Costs of daytrading

[Manbo]

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.

 

[Quantt]

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/en/index.php?f=14193&ns=T#market-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...

 

[scullen]

My broker charges me 6.95 per trade. Includes scanner, live quotes, level II, chat rooms and an awesome platform.

 

[Manbo]

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?

 

[scullen]

T.D. Ameritrade. U.S. I don't know if it's a choice for you in the U.K.

 

[iq200]

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.

 

[NVP]

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

 

[iq200]

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...

 

[rakhi123]

Day trading continues to be a popular pursuit for a lot of people around the world because of the freedom it can provide to those who approach it with a professional attitude. What many fail to recognize is that there are costs to day trading and that they can often spiral out of control.

 

[piphoe]

you can daytrade off a $50/month fone, i don't recommend it.

i have half dozen large & wide screens in front of me.my CPU is in a TOWER, not in a f^cking fone

 

[rakhi123]

Various people ask such a questions of "Costs of day trading" this is one of the most common questions,my point of view day trading is the one of the cheapest trading.

 

[Vince-M-WT]

I have been daytrading Stocks for a couple years and I pay
150 for brokerage platform and lvl2
160 for esignal charting software
90 for trade ideas scanning software
and use a load balance router for back up so I pay an extra 50 for second internet service
This is what works very well for me but I did start off Under pattern day trade rule
with charles schwab and didnt pay much until 6 months in when it became full time. I would start small with like a good laptop and like your tv as a expanded monitor and a regular all in one broker until you know its something you will commit alot of time into doing then expand.

 

[rakhi123]

Costs of day trading would be expensive now a days day trading needs money you should be aware of what the qualifications are to become a day trader.

 

[jjames69]

i just use my brokerages streaming software, essentially $0.

i have a basic membership at stockcharts too. @$10/mo

then two pc's and two large monitors.

 

[mpups]

In day trading, the trade lasts for less than one day, in an attempt to extract a profit from the financial markets.

why would you randomly post this obvious statement into this thread?

..Being a trader you will be experience ups and downs in your income and if you are experiencing ups and downs in your income, here are three ways to level out your income and build greater wealth.

Are you nuts? why talk about "three ways" and then not say what they are