How much of an edge do day traders have with their fancy systems?
How much of an edge do day traders have with their fancy systems. Would I be on par with them if I had a bBoomberg terminal set up in my home?
Are we talking 15 second delays or is the playing field pretty much even these days?
Best Answer
4075 points
EthanR answered 8 months ago …
Sure the fancy systems help. But one still has to make the right decisions with the fancy systems. If you are too fearful, you miss opportunities, or sell a winning position too early. If you are too greedy, you turn a nice profit into a break even or loss trade.
You may be surprised to learn that a high percentage of day traders lose money and eventually stop trading. I think you can do well without spending the $1500-1800 that I believe the Bloomberg Terminal costs. Use www.stockcharts.com to look up ETF's and stocks and run technical indicators. That basic site is free, unless you upgrade. You might want to subscribe to investors intelligence to get their BPI charts. Buy stocks/ETF's when they are oversold and sell them when they become overbought, and you won't need to day trade.
However, if you decide you do want to day trade, call Fidelity and ask them about their Active Pro Trader software. Ask them the requirements for being able to set up a brokerage account and use that software. I use it and I like it a great deal.
Good luck, Chidog.
