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Winthorpe,
There are 3 daytrading software packages that I know of currently popular
in the U.S. which do what you want. They are Real Tick III, Cybertrader,
and Tradecast. Some have other names but are really private label
versions of these three.
First you open an account with a daytrading firm that supports remote
traders (this is not an "online brokerage" such as Etrade, Datek, etc.).
Many have web pages, such as AB Watley, MB Trading, Investscape, Harbor
Securities, Polar Trading, and many others. The firm you sign up with
will give you their software. This software is directly linked to the
order execution system with one keystroke. That is, you configure your
keyboard such that one key means, e.g., "Buy 1000 shares at the market"
Other keys might mean "Bid 1/16 higher than the inside bid for 1000
shares." The stock is whatever you clicked on last. You don't need to
enter an account number because that is in your setup. When you press the
order entry key, you will see your order on the screen and then see the
execution. It takes 1-2 seconds for a market order. Sometimes it seems
instantaneous.
Your quote feed is part of this software package. These packages provide
Level II quotes, intraday charts and historical charts all of which can
be displayed at the same time. Each software package has its own
"extras." The ticker you mentioned is also standard. I use Real Tick III
and several basic indicators are available in it as well. You cannot
input any custom formulas or indicators. All of this should be run from
one computer, with 2 monitors. Windows 98 will give you this ability.
The software and commission costs vary from brokerage to brokerage, but
they are approximately $300 per month for the software plus exchange
fees. Some firms will annul the software fees when you do a certain
number of trades per month. You might want to bypass the internet
altogether and get a frame-relay connection direct to the server. This is
more reliable. You'll have to look into the costs for yourself. I'm not
in the U.S., so my setup is different. Your brokerage firm should be able
to advise you.
I am also running Signal/Metastock on a separate computer. I am probably
going to stop this. It adds significantly to the cost of trading. I am
paying the cost of Signal, plus another open phone line. I also find the
Metastock RT setup too awkward to work with in light of real daytrading.
For example, in Metastock, you must create a security to collect data on
that security. Then, the data starts only when you started. So if someone
suggests you quickly take a look at XYZ, in Real Tick, I type in XYZ and
get my 5-min chart setup the way I preconfigured it, going back 3 days,
and a daily chart next to it, going back 200 days. In Metastock, I
"create security," then open the chart, then the data starts collecting
at that moment. I don't know what happened earlier in the day and the
chart is totally out of context and meaningless.
If you're serious about daytrading, I don't think Metastock RT or
Tradestation is the way to go. Of course, other people might have had a
different experience, and it would be interesting to hear from them.
I hope I've answered your questions. Write again if you have more.
Gila
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"Who is rich? He who is happy with what he has." -- Ethics of the Fathers
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