As a partial owner of InvestingGuruMinotor, a stock information site, I get asked questions on a daily basis about programs I use to trade better. One of the most frequently asked questions I receive is, “What are the tools I need to day trade?” They ask about a whole range of other things too, like brokers, my picks, and even general interest about my family.

So let’s cover a few of these questions.

Brokers: There are only one or two investing programs that I really feel that I can strongly back: MBTrading or CyberTrader, with a strong personal bias for MBTrading. My bias is based simply on past experience. Keep in mind we are talking day trading here, not investing. When you’re daytrading the two main criteria on which I evaluate software is execution speed and customer service. Commissions are really not as important as you would think. These companies are very competitive now, and the fee structures are not that varied any longer. Poor execution and inadequate customer service can cost you many times more than the savings you might realize by using the wrong broker.

I often make the somewhat silly analogy of “trying to trade with anything other then a fast, point and click day trading system like MBTrading or CyberTrader, is like trying to win the Indianapolis 500 with your family mini-van.” Be cautious also of people who make recommendations of their own discount broker. Most have never even seen an MBTrading or CyberTrader system. Suffice to say, the differences are drastic.

Quotes and Data Feed: Depending on which broker you choose, you may also need a stand-alone quote/data feed. I suggest you ask the broker you choose to make a recommendation here. It’s likely that they have had experience with a lot of different data feeds and know what works best with their system. No matter what service you get, two things you need need need is Level II quotes for both the NASDAQ and Dow stock exchanges.