There are a lot of different ways to trade securities.  Every day new companies release their greatest version of software that promises to give the edge to the retail trader. Bells & whistles & prices vary so there's something available for every budget.  But what really works?  In my educated opinion, any trader wanting an advantage needs a trading platform that is simple to use and executes their buy/sell orders quickly.  The trader also needs a scanner that will allow alert the trader to those securities with volume and price action.  The scanner also needs to deliver accurate, on-demand, real-time data.  Finally, it helps to have a method of researching fundamental catalysts such as newsfeeds, SEC filings, PR, and any other information that might affect price action.  Oh, and lastly, you're gonna want a method of recording your trades for your own personal records.

So, where do you start?  Well, I'm not gonna knock any system nor am I gonna offer praise for any system. I will say that whatever product you choose, you need to make sure you fully understand how to use it before you make your first trade.  You will also want to customize the software so that it works the way you want to work.  If any of the packages you choose don't allow for customization, maybe you should pass on it.  

Personally, I've tried just about all of the mainstream packages. What I've found is that those packages that offer everything have difficulty in doing everything great.  Some come very close, but because they are trying to do everything, they may fail in critical areas. Likewise, your choice of broker may limit the packages available to you.  This is why broker selection is extremely important.  If your prospective broker requires that you use their software package, I would seriously reconsider that broker.  I can guarantee the software is built around their services and not around your needs.

This leads me to my choices. My broker allows me to use whichever software package I want.  Thus, I use DAS Pro Trader for my trading platform.  It's strictly a trading platform.  This is all it does. DAS Pro is a co-located service meaning they are located inside the major trading centers to allow for immediate order execution.  You, the trader, are only limited by your connection speed.  I used Trade Ideas for my scanner although I'm constantly on the lookout for better scanners.  So far, TI exceeds my needs. There are two advantages that TI gives me.  First, I can set the scanners up in a workflow so that I can watch a security as it heats up, and triggers certain scanner levels I've set.  Thus, by the time the security is lighting up everyone else's scanner, I've most likely been watching it for several minutes.  

A better way of describing this process would be to think of my scanner workflow like a series of gates.  As the securities make their way through each gate, I receive different types of alerts ranging from a visual to audible.  The visual may include a script that moves a security to a watchlist or a change in color.  Once the security breaks a certain momentum scan I have set up, the alerts change to audible.  

To supplement my scans, I rely on another scanner, Benzinga Pro, as a news catalyst aggregator.  I especially like the signals filter they have that allows me to quickly identify what news, if any, is driving a security's movement.

You would think that with 3 different packages I would have a difficult time keeping up with everything but not really.  I do have 2 screens.  I keep the scanners on one screen and the trading platform on the other.  My focus is always on the platform screen because I rely completely on the audible alerts.  When those 2-3 tickers breakthrough the gates, I may glance over at the news, but mostly I'm focused intently on the price action on the platform.

Before I go, my setup isn't for everyone.  There are definitely cheaper ways of doing what I do.  My setup most likely won't work for people that travel a lot.  I'll break everything down in future posts for those interested.  I do suggest that you have to find the workflow that works best for you.  Tim provides you with the knowledge to make money.  All you have to figure out is the best way to make it happen.  Good luck!