Direct access trading
DAT is trading by sending
your day trading buy and sell orders directly to the market, rather
than via a broker. When people talk about "direct access trading"
they usually mean a NASDAQ Level II day trading system (e.g. RealTick).
With a direct access day trading system, a day trader can choose
how to route an order. This is either an exchange (e.g. CME) , a
computerised system(an ECN or electronic communications network),
or a market maker (a 'big' player). The day trader can also send
direct orders through a direct access broker, who can execute orders
much faster than online retail brokers. As you can imagine, this
day trading speed is essential for day traders who are day trading
or using short-term trading styles. You can expect to pay more for
a direct acces broker than you would for a standard online retail
trading account. Spread betting firms supplying day trading facilities
usually charge no commissions, relying on the 'spread' (the difference
between the bid and the ask) to make their profit.
The SureFireThing Camarilla Equation for use in day trading is available online from these