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Setting Up a Stock Trading System

A trading system is not needed for the long term investor or the swing trader. I believe a trading system is required for the short term day trader. This is a very tough game and I believe in order to gain an upper hand in the short term game, you need to have all the right tools in place.

I’m a very visual trader; this means I like to see what is happening in the markets and like to watch a lot of charts to catch breakouts. My system consist of eight 19″ LCDs running off one computer. There are four video cards powering the system, which create one large desktop.

My trading software of choice is Quotetracker; it is free and integrates with hundreds of online brokers. Quotetracker was recently bought by Ameritrade. I use line and candlestick charts. I tie a few of my windows together, which means when I change the ticker on one window, it will change for all the windows in my group. This quickly lets me see what is happening with a particular stock. Quotetracker can follow the bid and ask price and be setup for one-click trading.

I also use a microcaptrade service which lists the top 400 stocks under $5 including OTC BB and pink sheets. If you plan to daytrade I recommend you use at least three screens and get familiar with the software you use.

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