a fast-moving environment like the day-trading space, you can’t afford to waste time when your internet goes down, waiting for it to come back up. Although most day traders know that they need a good internet connection to keep up with the constant stream of data that appears on the day trading markets, they often don’t realize that they also need a backup connection until a disaster happens. Service outages can occur in any part of the world, and you’ll need to be able to continue to access your trading platform no matter what happens. A convenient way to manage the problem of unexpected outages is to make sure that you have a smartphone that you can use to access the internet through mobile data if something goes wrong.

A reliable Brokerage

To really get the most out of day trading, you need a broker – someone or a company that can facilitate your trades. Not all brokers available in the day trading marketplace today are created equal. Some cater to day traders more than others, and it’s important to choose someone that specializes in your area. As a day trader, you will be moving through a lot of positions each day. This means that you need to choose a broker that can offer you low commissions as well as a trading platform that works well for your needs. Although some major banks offer brokerage services, their commissions are usually quite high. It’s often a better idea to go for a smaller specialist.

Access to Market Data

Finally, you need a service that can provide you with a constant stream of market data. Your broker will be able to provide you with some information, but you’ll have to request the kind of data that you want. For instance, if you’re looking to trade in Forex, then you need to look for Forex data and so on. The more you know about your marketplace the easier it will be for you to subscribe to the data flow that you genuinely need. Remember that some brokers will give you access to all the market data they access for free. However, in this case, these brokers will often charge a higher commission to make up for the extra help you’re getting.

This article was written by Justin who is a husband and father, corporate finance manager, and blogger/investor/trader by night.