Although there are several free financial sites on the internet, these free websites all have a slight lag time in between when the market moves and when you receive the information. If you are a day trader, you know that every second counts and lag times are not an option. With this, you need to know how to access real time market data.
- Look into various features, graphics and offerings of various real time market data giants, like Quote, Bloomberg, Scottrade and E*Trade. Active traders will feel an affinity for certain website setups, so they key is to find that one that feels most navigable and user-friendly to you.
- Pay a fee for your real time market data. Should you decide to get your data from an online broker, you will have to get free real time market data as part of the customer package, although you might be obligated to execute a certain number of trades every week or month to take advantage of this feature.
- Take advantage of all the features that your real time market data provider offers. Do not just track a single stock real time when you can track two or more and know how they are doing, in relation to each other, to the market, and to a certain industry as a subsector of the market.
- Read top news stories that are offered by numerous real time market data engines. Any news stories that will affect the market or the most important sectors are displayed, so it should be easy to watch the news and the reaction of the market at the same time. Being a day trader, these two information sources are your bread and butter.
- Keep a cool head. There are some novices who find day trading to be fun, similar to playing; but it is not. Know that the type of trading that is not long-term holding of large-cap stocks can be very risky.
It is almost impossible to be a successful day trader without success to a real time market data resource. When your competition is making numerous trades a minute, every second is critical. Find a real time market data website that will let you both access and trade for utmost convenience.