Daytrading setup questions

N

newguy05

Hey guys, got a couple more questions. I been making ok progress on my daytrading learning, but still tough with a fulltime 9-7 job.

I plan to daytrade equities only, just the regular stocks on nyse/nasdaq.

1) TOS doesnt cut it, i have switched to NinjaTrader. For its market data feed, i read zen-fire is the best. But is zen-fire for futures trading only? or does it provide regular stock data feeds too?

Also anyone have recommandations which company to use that are relatively cheap/good for zen-fire feed, only need it for stocks


2) If you cut through all the bs about training/be in a team etc.., the only real difference between putting money to join a prop firm vs trading by your own using ninjatrader and say IB as broker are:

- Prop firm lets you borrow much more money to trade with vs just your own captial if doing it alone
- Prop firm requires you to have series 7 license
- Prop firm provides you all the trading softwares needed to do in office or remote trade

Is this correct? Since i am just starting out trading only 100 blocks i dont really need to extra leverage, and assume i am happy with the trading software i am using (ie: NT). Is there any advantage to join a prop firm?

3) What do you guys daytrade? do you all start daytrading futures or normal stocks? what about most prop firms, i heard they only daytrade stocks?

4) If i am daytrading stocks only, i have a system of when to enter/exit a position based on chart etc. But how do you PICK which stock to daytrade with? Right now i just have a few symbols like ebay, mer, yhoo etc.. that are very liquid.

Is there a better way, how do you pick which stock to trade with for each day? Is it by the top 10 highest volatility? biggest gain/loss?

thanks
 
1) futures only
2)There are firms that don't require licenses to use their capital. The true firms do require them, but they will pay you a small salary and not require your own money ( of course these are extremely difficult to get into).
3) I daytrade both. Some firms will allow you to trade futures, although it really isn't necessary because of the amount of leverage you'll have with their funds.
4) This is a bit relative. Everyone has their own strategies. I trade momentum, so I scan for volume and price patterns.



Quote from newguy05:

Hey guys, got a couple more questions. I been making ok progress on my daytrading learning, but still tough with a fulltime 9-7 job.

I plan to daytrade equities only, just the regular stocks on nyse/nasdaq.

1) TOS doesnt cut it, i have switched to NinjaTrader. For its market data feed, i read zen-fire is the best. But is zen-fire for futures trading only? or does it provide regular stock data feeds too?

Also anyone have recommandations which company to use that are relatively cheap/good for zen-fire feed, only need it for stocks


2) If you cut through all the bs about training/be in a team etc.., the only real difference between putting money to join a prop firm vs trading by your own using ninjatrader and say IB as broker are:

- Prop firm lets you borrow much more money to trade with vs just your own captial if doing it alone
- Prop firm requires you to have series 7 license
- Prop firm provides you all the trading softwares needed to do in office or remote trade

Is this correct? Since i am just starting out trading only 100 blocks i dont really need to extra leverage, and assume i am happy with the trading software i am using (ie: NT). Is there any advantage to join a prop firm?

3) What do you guys daytrade? do you all start daytrading futures or normal stocks? what about most prop firms, i heard they only daytrade stocks?

4) If i am daytrading stocks only, i have a system of when to enter/exit a position based on chart etc. But how do you PICK which stock to daytrade with? Right now i just have a few symbols like ebay, mer, yhoo etc.. that are very liquid.

Is there a better way, how do you pick which stock to trade with for each day? Is it by the top 10 highest volatility? biggest gain/loss?

thanks
More...
 
Quote from suedeuno:

1) futures only
2)There are firms that don't require licenses to use their capital. The true firms do require them, but they will pay you a small salary and not require your own money ( of course these are extremely difficult to get into).
3) I daytrade both. Some firms will allow you to trade futures, although it really isn't necessary because of the amount of leverage you'll have with their funds.
4) This is a bit relative. Everyone has their own strategies. I trade momentum, so I scan for volume and price patterns.
More...


dang if zen-fire is futures only, what's a good(and relatively cheap) data feed provider for normal stocks? need level2 and market depth too. Here's the list ninjatrader support:

DTNiQ
eSignal
FuturesBetting
GAIN Capital
Interactive Brokers
MB Trading
OpenTick
Patsystems
Track Data
TradeStation
Trading Technologies
 
Quote from newguy05:



3) What do you guys daytrade? do you all start daytrading futures or normal stocks? what about most prop firms, i heard they only daytrade stocks?



Is there a better way, how do you pick which stock to trade with for each day? Is it by the top 10 highest volatility? biggest gain/loss?

thanks
More...

I switched from stocks to FX, back in late 2007. I'd like to get back involved in stocks, but fx is better for beginners I think because you can get in for little capital, and if you use it right, it will last you longer.

but for stocks, I recomend that you subscribe to briefing.com
 
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