Having the right tools for the job is an important part of your success.

Here are the tools we recommend to get started learning how to daytrade & swingtrade with Trading the Open:

 

EQUIPMENT:

  • MINIMUM System: Windows 95/98-based PC running on Pentium 350 with 64megs ram, one 17"+ monitor, with a 56K internet connection. Ok for learning, not for daytrading. You can swing trade with a 56K connection, however.
  • RECOMMENDED System: Windows 95/98-based PC P2 550+ with 256+ megs ram, two or three monitors, with a DSL/ISDN/cablemodem internet connection. Monitors should be set at 1024x768 resolution, preferred 1280x1024+ resolution.
  • Realtime streaming quotes: Daytraders must have a Level 2 system, we like esignal.com and RTIII/sortwiz. Swingtraders can do ok with a datek-level 1 type streaming quotes running quotetracker.com type setup.
  • Multimonitor Setup Instructions: See our bonus setup information below.

 

BROKER:

  • MINIMUM Broker: online browser-based brokers are ok for swingtrading only. Due to relatively fast speed we recommend Datek.com . Do not attempt to daytrade with a discount online broker. You MUST have a DAT broker to daytrade. Period.
  • RECOMMENDED Brokers: Cybercorp.com or MBTrading.com. Also check other brokers like trendtrader.com, executioner.com and tradescape.com . Try several out and see which one works best for you. We are not "paid for" by any one particular broker, unlike our competitors, who need the ad revenue (lol). We objectively recommend resources that are valuable, being impartial & objective.

 

Trading Capital

  • To learn our methods, you can daytrade or swingtrade small shares with as little as $5,000 to $10,000. This is for learning, not making a living.
  • To become successful at daytrading, you'll need from $20,000 to $50,000 startup capital. Expect to lose 1/3 of it or so while learning, during your first year or two.

 

Learning Schedule

  • Plan on being in our room from 9am til 11:30am EST each trading day to learn from our realtime day and swingtrading live training and stock plays.
  • We have weekly lunchtime seminars as well, usually from 12:00 til 1:00pm.
  • You can either attend classes realtime, or read the class logs via email/archives.

 

Which Trading Style Should You Use: Daytrading or Swingtrading?

  • If you have less than 6 months experience trading, or are trying to regroup after daytrading losses, we recommend you swing trade (holding from 2-10 days) on small shares, eg 100-300 shares at a time.
  • We show you both daytrading and swing trading techniques realtime in the Live Trading Room - another bonus.
  • We suggest you 'graduate' to daytrading only after you're consistently making profits with swingtrades. We recommend that you hold off on scalping, eg going for 1/4 to 1/2 point wins on 500-1K+ shares, until you're consistently profitable with the 15- to 30 minute round trip daytrading style, as scalping is the toughest type of trading.
  • All trading styles are legitimate, again the key is to know which style you're best at and experiment to find out what works best for you. The key to experimentation is Preservation of Capital, our #1 rule for traders. Make your lessons inexpensive ones, as you find out what works best for you. We'll show you how in the room.

 

How to set up Your Windows 98 PC for Multimonitor Trading

  • Many traders are relatively new to pcs (some are even still using 56k dialup modem connections!) and are not familiar with the standard Windows 98 built-in multiple monitor feature.
  • Whether you're trading or not, everyone using a Windows 98 PC should use at least 2 monitors, it greatly enhances productivity.
  • Here's a Microsoft article explaining multimonitor setup.
  • Here's another link you should review.
  • Also, just look in your windows help file, et Start/Help/ and enter "multiple monitor" in the search box.
  • In short, it's So easy I'm surprised everyone isn't using at least 2 monitors for their pc. Many local PC outlet retailers don't even know about multiple monitor support for Windows 98 PC's!!! It's amazing. They could be selling more monitors.
  • Here's step by step instructions, easy to do, no glitches or advanced pc knowledge is needed:
  1. You need to get an additional PCI card for each additional monitor you want to add. The best setup is to get an AGP graphics card (and 1 or more PCI cards) if you have an AGP slot in your motherboard. The best choice is an AGP Matrox G400 Millenium card, retailing for about $200, that has a dual output. You only need this one card if you're going to run just 2 monitors. If you don't have an AGP slot in your motherboard, then add additional PCI cards for each additional monitor you want to run. I like the voodoo 3000 PCI cards, retailing for about $99. You may need to get a different type of graphic card for each monitor, eg for 4 monitors get a Matrox G400, 1 Voodoo 3000 PCI, and 1 Creative graphics PCI blaster card etc. Not all video cards work with each other, so check with the manufacturer to see. I know I use a Matrox G400, a voodoo 3000 pci, an S3, and a graphics blaster card together all in the same pc to run my 5 monitors and have no problems. (using a P3 550 w/256 megs ram in an Asus P3B motherboard).
  2. As far as monitors go, I like Sony the best, like the E400 (I have 2). Viewsonics have 2nd place, and Acers are ok too. Dont get a samsung at compusa etc.
  3. Install one card at a time, checking to make sure each one works. To configure it for multiple monitor support, right click on the your monitor desktop and choose Properties/Settings. This will bring up a box like this one:

Here you can change how your monitors are laid out geographically, eg on top of your desk:

Just pick up the icon for each PC and move it.

Here you adjust the display card, color depth, and screen resolution.

Press "Apply" to make the changes on your display.

It's really very easy. and Voila! you're in multiple monitor heaven. I use 3 monitors daily to update the DTU and TTO sites, answer emails and handle other business activities. It really helps to have all the extra screen space, instead of always hiding windows behind each other and juggling them around. At least add a second monitor - it greatly helps your entire PC experience.

From an active trading standpoint, it's a must. You need to have space for many things, like a) your trade execution interface b) lots of charts c) a browser for research and news d) even more charts e) the chat room interface and more.

Hope that helps, I realize there's a lack of information out there on the internet about multimonitor usage... pretty surprising considering the productivity boost it provides.

Let's move on...

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