Costs of daytrading

This is a discussion on Costs of daytrading within the Stocks forums, part of the Markets category; Hi guys, I would like to ask the more experienced members about the overhead costs of daytrading from home. I ...

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Old Aug 31, 2017, 7:49pm   #1
 
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Costs of daytrading

Hi guys,

I would like to ask the more experienced members about the overhead costs of daytrading from home. I mean how much does it cost you per month to pay for your live quotes, level 2, maybe stock scanner, membership to a chatroom to know where the action is for the day, newsfeed, etc?
I would like to know the costs that one needs to overcome just to breakeven when trading from home.

Thank you.
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Old Sep 6, 2017, 9:00pm   #2
 
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Originally Posted by Manbo View Post
Hi guys,

I would like to ask the more experienced members about the overhead costs of daytrading from home. I mean how much does it cost you per month to pay for your live quotes, level 2, maybe stock scanner, membership to a chatroom to know where the action is for the day, newsfeed, etc?
I would like to know the costs that one needs to overcome just to breakeven when trading from home.

Thank you.
Hi there, data should be less than $100 per month, here is the IB example (also lot of news sources with prices inside:

https://www.interactivebrokers.com/e...rket-data-fees

Scanners I design them myself, so no monthly fee and for chat rooms, so far all I have heard of are all scammers and losers, so I would skip that part...
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Sep 8, 2017, 2:23am   #3
 
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My broker charges me 6.95 per trade. Includes scanner, live quotes, level II, chat rooms and an awesome platform.
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Old Sep 10, 2017, 9:20am   #4
 
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My broker charges me 6.95 per trade. Includes scanner, live quotes, level II, chat rooms and an awesome platform.
Hi Which broker do you use?
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Old Sep 10, 2017, 11:22pm   #5
 
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T.D. Ameritrade. U.S. I don't know if it's a choice for you in the U.K.
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Old Sep 20, 2017, 2:09pm   #6
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It's not just about price. Interactive brokers might be cheap for example but the history is terrible - intraday history of 2 days. So If you want to backtest, you're not going to get very far.
Also, bear in mind that some of the data vendors might be cheap but their data quality might not be very good and you may get erroneous data.
At the end of the day, it depends on what you are going to use the data for....

Brokerage wise, IB is the best.
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Old Sep 24, 2017, 7:22pm   #7
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Originally Posted by Manbo View Post
Hi guys,

I would like to ask the more experienced members about the overhead costs of daytrading from home. I mean how much does it cost you per month to pay for your live quotes, level 2, maybe stock scanner, membership to a chatroom to know where the action is for the day, newsfeed, etc?
I would like to know the costs that one needs to overcome just to breakeven when trading from home.

Thank you.
how much do you want to spend ? ............

and dont forget to plug in the Opportunity costs of earning from other businesses and jobs you are not doing whilst you trade......you are burning lost revenue by the minute

N
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Old Sep 24, 2017, 8:29pm   #8
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how much do you want to spend ? ............

and dont forget to plug in the Opportunity costs of earning from other businesses and jobs you are not doing whilst you trade......you are burning lost revenue by the minute

N
Good point NVP. It really depends on what the OP wants to spend.
My post was in terms of data quality. Well in terms of costs it can cost from free (spread betting/cfd) right up to 1-3K (for retail direct access brokerage platform fees, data feed+L2/quotes + scanner). IB will be on the lower end of the scale.
On the other hand there is no upper limit as you can go crazy and pay for a Bloomberg terminal, server colocation etc etc...
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