Build Your Own Trading Info System for Free

If you're a hyperactive trader, then you know that nothing beats the professional-level market-watching software from brokers like Tradecast.com, CyBerCorp.com or from financial data providers like eSignal and WindowOnWallStreet.com. To get a sense of how much market information these systems hurl at your cerebrum, try out the demos on their sites. What you'll see are multiwindowed platforms that provide constantly updating quotes, charts and news.

Of course, you'll pay for all the bells and whistles these professional systems provide. For example, the minimum price for Level II quote data (I'll explain what that is below) is $50 per month, which covers the exchange fees charged by Nasdaq. Usually, brokers waive these fees if you make a minimum number of trades per month. However, if you sign with an independent data provider like WindowOnWallStreet.com and brokerage services aren't part of the deal, expect to pay the $50, plus an additional $80 per month for use of the software.

If you're a serious trader, you'll happily pay for a reliable system like those mentioned above. But if you're just getting started or if you just want to have fun watching the markets, save your money. By registering with a handful of free sites on the Web and then viewing those sites via several windows on your screen, you can create something pretty close to professional-level trading software. In some cases, the free applications are better than the stuff you pay for.

Let's start with Money.net, which offers a java app called the Screamer. Using the Screamer, you first create a portfolio of stocks that you own or want to watch. When you're finished, you can watch your positions update in real time, right before your eyes. In trader's parlance, this is called streaming, real-time quotes. (Alternately, it's called a Nasdaq Level I screen.) By watching prices change, you get a sense of the stock's momentum. ...