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Day Trading Stocks ‘ A Few Pointers To Help You Get On The Way
Day trading stocks is a very popular way for many people to make either a part-time or full-time income. It is, however, vital that you first acquaint yourself with the way the stock market works before attempting to become a trader.
Your very first move should be to open a demonstration account at one of the numerous brokers providing this service. You do not need to make any investment to open such an account. Once the account is active, you can start making simulated trades. You would therefore not be using real money, but in every other respect the trading environment would be ‘real’. This is an excellent way to learn.
Since you would most probably keep on using the same company after switching to live trading, you should make sure that you choose the right company to start off with. Check their trading commissions: day traders specialize in making numerous small profits ‘ having to pay large commissions can wipe out all your daily profits.
Another aspect is that they should provide you with an online trading platform. This is highly preferred over a system where you first have to phone the broker to get in or out of a position. In day trading things sometimes happen fast and you could lose a lot of money if you have to stay another 10 minutes in a losing position.
You should look for a company that offers free live prices, free SENS notices and preferably free training and tips. If you plan to do swing trading, delayed prices will be good enough, but for a day trader having access to live prices is very important.
Day trading stocks can well be very lucrative. It all depends on whether you do the necessary groundwork and familiarize yourself first with the basic rules of trading.
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