By Rhode R., Client and Guest Blogger
Imagine trying to fly a plane with no instruments, nothing to tell you the altitude, vertical climb or airspeed. It would be maddening and nearly impossible to control the plane or keep it from crashing.
I found the same to be true with trading stocks or other types of investments - without the right instruments you can’t see what is happening, what you need to change or where you need to go.
In a Trader’s World, Real-time Matters
When I first started doing my own stock trading, I would foolishly go through the hassle of opening six different Internet Explorer windows, size them all so I could see them easily on one screen – like a command center – and then tried to make investment decisions with fifteen minute delayed charts, which in an online trader’s world might as well be fifteen days. Finally, after placing a few trades and not getting the price I wanted, it dawned on me that I needed to move on to a more practical and useful trading platform. So for me the solution for a few years was Scottrader® Streaming Quotes.
Being a slow adapter it initially took me close to two weeks before I fully committed to it. Sounds like a long time, but before I jump into anything I have to figure out how it completely works – it’s the engineer in me. Eventually I got the hang of it and discovered I really liked the Scottrader® Streaming Quotes features and what it could do, from getting real-time market information to organizing different stocks into a watch list. And, after using it for a short while I discovered it truly made a difference.
Using the Right Trading Tool
After a year or two of using Scottrader® Streaming Quotes, I decided it was time for me take on the 747 of online trading platforms, ScottradeELITE®. I will admit, at the beginning, I was deathly afraid of it and I even stumbled and scraped my knees a couple of times, but now I couldn’t picture trading like I do without it.
Before with other free online charts, outside of Scottrade, I could never measure trends accurately or see what was really being overbought or sold in the market. ScottradeELITE® gives me the ability to do so more effectively and customize what I want to analyze. With it, I have created a variety of charts that let me see what is happening pre-market and after market, and more than 100 layouts, all for different sectors I like to monitor.
It took me two years, but I have learned along the way the importance of having and using the right online trading tool. Making the move to Scottrader® Streaming Quotes and then to ScottradeELITE® were good decisions for me, and it remedied my problem of placing poorly timed trades.
What trading tools are you considering and why?
Also of Interest:
• Video: Monitor More Market Data
• ScottradeElite® Features
Rhode R. has been a do-it-yourself investor and trader since 2007. He enjoys playing musical instruments, hiking, and flying airplanes.
Testimonials are not representative of everyone’s experience and only provide information about the individual’s experiences as to the point in time when they are provided. Individual experiences will vary. No one has been paid to share their stories here.