Beginner’s Guide To ScottradeELITE Online Trading

Scottrade is an online brokerage firm that offers a full line of investment products, online trading services and market research tools. Customers with a minimum account value of $25,000 are eligible to download and use Scottrade’s most robust trading platform, ScottradeELITE, a fully-customizable, Windows-based, active trading platform. Features of ScottradeELITE include:

• Advanced charting


• Integrated trading tools for stocks and options


• Award-winning customer support


• Streaming Nasdaq Level II


• Integrated account management tools


• Technical and fundamental research capabilities


• Nasdaq Velocity® & Forces® analysis


• Quote Grid


• Real-time streaming news

A demo version of the ScottradeELITE trading platform – with no account requirements – is available on www.scottradeelite.com. While this version does not provide full functionality (Level II quotes, for example, are not available in the demo version), it provides a simulated environment with a virtual trading account that allows traders to experience trading, charts, graphs and more. All market data is delayed 20 minutes and orders are not executed in an actual marketplace.

SEE: Demo Accounts A Good (But Imperfect) Indicator Of Investing Skills

Software Installation
Traders can either open an account or try the demo version of ScottradeELITE. To download the demo version, visit www.scottradeelite.com and click on “INTERACT…TRY THE DEMO TODAY!” as shown in Figure 1.

A registration screen appears (see Figure 2). Fill out the necessary fields (including name and address) and click “Submit” to continue.

A new screen appears with an authorization code and password; the code and password will also be sent to the email address entered during registration. Retain this information because it will be needed to launch the platform. Click “DOWNLOAD SCOTTRADE ELITE” to launch the ScottradeELITE Setup window, shown in Figure 3.
Accept the default Destination Folder or click “Browse” to choose another location. Click “Install” to begin the installation. This process should only take a few minutes. Once the installation is complete, the ScottradeELITE Login window appears, as shown in Figure 4. Enter the Account (Authorization code) and Password in the appropriate fields, choose a language (by default, the language is English), and click the box next to “Enable Virtual Trading” to have access to the $100,000 virtual account and simulated trading. Click “Login” to continue.

Upon successful installation, the ScottradeELITE platform will launch with the default Scottrader Sample Layout, shown in Figure 5. This layout includes five windows: Quote Grid, Chart, Order Entry, Positions and Nasdaq Velocity® & Forces®.