Take the 2-minute tour ×
Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It's 100% free, no registration required.

I'm new to trading but I wanted to give it a try. I would like to find a software/tool that allows me to trade stocks, even on an hour-to-hour basis.

What are the best options? I'm looking for an overview of the best tools and an overview of prices for such kind of service.

share|improve this question
4  
Hi Bob & welcome. I would have to say the first thing is that being new to trading means hour by hour trading isn't something you should jump on yet. –  MrChrister Dec 19 '12 at 7:59
    
The answers could be highly dependent on with which broker you trade, please add this info. –  Waldfee Dec 19 '12 at 8:54
add comment

1 Answer

Before you decide on moving into trading, whether you have experience or not, you need to sort out a couple of questions.

  • How much do you really understand about the markets ?

  • How much money you have and what would be the maximum loss you may be able to take ?

  • What supporting Eco-system you have to help you in terms of trading i.e. hardware, software, research, connections who can provide you with solid information and sorts of it ?

  • Are you really prepared to take on institutions who have billions to spend and take losses i.e. amounts which might break you will be peanuts for them ?

I am assuming you are in US, so this website may help you a bit, trading websites where you can open an account.

Even if you reply in affirmative to the above questions, you should still be wary about making money by trading. It is a field where even the best people have been smacked in the face without any mercy. And above all don't expect any person will take mercy on your hard earned cash. They will take you to the cleaners if they have to.

There are some websites which allow you to participate in trading, not involving real money. Try that out and see where you get to ? That should give you some pointers on where you are headed.

And realize that it is human nature to assume, when you hear news that such and such trader make loads of money in such and such trades, trading is easy, unless you do it for yourself. The truth is such traders would be on their desk for 18-20 hours at a stretch, 6-7 days a week, without a life to make such money. And they have loads of support staff i.e. analysts, IT guys who makes it easier for them. Do you have such help ? If no, then look the other side.

But giving up without trying at all will be cowardly, but do it in limits which you can bear and not to get carried away when things are good.

share|improve this answer
    
a simulator would be fine. do you have any recommendations? –  Bob Dec 19 '12 at 20:40
    
@Bob - investopedia.com/simulator bullbearings.co.uk stocktrak.com. Many are there, not tried any of it(I do the real thing). Try google, for searching websites which provide these services for free, if these aren't of any help –  DumbCoder Dec 20 '12 at 8:37
add comment

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.