Beginning Day trading - Software/Trading interface?

[Dominover]

This is a question I'm sure has been asked in the past somewhere but I'm specifically looking for something related to the Australian market that is up-to-date.

I want to start day trading, but I'm not sure what kind of charting software to get. For intraday trading, should I be only using the embedded charts on my brokers websites, or are there better options out there?

I know there is Iguana Spark which is at a minimum $200 per month (software and data). Is it worth me getting something like this? Is that comparatively expensive? I'm nut sure myself.

Any tips on how to get started day trading on the Australian market (in terms of my setup) would be appreciated.

I'll need indicators such as VWAP, Anchored VWAP, Volume at price at a minimum.

Thanks

 

[Trav.]

Howdy mate, I don't day trade but I do follow Nick Fabrio on twitter (https://twitter.com/longhorncapital?s=20) who does day trade and is transparent with his trades and thoughts....oh and he is very successful so he must be doing something right.

I believe he uses Iress Trader as his platform which should cover everything that you need. God luck with the search.

Cheers

Trav

 

[Dominover]

Howdy mate, I don't day trade but I do follow Nick Fabrio on twitter (https://twitter.com/longhorncapital?s=20) who does day trade and is transparent with his trades and thoughts....oh and he is very successful so he must be doing something right.

I believe he uses Iress Trader as his platform which should cover everything that you need. God luck with the search.

Cheers

Trav

Thanks mate! Yes, I'll take a looka t that for sure. If anyone else has suggestions I'll also be keen to follow up.

 

[tech/a]

IB Interactive Brokers

Everything you need!

 

[Dominover]

IB Interactive Brokers

Everything you need!

I thought that was more for institutional traders. The reason I say this is the last time I looked there incentive structure really penalised you if you didn't trade often enough. I might be wrong there, so will take another look.

 

[Dominover]

Howdy mate, I don't day trade but I do follow Nick Fabrio on twitter (https://twitter.com/longhorncapital?s=20) who does day trade and is transparent with his trades and thoughts....oh and he is very successful so he must be doing something right.

I believe he uses Iress Trader as his platform which should cover everything that you need. God luck with the search.

Cheers

Trav

Just on that, I notice there is several IRESS Trader platforms. HSBC WebIRISS, NAB IRESS Viewpoint.
Do you know which one?

 

[Dominover]

Well, the above question is still valid but I would just like to add that I'm looking at the two platforms below. Can anyone comment on these.

• NAB Viewpoint (is the upgraded version of IRESS Trader).
• CMC Markets (Stockbroking Pro Trading platform)

I would like to use Iquana Spark but the $200 a month is something I just can't justify at this point.
Any thoughts on the above.

Thanks

 

[tech/a]

Used IB for 22 years with 3 personal accounts.

if your day trading you’ll probably trade enough.

 

[Trav.]

Just on that, I notice there is several IRESS Trader platforms. HSBC WebIRISS, NAB IRESS Viewpoint.
Do you know which one?

No mate, I'm sure they are all the same just integrated with the different provider platforms.

I am with commsec and they have IRESS as well, so really up to you on your preference, maybe setup a couple of demo accounts to get the feel.

 

[Trav.]

@Dominover some pricing for you

free after minimum number of trades



or

 

[penny55]

Just on that, I notice there is several IRESS Trader platforms. HSBC WebIRISS, NAB IRESS Viewpoint.
Do you know which one?

FP markets

 

[Dominover]

Used IB for 22 years with 3 personal accounts.

if your day trading you’ll probably trade enough.

What are your costs?

 

[tech/a]

$6 each way that’s it

 

[Roller_1]

$6 each way that’s it

If he's day trading or doing anything with decent size anything over $7500 positions will be

0.08% of trade value.

 

[tech/a]

If he's day trading or doing anything with decent size anything over $7500 positions will be

0.08% of trade value.

$60 for a $7500 trade each way!!!!
Nahhhh.

 

[tech/a]

Just looked my trades up.
.0008 $12.72 for a $14500 trade

 

[Roller_1]

$60 for a $7500 trade each way!!!!
Nahhhh.

0.08 not .8

i just said $7500 because 0.08% of $7500 is $6. So anything > $7500 is going to be 0.08% of trade value

eg $10,000 * 0.08% = $8

https://www.interactivebrokers.com.au/en/index.php?f=39753&p=stocks1

 

[Dominover]

IB Interactive Brokers

Everything you need!

Well, they're telling me it's over $500 per month, and then maybe you get those costs
Does that sound familiar??

 

[Dominover]

FP markets

It's not FP Markets!!! Looks nothing like MT4 or MT5?

 

[tech/a]

Well, they're telling me it's over $500 per month, and then maybe you get those costs
Does that sound familiar??

No I have no on going costs even data is included only the brokerage
I have 3 accounts totalling in the low 6 figures and do 5-35 trades a month.
I’ve used them for over 25 years I don’t know if fees etc have been introduced over the years to new clients.
I do know you have to jump through hoops to get an account — that hasn’t changed.

when you say they are telling you $500 a month— for what?