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The fact of the matter is that,
unless you are using real-time streaming data in your trading, you can
miss out on important trading opportunities. Saving an eighth or a
quarter of a point on a trade here and there can add up to hundreds if
not thousands of dollars of additional profits in your trading
account, even over a short time period.
Real-time streaming quotes empower you to take advantage of intraday
market moves, whether you are a short-term trader or someone with a
longer-term perspective who is looking for short-term hedging or
buy-and-sell opportunities.
A good streaming quote tool allows you to see each and every trade, bid /
ask change, trade size, time and sales data and more, updated
throughout the trading day. Of course, you'll want a feature that
automatically highlights updates without the need to refresh your
browser.
You will also want the tool to provide streaming, real-time charts and
news and to value your portfolio on a real-time streaming basis. That
way, you will be able to see how every trade is affecting your bottom
line, whether you're managing your own account or multiple client
portfolios.
In conjunction with real-time streaming quotes, another useful tool is
customized real-time alerts on last, volume, bid, ask and many other
variables. So, the instant your stock, option, future, index or fund
hits your target purchase or sale price, you can react quickly to
place an order and profit, or buy in at your target price. Alerts will
be discussed in a future issue.
The answer to the question, "Why do I need real-time quotes?" is simple
-- because without them, you aren't really trading in real time.
As new traders, or those who have gained a new vigor in the pursuit of
success, we must understand that the road ahead of us will not be
easy, nor will it be a quick journey. The path that lies ahead is
filled with daily challenges that will test our skills, both technical
and mental. In fact, most traders fail to progress past the start-up
phase. They fail to learn: To take a loss To be wrong
Typical Progressions of the Start-Up Phase of a Trading Business
We:
Are lured by money
Perceive a low barrier to entry
Are influenced by “Peer Pressure†| |
