Trading, like we do is a business and like any business... Overhead Matters.

Here are some ideas on how to cut your costs of doing business as a trader.

1. Why pay for Software? In the 2000's we had to buy software. Some folks are still selling it for $1,500 or there-abouts, when you can get excellent software from NinjaTrader, TD Ameritrade, TradeStation... for free.
2. I talked to a trader the other day that was spending almost $500 each month in data fees. The software providers listed above do not charge for end of day data. They may or may not charge for real time data. If there is a charge for streaming real time data, it’s almost always just a nominal charge.
3. Newsletters for free! Almost every day I get hit with tantalizing pitches for the next Amazon, Apple, Facebook, etc. There a free service that exposes these touts, saving you thousands of dollars a year in fees. Here’s a link to their site: https://www.stockgumshoe.com
4. Some software companies will try to entice you by offering dozens of "libraries" or "plugins" that supposedly will make a fortune. In fact, what they are offering are just tools. Ever hear of Analysis Paralysis? There are no sure fire money making machines or magic bullets. They may also offer "coaching sessions" for several hundred dollars. This from a firm that sells software and data! Doubt you will find real traders there. Save your money for trading.
5. Affiliates... it is a big turn off to me when I see an adviser with these so called "affiliates" hawking his wares. It tells me the service is all about marketing, high pressuring stuff to subscribers, not real trading.
6. Chat/Trading Rooms - I’ve never been in one of these, but have heard many tales of woe of traders that "paid up" to watch nothing but losing trades.
7. Finally, if you are paying for a platform to trade on (that’s usually $100 a month or more) just learn to use your broker's platform. It’s free.

Try not to spend your profits on overhead your really don't need.

Back in the day, we used to have charts printed on paper. That was expensive. We had delayed data (and I'm not talking 10 minutes) and pit trading. We called our broker to place trades. That was really expensive. You can still do most of that, but why would you? You can probably still use dial-up for your internet connection, but again why would you? You can still pay for trading software, but, well, you get my point.

Good Luck and Good Trading,
Larry