I know, at the beginning stages of trading, it is very difficult to decide which broker or other useful platform I should use to be successful. How should I divide my money? How many accounts should I use? If you want to trade only intraday and if you are under $25,000 it is probably best if you divide your money to different accounts, at least for the binning so you can have 6, 9, 12 etc. trades within 5 days instead of just 3! If you also hold overnight you are not bound to the PDT-rule (Pattern Day Trader Rule) and you can also settle just with one broker. The advantage with multiple accounts is, that you increase your opportunity of finding shares to short, if you are a short-seller.
I only use IB for trading I have decided to play it safe, and if I am over the PDT rule I than use the time to study. What do I mean with save? I do not want to have my money sitting around on a tax evading island, nor at small brokers. I prefer a multi million company with years of experience, and of course good shares to short.
For research and charting I love StocksToTrade (STT). At first I thought it might be just marketing, and not worth the money but after the first day of using, I have known I do not wanna miss this package anymore! I hope for more features so I also can use it for trading, but lets see what else is coming.
This is how it looks like, more or less, on my screen. I have a clear chart, I can build up my watch lists and most important I can see all news regarding my stocks I interested in live as well as any SEC filings. But there is more. I also use it as Level 2 monitor, times of sale and general stock information, so I do not have to pay at my broker.
I just love it, because it so compact, I save time by using just one tool instead of several websites, which favors my tight schedule.
This is by fare my favorite feature of this software. I wish I new any other software, or I could program so I do not have pay monthly for the service, I just love it! As you see, you have a News Scan build in, which search for any related news of the stocks in your watch lists.
I just select my list and I see any news of my stocks, which gives my a major advantage in knowledge!
The second best thing on the NEW RELEASE of STT is ORACLE! This is an amazing tool, showing me potential plays based on a genius algorithm! I can see all the significant price levels, the desistance of reversal, I get long and short opportunities and much more!
Of course, it does not eliminate poor judgement. I still have to decide if it is a stock that full fills MY PERSONAL STRATEGIES but it eases the process of stock hunting quit a bit! Instead of going through all the percent gainer and checking out the chart I see all what I want to see with this master piece of software!
At the beginning I thought, this broker will be to expensive for me with a minimum opening amount of $10,000. This means you have to show this amount of money once at the account, but you can take out the amount you do not wanna risk.
The platform is alright, and they have some very nice features especially to see if shorts are possible to borrow. The pricing varies by router but is in generally much more economic than with those flat rate brokers, especially if you start as I with a small account. Those flat-rates eat up your winnings in no time, when you have small positions.
Further I can only citied Timothy Sykes and Michael Goode. Both are millionaire traders, and both do still recommend IB, even if they are not affiliated with them (IB does not do that). I would be stupid if I would use other brokers as successful trades which made millions.