Day Trading Set Up!

Aside from learning about trading (which should be priority #1), you can open a trading account and just use their platform. You really don't need to buy anything unless you want to go with Equityfeed or eSignal down the road... I suggest TD Ameritrade's Strategy Desk or thinkorswim's platform for charting. Both are free when you open an account. As far as a broker, check out Zecco, Choice Trade, or Sogo Trade for really cheap commissions.

First, you need $25,000.

At least 25000. More better.
And the Software Rob suggested is fine.
Then minimum two pcs, one for trades with 2-4 screens another for screening and if the first failes..
Sorry for that, but if you found this answers usefull your are not
ready for daytrading. Not this sommer.
I wish someone said that to me few years ago.

And dont quit your job

You mostly need a profitable strategy that you've tested for at least a few months. D/l some free platforms and give it a go. You have a few months left. In reality though, it'll probably take you/everyone longer.

As far as hardware goes, as Z-OldEurope said 2 comps. Desktop with multiple screens then a laptop for a back up or for screening and such. Fast internet connection. Backup power source and a back up internet source (a blackberry/iphone with internet plan could suffice).

another thread about a teenager with 100k to day trade? These seem to pop up like once a month.

I have another suggestion. So you can get a feel for day trading, sign up for a thinkorswim account (you don't have to fund it), and practice with their Paper Money program. You can listen to the Shadow Trader and make the same trades he does, only virtually. There is a gadget box on the left hand side of the main screen on thinkorswim, and in there you can stream the Shadow Trader. I think that would be good practice, and it would give you a more practical means of learning that reading books can't give you. Just a thought...

Honestly, you would be better off not daytrading if you are just doing this as a summer experiment. At the end of the summer you'll probably wished you had spent 30k on a nice car, put 30k in an IRA and the rest in mutual funds.

Thats better. Dad dentist ?
But earnestly, if you realy have 100k and want to start, you should present here a complete setup. Hardware, strategy, best software and only ask here the gmods for a improvement of your whole system and sugestions.

Youre asking for fundamentals 3 months before the start.
Dont want to be rude(?) but that is like going to Iraq with 3 months basic education..
I dont know you maybe you are one of the lucky persons or are premature,
and you will succeed, but i doubt. Try swing trading at first. With 100k is a
nice game play. Like daytrading but only in two days.

And finaly, if you can afford 100k as a teen, youre not poor. So why
trying getting rich fast and speeding up the risk with daytrading, when swing trading does the same. 100k is a nice sum to start. Thats right

that's not what a teenager wants to hear! but you're right!

You are going to lose a lot of money if you start daytrading with that type of money. Trading is a game of they take your money or you take their's, and you're up against a ton of people with more experience, better tools, and more money. You'll be eaten alive, guaranteed.

Start out with a small amount and learn the ropes. Take a couple thousand and see how long before you lose it all. Try it again, and again, and eventually you'll have an actual idea of what you're doing. If you want to be a successful day trader, expect to put in years of hard work. Jumping in like your'e suggesting is suicide.

I bet these teenagers that claim they have $100,000 are talking about paper money...

Mmm... Gambla (and every other trader) hungry...



Seriously, though, if you are a noob trader with 100K$, pretty much every seasoned trader is licking their chops, waiting for you to enter the market...

g

p.s. this post is not meant to be antagonistic, but to be realistic. If you are a noob, you will almost certainly lose that 100K$ this summer, if you try to daytrade it.

I thought a little about your question and decided thats a hoax. But after having a look at your profile, i admit im wrong. You realy preparing for that !!



Now i understand your 'Foreign Exchange Disaster' thead dilemma..

Why dont you open a test Acount tomorrow, paper trade next 3 months with 100k and tell us once per week here, how it is going.
Realy realy dont do that..
Im sure you did not read at least 20% from the Hsm stuff ??
Stock Jocke Vids ??
How to trade blogs ?
What do you know about short trading and how this affects (your) daytrading?

And the last thing, if you realy want to daytrade in the US Market, you also should be able to discuss with the high ranked greens or correct them.. Looking at your questions, it is not the case.

If you choose to do this you are ****ed. period. language included. If your old enough to play with the bigboys your old enough to read that word. If what you say is real you will NOT have 100k at the end of summer. you will be preparing to jump out a window. I will prob get in trouble by a mod but i dont care. this site is getting rediculous there is only a handful of real traders left and they dont post anymore due to crap like this.

Well to be fair, it is the education section

I was thinking of that a bit ago I realize it is the education section. But is he looking for an education?? I think that is the question to be asked. Either way true or not he is going to get one. And one he may not want in the end without due dillagance

dude if you havent even paper traded before, dont even think about using that money. As some have suggested take a few K if you want to see how quick you can lose it. Perhaps a swing trade pattern would be better.


@ gambler