LIKE BUYING LIFE INSURANCE, NOT ALL STOCK TRADING SOFTWARE ARE CREATED EQUAL

Let's look at stock trading software quote. Much of the decision to use a specific charting stock trading software package typically comes down to "whatever a person has stumbled across" as they began their trading journey. For most traders, this is not a good thing. I remember when I first started online trading in the late 1980s, and I would have to hit "refresh" every time I needed a new quote. I was charged a fee each time I hit "refresh" if I didn't trade enough. I stayed with those guys for about 3 weeks, and that was 3 weeks too long. It is important for the trader to have a stock trading software quote system that is robust, real time, and has the flexibility to easily add a variety of indicators and tools. The ultimate goal of a trader is to develop a trading style that best fits their own personality. A flexible stock trading software quote system gives a person the ability to try different things until they find the setups and techniques that work best for them. There are only a few stock trading software quote vendors who fit this bill, and there are many who do not. The bottom line is that good quotes are not free and can easily run a few hundred dollars a month. Skimp on the desk, not on the quotes.

The two main stock trading software quote systems I use are TradeStation (www.tradestation.com) and eSignal (www.esignal.com). I like the stock trading software TradeStation's ability to easily add my own indicators and studies, its chart functionality and ability to backtest specific setups and data. I like eSignal stock trading software because it has fast reloading time and is robust and easy to use. Although I like having two quote vendors in case one is having problems, for my own trading it is a must. For example, I follow the German DAX market, and I rely on real time put/call ratios through out the trading day. As of this writing, eSignal stock trading software carries data on the German DAX while TradeStation stock trading software does not. And, to top it off, Tradestation stock trading software carries data on the put/call ratio while eSignal stock trading software does not. It's important to find out everything a stock trading software quote vendor offers before signing up. Obviously, if all a trader follows is the DAX, then TradeStation stock trading software is not going to be a big help. At some point TradeStation stock trading software will cave and add it, and who knows, they may have already added it by the time this book hits the shelves. I'll also continue to bug eSignal stock trading software about adding the put/call ratio, because at some point they will have to bow to pressure from the trading community and offer it up. Interestingly enough, most stock trading software quote vendors do not offer the put/call ratio, which is a hugely important reading of current market sentiment.

Another good source I use for quotes is the market data available at the CBOT's website, www.cbot.com. There are of course other good stock trading software quote systems available. The key is to utilize one of the robust and flexible versions that best fits a trader's needs. For the most part, a trader will get what he pays for in this area. The best way to find a good stock trading software quote system is to, first and foremost, ignore any marketing material that is put out by the company itself. This is like believing that a can of soda is good for you because it says "diet" on the label. One of the biggest marketing gimmicks in trading is "free level II data." Level II data is worthless and shouldn't be watched in the first place. Larger traders use Level II to trick and fool smaller traders by putting up fake size, and using every method at their disposal to hide what they are really doing. It also causes traders to overtrade, which is the number one way to get out of this business in a hurry. A trader will save themselves a lot of frustration simply by turning this off. In sum, ignore the stock trading software marketing and ask other traders who have been actively slinging stocks and futures for at least five years.