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Day Trading and Online Brokers?
Been Investing for a little while, but still new to it. I want to get into day trading. I hold quite alot of long term investments, and have made a lot with them. Now with some of the profit i have made i want to use it to day trade. I was wondering what online firm people find easier to use for day trading, which one has cheap commissions for day trading, and cheap commissions for penny stock, on the Pinks and the OTCB. Also if anyone has a few tips for day trading that would be great to. One last thing, any recommendations of any books i should read before entering the day trading market?
You sound well-spoken, intelligent, and that you know what you are talking about so far – which means you will likely have a good shot in the market.
As you go, however, it is important to realize that the market is controlled by the big-money traders. In every market, 50% of money makes money and 50% of money loses money (after commissions – investing is different because it takes the economy into account – day trading does not), which means the market is controlled by the big money. These are the guys that have been having success and are big business-people, banks that trade for large profits, and the best of the best traders. That is why I would highly recommend paper trading for a very long time.
Some of the best books are some intro ones to trading (can’t really go wrong here), investopedia.com tutorials, thismatter.com tutorials, mastering the trade, steve nison on candlesticks, trading forms like elitetrader.com, and it is generally a good idea to research your ideas so that you learn more about the market (inevitably you will find that any loopholes you think you find will have been closed – which is one of the greatest keys in trading, actually).
I use thinkorswim by the way (for everything)
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